Iwatani Corporation has reportedly withdrawn from the embattled 2.88GW CQ-H2 green hydrogen project in Queensland, Australia, raising further uncertainty over its future as a potential offtake partner exits.
Asian media outlet Nikkei first reported the news, indicating that Iwatani withdrew from the project amid mounting global challenges to decarbonisation. The Japanese multinational has also shut down its Queensland office, according to Nikkei.
Just last month, the Queensland Government rejected project developer Stanwell Corporation’s AUD $1bn ($614m) funding request through the Australian Renewable Energy Agency (ARENA). Adding to the project’s setbacks, CQ-H2 lost another Japanese consortium partner last November when Kansai Electric withdrew.
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