Portuguese electric utilities company EDP Group has launched two new business units to explore the potential of green hydrogen and energy storage systems.
The launch was announced last week (19th Feb) as part of a company effort to strengthen its commitment to decarbonisation and the green hydrogen market.
EDP Group’s H2 Business Unit (H2BU) aims to strengthen the integration of green hydrogen into the groups portfolio and promote investment in renewable.
Led by Ana Quelhas, Director of Energy Planning of the EDP Group, H2BU will focus on development effort for green hydrogen in a variety of sectors.
According to a statement, priority markets for the unit will be the US and Europe, leveraging the existing renewable and active pipeline.
In addition to H2BU, a dedicated storage unit, built in EDPR NA, will aim to achieve a storage capacity of 1 GW within five years.
Commenting on the launch, Miguel Stilwell de Andrade, CEO of EDP, said, “The creation of these business units reinforces EDP’s leadership in the energy transition.”
“The growing penetration of renewable energy sources increasingly requires integration with storage systems, such as batteries, to provide the necessary flexibility to the electrical system and thus enhance the growth of renewable energy sources themselves.”
“In addition, the combination of renewable energy sources in electricity generation with the electrification of consumption, will be the most cost-effective way for decarbonization for most of the final energy uses.”
“But if we want to meet the goals of carbon neutrality, we will need to use other energy vectors, such as green hydrogen, to respond to sectors where electricity is not a technically viable or economically attractive option. “