Hydrogen hopeful signals acquisition plan

ASX-listed Pilot Energy, which has proposed a large renewable hydrogen project off the Mid West coast, has entered a trading halt with plans to make an acquisition announcement by the end of the week.

In a letter to the ASX, Pilot said it planned to reveal discussions with a potential acquisition target.

Pilot announced an all scrip acquisition of Royal Energy in September, giving it a 21 per cent economic interest in the Cliff Head oil operation in the Perth Basin.

Nearby, it proposed to build a large hydrogen project.

Public documents show the company had lodged an expression of interest with the state government for involvement in the planned Oakajee hydrogen precinct.

But prior to the government opening that process, Pilot had sights on an offshore project, with about 1.1 gigawatts of wind capacity to power hydrogen production.