The company has pivoted from developing compressed natural gas ships to compressed hydrogen transport ships, putting the method forward as a simple, cost-effective solution to shipping hydrogen compared to other methods such as liquefaction. 

It eventually wants to build a 2000-tonne capacity ship, which received AIP earlier this year, but has also submitted designs for a 430-tonne pilot ship for design approval which has now been granted. 

The company said the pilot-scale ship would support greenfield hydrogen projects being established for exports by the mid-2020s. 

The company has partnered with Wartsila to use its dual-fuel engines powering generators coupled to two electric drive fixed-pitch propellers, and with Ballard Power Systems to ultimately power the marine fuel cells using 100% hydrogen, providing a zero-carbon shipping solution. 

GEV said the receipt of AIP and the accompanying road map to Approval for Construction has materially de-risked the path forward for the design to be built. 

It will now work with ABS to progress on engineering work with further details to follow. 

"ABS is a leading classification society for gas carriers and FEV is looking forward to working with them to ensure our compressed hydrogen ships continue to meet the highest safety standards," GEV CEO Martin Carolan said. 

Carolan replaced Maurice Brand as chief earlier this year, and has driven the step change to hydrogen over CNG and the commercialisation of stranded gas assets. 

The company noted it is in discussion with several hydrogen development projects, saying it was encouraged by the organisations making direct enquiries about compressions as an alternative to other carriers. 

"Marine storage and transport solutions are required for hydrogen to contribute to global decarbonisation ambitions," Carolan said. 

"GEV views the compressed hydrogen ship as a competitive carrier and the ideal scale to advance the commercialisation of several hydrogen greenfield export projects proposed under development."

In August, the company announced it was working with HyEnergy, on a green hydrogen export project on the Gascoyne coastline of Western Australia, with a feasibility study expected to complete by mid-2022. 

GEV shares were up around 17% on lunchtime trade, and finished trading at 8.6c