Bosch to invest €1bn into fuel cell technology
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Bosch to invest €1bn into fuel cell technology

Bosch’s CEO believes the market for green hydrogen in the EU will be worth €40bn ($48bn) by 2030 with annual growth rates of 65%.

Dr. Volkmar Denner made the comment at Bosch’s annual press conference where he also made a staggering estimate that the market for mobile fuel cell components in particular could be worth around €18bn ($21bn) by the end of this decade.

Denner said “Bosch is already hydrogen-ready” and reaffirmed the company’s commitment  to invest €1bn ($1.2bn) into fuel cell technology – an emerging part of the EU hydrogen market – from 2021 to 2024.

With the investment, Bosch will look to put 100 stationary fuel cell plants into operation this year supplying electricity to users such as data centres, industrial manufacturers and residential areas.

Denner believes that Bosch is prepared and ready to spearhead this growing market, “We have what it takes to be a leader in this market as well.”

Expanding on this, Denner referenced the recent joint venture with China’s Qingling Motor Group which will see both companies produce fuel cell power trains with a test fleet of 70 trucks set to be on the roads before the end of 2021.

In addition to this, Bosch’s previous success with the recently operational fuel cell plant in the centre of Bamberg, Germany, at the end of March 2021, will be used as a reference point into the ever growing, lucrative hydrogen market in the EU.

Read more: Bosch and Ceres Power to increase stationary fuel cell system production

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