Latest from Hazer - a MOU with a Swedish-listed global chemical company specializing in water treatments.
It's not specifically stated, but my assumption is that it's the graphite that Kemira is interested in.
Only an MOU to investigate potential use, but interesting in that it's seemingly on the graphite side and not the hydrogen side of Hazer's technology equation.
Purely FYI, from the HAZER shareholder letter received Dec 19, 2025:
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2026 is shaping up to be pivotal year for our commercialisation. Our focus is clear: convert our global pipeline into licence opportunities, advance projects to investment-ready status and begin creating commercial value from both hydrogen and graphite. We are targeting both established and new markets - liquid fuels, green steel, power generation and advanced materials - where low-cost, low-emission hydrogen and graphite are increasingly in demand.
Government engagement continued to strengthen through 2025, including direct engagement at both Federal and State level, resulting in closer alignment with major decarbonisation funding programs. This support positions us well for accelerated deployment in Australia. Policy settings are evolving to better recognise alternative low-emissions hydrogen pathways, including methane pyrolysis as a viable low-cost solution.
Last Friday we announced an agreement with M Resources, with the Hazer Process incorporated into their proposal for the Whyalla Steelworks. This engagement is further validation and highlights the relevance of our clean hydrogen and graphite in low-emissions steelmaking and reinforces the growing interest in methane-pyrolysis solutions within major industrial sectors.
During the year, we also delivered our first commercial activity under the KBR alliance, signing an agreement with EnergyPathways in the UK for a 20,000 tonne per annum clean hydrogen facility to be integrated into their ammonia project. With national significance status, this project is a major platform for broader UK and European opportunities and is now revenue generating with the commencement of the engineering studies scope.
Our graphite strategy advanced meaningfully. Global supply pressures—tariffs, export controls and critical mineral classification—have increased demand for alternative supply sources. Testing, partner engagement and our collaboration with Mitsui all progressed strongly this year, supporting graphite monetisation as a second revenue stream for the Hazer Process.
Underpinning all of this was the performance of our Commercial Demonstration Plant, which confirmed high reliability, stable hydrogen production and high-quality graphite at scale. This remains the technical foundation of our global scale-up strategy.
We end the year with a strong foundation and robust funding position, world-class partners, a global pipeline of advanced opportunities and a technology ready for deployment. We believe 2026 will be the most significant value-creation year in Hazer's history.
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Nothing new, but it’s nice to see it all laid out succinctly. Now to see if they deliver on the promise. Onwards 2026!
For those new to the stock: HZR is a WA-based technology development company undertaking the commercialisation of the HAZER Process, which enables the low-emission, efficient conversion of natural gas and similar methane feedstocks into hydrogen and graphite using iron ore as a process catalyst.
A potted history: I was attracted to HZR because of the chemistry and the possibility of a future technology. I took a small position in 2021 and sold out in 2023 (at a loss) - very annoyed that the then-board had taken the (highly green) tack of making their first RL project a biomass deal - to convert the methane from a biomass facility that they proposed to build at Busselton, WA. The project was dependent on state government support, which predictably didn’t eventuate. So after lots of commitment into design, etc, the company was left with…nothing. Complete failure.
In hindsight, it's possible that that failure - and ironically, the WA government’s hand in it - will in the end turn HZR into the company it always could’ve/should’ve been.
Enter Glen Corrie as CEO. He refocused the company on generating “turquoise” hydrogen (from methane from LNG - so there’s a small amount of emissions in the sourcing of the gas, but down the track, that could be addressed as well.) Still, he never claims the Hazer product is completely green hydrogen.
Fast forward three years to now:
In 2024, the Commercial Development Plant passed all trials with flying colors, and FortisBC were an early potential partner to actively engage. FortisBC are a renewable energy, gas, and electricity utility in British Columbia..
This is the Hazer process:
I have to say that Hazer have become heaps better at communicating and explaining what the process is and what advantages it has.
And now, it’s a go on several fronts.
One of the factors that moved me to buy back into HZR last year was that Corrie has set it up as pure licensing. NO building anything, and the patent portfolio is broad and deep.
However, as shown in the above, like most similar businesses, HZR faces a lumpiness in income due to the lag between inking an agreement and the partner’s facility coming fully online. They are addressing that by ramping up efforts to draw in more partners/sites - which gets easier the more agreements they sign.
And through a seriously helpful strategic alliance with KBR
AND…then there’s the graphite.
Putting it all together:
So HZR seems to be hitting its stride (finally). Much kudos has to go to Corrie’s leadership, and thankfully, he’s just signed on for another three years.
Of course, lots can still go pear-shaped, and HZR remains a speculative play, but step by step, month by month, it’s getting closer to take off.
One facet of the HZR story that continues to fascinate me is that at no time has WDS - which is sitting right there next door in WA - ever shown any signs of buying HZR. Just think about it. If WDS has a massive supply of LNG and also has exclusive rights to the HZR process, which turns that LNG into the closest thing to readily transportable liquid “green” fuel...
Discl: Held in RL.