Dave Hodgson Sued by ASIC Over Proposed Coal-to-Hydrogen Project

Former Kingdom Investors Founder Accused of Misleading Conduct

Breaking News: March 3, 2024

Dave Hodgson, the founder of Kingdom Initiatives (formerly known as Kingdom Investors), is facing legal action from the Australian Securities and Investments Commission (ASIC). ASIC alleges that Hodgson engaged in misleading or deceptive conduct in relation to his proposed coal-to-hydrogen project in Tasmania.

Hodgson, a prominent businessman, has been a vocal advocate for using coal to produce hydrogen, an emerging clean energy source. In 2023, he proposed a project to build a coal-to-hydrogen plant in Tasmania, claiming that it would be the first of its kind and create hundreds of jobs.

However, ASIC alleges that Hodgson provided false or misleading information to potential investors about the financial viability and environmental impact of the project. The regulator claims that the project was not commercially viable and that Hodgson knew or should have known this prior to seeking funding.

Hodgson has denied the allegations and has vowed to vigorously defend himself against the charges. The case is expected to have significant implications for the developing hydrogen industry in Australia and around the world.