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Octopus Energy, RES to invest £3bn by 2030 to enhance the hydrogen economy in the UK

Octopus Energy, RES to invest £3bn by 2030 to enhance the hydrogen economy in the UK

The UK is set to receive a huge boost to its hydrogen competence with Octopus Energy and RES revealing today (Oct 14) the intention to invest £3bn ($4.12bn) in green hydrogen plants by 2030.

The two groups will work together to not only develop green hydrogen production plants but also the storage capabilities to go with them.

Read more: Octopus Energy to produce 389kg of green hydrogen per day using Green Hydrogen Systems electrolysers
Read more:
Octopus Hydrogen to fuel zero emission flights

This has been identified as a significant undertaking that is necessary to unlock the true potential of hydrogen by supplying the clean energy carrier when intermittent power generation is low.

Octopus Renewables itself manages more than 300 solar, onshore wind and biomass projects and thus these now have the potential to be used to generate green hydrogen to boost the energy transition in the UK.

Alex Brierley, Co-Head of Octopus Renewables, said, “The supply of green hydrogen will be critical to the success of many industries in meeting the UK’s net zero targets and with this partnership we are providing a solution for those businesses to help deliver on the government’s ambitions.

“We invite industrial businesses that are currently using hydrogen to contact us and benefit from the early mover advantage.

“When we started investing in wind and solar farms, we believed that these technologies would outcompete fossil fuel generation and disrupt global energy markets.

“That day has come, and with those cost reductions there is now the opportunity to help major industrial companies make an obvious choice and use green hydrogen.”

Rachel Ruffle, EMEA CEO for RES, said “We know that renewable based electrification using wind and solar is the fastest way to decarbonise. When coupled with the production of green hydrogen, it becomes the natural choice for industry and our hard to abate sectors.

“Our partnership will enable industrial users to make the switch to reliable and cost-effective green hydrogen.”

US DOE, General Motors, Microsoft and Plug Power

What does the US Department of Energy (DOE), General Motors, Microsoft and Plug Power have in common? They’re all speaking at H2 View’s North American Virtual Hydrogen Event in October. Will you be joining us on October 19?

North America is in a prime position to lead efforts in decarbonisation, but it still has great distances to travel. The region has been giving chase in a race to green hydrogen dominated by Europe and Asia-Pacific. If policymakers and industry can work together and take the right steps to realise a hydrogen vision, the region is perfectly placed to expand its global energy leadership at scale and speed.

What lessons can be learned from Europe’s policymakers? What are the challenges to be overcome? What are the strengths and opportunities? How can North America go from giving chase to taking a lead in hydrogen? These are all questions our virtual event will address across H2 View’s four pillars of Mobility, Power, Policy and Technology.

Further information on the event, agenda and confirmed speakers can be found here.

To book your virtual delegate pass, click here.


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