Here’s why the Province Resources (ASX: PRL) share cost has actually powered up 253% today

The Province Resources Ltd (ASX: PRL) share rate is going gangbusters today, currently up by a massive 253% to 9.2 cents a share.

The Province Resources share price ignited today after the gold and nickel exploration business announced its intention to obtain Ozexco Pty Ltd. Ozexco has 7 expedition licences in the Gascoyne region in Western Australia for areas thought about prospective for salt, potash and mineral sands.

Here’& rsquo; s what we understand.

Province Resources share price skyrockets on green hydrogen news

Earlier today, Province Resources revealed that it has actually gone into a conditional agreement to obtain all of the shares of Ozexco.

According to the release, the acquisition brings “& ldquo; capacity for numerous jobs and products concentrating on Industrial Minerals and Renewable Green Hydrogen.”

& rdquo; Through the effective acquisition of Ozexco, Province Resources will acquire the business’& rsquo; s Gascoyne project and its HyEnergy eco-friendly hydrogen job.

The Gascoyne job’& rsquo; s Carnarvon Basin project will produce salt and potash by using an “& ldquo; limitless seawater resource” & rdquo; to be focused through solar and wind evaporation.

According to the announcement, the HyEnergy job is predicted to create 1GW (1,000 MW) of eco-friendly energy utilizing wind and solar and to produce ~ 60,000 t of green hydrogen or up to ~ 300,000 t of green ammonia.

The company selected Viaticus Capital to drive the technique and execution of the offer.

Management commentary

Commenting on the acquisition and the tactical value of the green hydrogen area, Viaticus Capital primary Gavin Rezos stated:

I am very pleased to support the Company’& rsquo; s capital raise provided their objective and specified objective is to be part of the service for decarbonisation of the international economy. Western Australia has all the attributes required to be a world class producer of green hydrogen using renewable resource sources and Carnarvon is the most ideal area to make the very best benefit of those qualities.

He included:

Green Hydrogen will be a progressively essential future energy source, establishing together with the Lithium industry. Fast advances in Hydrogen Fuel Cells are now showing that Green Hydrogen will have a major function to play in the locations of mass transport, shipping, trucking, and eventually in homes, assisting the world reach targets of being net absolutely no carbon by 2050.

The Province Resources share price was up roughly 160% just minutes after the opening bell today, demonstrating the news was well gotten by financiers.

Today’& rsquo; s gains put the Province Resources share cost up 360% in the past month and 820% year to date.

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