Leading renewable energy firms Octopus Energy and RES have announced a new partnership aiming to turbocharge the UK’s hydrogen economy by investing £3 billion to build new green hydrogen plants across the country by 2030.
The partnership will deliver a home-grown, reliable and cost-competitive source of clean hydrogen that is insulated from present and future gas price volatility and aims to accelerate the decarbonisation of industrial businesses.
Octopus Renewables, which is part of Octopus Energy Group’s generation arm, and RES will use their collective expertise and capital to develop, own and operate new green hydrogen plants fuelled by clean, renewable energy.
The aim of the partnership is to make the most of green electrons when they are generated in abundance on sunny and windy days by storing them as green hydrogen, helping the UK become more energy independent.
It will work with large industrial businesses who want to be leaders in decarbonisation. And it will support the government’s ambition for a green-led recovery, creating new high skilled jobs which contribute to levelling-up and position the UK as a leader in low-carbon innovation.
The UK government released its hydrogen strategy in August, calling for low-carbon hydrogen production and use to be ramped up over the coming decade to help get to net zero. The partnership responds to that call.
Octopus Renewables manages more than 300 solar, onshore wind and biomass projects worth over £3.4 billion. In July the company joined the Octopus Energy Group, bringing the supply and the generation side of energy together under one roof. RES is the world’s largest independent renewable energy company. At the forefront of the renewables industry for the last 40 years, RES has delivered 22 GW of generation capacity across the globe.
“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” said Octopus Renewables Co-Head, Alex Brierley. “We invite industrial businesses that are currently using hydrogen to contact us and benefit from the early mover advantage”.
Rachel Ruffle, EMEA CEO for RES added that renewable based electrification using wind and solar is the fastest way to decarbonise and that when coupled with the production of green hydrogen, it becomes the natural choice for industry and hard to abate sectors.
“Our partnership will enable industrial users to make the switch to reliable and cost-effective green hydrogen” said Ms Ruffle.
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