Keppel has signed a conditional offtake term sheet with Woodside Energy, Australia's largest oil and gas developer, for the supply of liquid hydrogen aimed at powering Keppel's data centres in Singapore. This agreement follows a non-binding heads of agreement signed in April 2023 to assess the potential supply of liquid hydrogen to Singapore. The term sheet sets forth commercial principles that could lead to a binding offtake agreement for liquid hydrogen supply from as early as 2030. The liquid hydrogen would come from Woodside's proposed production facilities, including H2Perth in Perth, Western Australia. Wong Wai Meng, CEO of Keppel Data Centres, highlighted the term sheet's potential to offer a reliable and stable source of lower carbon energy for powering assets in Singapore. The deal is subject to various conditions, including finalizing a detailed sales and purchase agreement and securing all required approvals. Keppel plans to incorporate the potential liquid hydrogen supply into a broader, long-term utility-scale lower carbon power portfolio to support its assets, with a focus on reducing emissions from data centres. The use of liquid hydrogen will primarily be for cooling data centres. Following this announcement, Keppel's shares closed higher on the stock exchange, reflecting positive market sentiment towards the agreement.