Zak Mir talks to Alastair Clayton, Executive Chairman of Thor Energy Plc

Zak Mir talks to Alastair Clayton, Executive Chairman, Thor Energy, in the wake of the acquisition of 80.2% of the issued share capital of Go Exploration Pty Ltd, the Australian-based natural (white) hydrogen and helium explorer. They also discuss the key drivers for Thor over the rest of 2025.



In the dynamic landscape of alternative energy, Thor Energy is making significant strides, particularly in the natural hydrogen sector. With a renewed focus and strategic direction, the company is well-positioned to capitalize on the burgeoning interest in hydrogen as a sustainable energy solution. In this post, we will explore what Thor Energy does, its recent developments, and the key drivers for its growth in 2025 and beyond.



Understanding Thor Energy



Thor Energy is a dual-listed company on the ASX, operating primarily within the alternative energy metal space. For years, it has been diligently working to carve out a niche in this rapidly evolving industry. Recently, the company underwent a board refresh, which has led to a renewed emphasis on natural hydrogen exploration.



Natural hydrogen, distinct from the various coloured hydrogen variants like green or blue, is a naturally occurring resource. Thor Energy is set to launch its program in South Australia, tapping into this exciting and less explored sector of the hydrogen market.



The Hydrogen Gold Rush



The hydrogen sector is witnessing what many are calling a "gold rush." Major players, including tech giants and philanthropic foundations, are investing heavily in hydrogen technologies. The premise is straightforward: natural hydrogen can be burned similarly to natural gas to power data centres and energy-intensive industries, including those related to artificial intelligence.



This surge in interest raises the question: is this the primary pivot for Thor Energy? The answer is a resounding yes. While the company will maintain its previous activities, the focus on natural hydrogen is paramount. This strategic shift aims to rationalize its portfolio and align with market demands.



Scaling Up: The Journey from Micro Cap to Mid-Tier



Thor Energy currently operates as a small-cap micro-cap company with a market cap of around £6 million. Transitioning from a micro-cap to a small-cap or mid-tier company involves navigating various challenges, particularly in raising capital. Alastair Clayton, the Executive Chairman, highlights the importance of achieving "escape velocity"—a term used to describe the point at which a company can scale up effectively.



In the commodities sector, raising a small amount of money often proves more challenging than securing larger sums. Over the past two decades, Clayton has learned that the key lies in finding a balance between scale and investability, all while keeping capital expenditures manageable. The natural hydrogen sector presents a unique opportunity for Thor Energy, as it requires relatively low capital expenditure to bring projects into production.



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