Chariot Ltd. (CHAR:AIM) has submitted a feasibility study to the Mauritanian government, according to Auctus Advisors analyst Stephane Foucaud in a March 11 research note.
This feasibility study would be for Chariot's green hydrogen project, also known as "Project Nour," for which Chariot holds 50% interest in. The other party is its partner TotalEnergies, according to Foucaud.
Foucaud noted that this feasibility study will be "a first step to unlocking a mega green hydrogen project."
According to Foucaud, Mauritania's geographical location makes it an excellent candidate for harnessing wind and solar power. The proposed project, with a total capacity of 10 gigawatts (GW), will be implemented in multiple stages. The proposed project, with a total capacity of 10 gigawatts (GW), will be implemented in multiple stages. The initial phase will involve the installation of 3 GW of renewable energy capacity, "powering up to 1.6 GW of electrolysis capacity to produce 150,000 t of green hydrogen per annum."
The green hydrogen produced by the project has two main potential applications. Firstly, it can be sold domestically to support the production of green steel. Secondly, the hydrogen can be converted into green ammonia and exported to European markets.
"We value Chariot's interest in Project Nour at £0.05 per share," Foucaud stated, reiterating the target price and sharing an implied total return of 525% for Chariot.
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Disclosures for Auctus Advisors, Chariot Ltd., March 11, 2024
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