SB Energy Corp. and Elixir Energy Ltd. Sign a Memorandum of Understanding toCooperate on Research and Development of a Green Hydrogen Project in Mongolia
June 17, 2022
SB Energy Corp.
Elixir Energy Ltd.
SB Energy Corp. (“SB Energy”), a Japanese wholly-owned subsidiary of SoftBank Group Corp. andElixir Energy Ltd. (“Elixir”), an Australian energy company today announced their signing of a joint
Memorandum of Understanding (MOU) on a framework to cooperate on research and developmentof a green hydrogen production project in the Gobi Desert of Mongolia.
Based on this MOU, SB Energy and Elixir (the “Parties”) intend to proceed with certain prefeasibility studies in order to first realize a small-scale pilot project with the eventual goal of jointly
developing a gigawatt-class green hydrogen production project in Mongolia (the “Project”).
Elixir owns the Nomgon IX Coal-bed Methane project, which is located in the South Gobi region ofMongolia and considers that there are potential synergies between its strategy of exploring fornatural gas and green hydrogen production related opportunities. SB Energy operates “Tsetsii WindFarm”, a wind power plant generating 50MW in the Gobi Desert through a joint venture establishedin Mongolia and wishes to explore the possibility of utilizing renewable energy resources in Mongolia
to develop green hydrogen energy. Both parties have been gathering renewable energy data in theGobi region. The Parties will cooperate to complement each other in order to jointly develop andachieve commercialization of the Project utilizing their respective strengths. The development of thisProject would mark the first entry by SB Energy into the green hydrogen business.
“In the context of ultimately achieving global carbon neutrality, there is a growing demand for greenhydrogen energy which is produced by electrolyzing water using renewable energy and which
produces zero carbon dioxide emissions,” said Shigeki Miwa, Representative Director & CEO of SB
Energy “As a leading renewable energy company in Japan, SB Energy would like to work with Elixir
to explore the feasibility of producing green hydrogen in Mongolia in order to optimally leverage
Mongolia's extraordinary wind and solar energy resources.”“We are very pleased that a company of the calibre of SB Energy shares our view of the potential forgreen hydrogen in Mongolia,” said Neil Young, Managing Director and Chief Executive Officer ofElixir “The country’s excellent renewable resources and proximity to potential hydrogen markets
makes Mongolia a potential Tier One location for future green hydrogen production and we lookforward to accelerating our efforts on this front under this new partnership.”About SB Energy
SB Energy Corp., a Japanese wholly-owned subsidiary of SoftBank Group Corp., is a leading
renewable energy company in Japan. SB Energy classifies its core business in three categories: Watts,
Bits and Mobility. The Watts Business generates power using renewable energy. As of June 17, 2022,
it operates power plants with a total capacity of 723.0MW (equivalent to the power demand ofapproximately 224,688 households) in Japan as well as the 50MW wind farm in Mongolia’s Gobi
Desert. SB Energy is aiming to accelerate the adoption of renewable energy, such as large scale solarand wind power generation facilities. The Bits Business aims to balance the further expansion ofrenewable energy and the stable operation of electricity infrastructures through the integration ofAI and renewable energy. The Mobility Business combines renewable energy with battery cells ofelectric vehicles (EVs) etc. to develop associated services. Through these three categories, SB Energy
continues to concentrate on building energy platforms in the era where all industries are redefinedby renewable energy.
About Elixir
Elixir Energy Ltd is an Australian stock market listed company that is primarily focused on
exploring for natural gas – and more recently developing a green hydrogen project – in Mongolia.
Elixir’s team has worked in the country for over a decade and in 2020 made the first discovery ofcoal bed methane in Mongolia.

For the last couple of years Elixir has been investigating thepotential for green hydrogen production in Mongolia.