The MoU formalizes a collaboration between the two companies to identify, evaluate, and develop favourable locations to power Hy2gen's renewable hydrogen and e-fuel production from the gigawatt-scale offshore wind energy generation that OCE develops in the USA and worldwide.
Providing complementary solutions
Hy2gen and wind energy experts OCE have formed a 10-month working group to identify and high-capacity offshore wind energy areas where project development may be held back by constrained grid transmission, low electricity demand, or other factors.
"Green hydrogen can change the paradigm of where offshore wind is developed," said Kevin Banister, chief executive officer of Ocean Connect Energy.
The research is part of Hy2gen's strategy embracing the clean hydrogen regulatory framework established by the 2022 Inflation Reduction Act and subsequent guidelines anticipated from U.S. Dept. of Treasury.
Hy2gen is committed to producing renewable fuels meeting the highest standards established for the new industry.
"With its high capacity factor and ability to be built at scale, offshore wind can deliver an excellent energy profile to match the electricity demand of the next key element of the energy transition: green hydrogen production," said Banister. "Done right, pairing the two can result in efficient project development and capital allocation."
Collaboration to move projects forward
Through its global subsidiaries, Hy2gen has set out to become the largest and most reliable renewable hydrogen fuel provider—a powerful accelerator of green transformation.
"We have a tremendous prospect in our work with Ocean Connect Energy," said David White, president of Hy2gen USA Inc. "We have laid out concrete benchmarks and time frames to motivate and monitor our progress together. We're intent on bringing our projects to life as soon as possible."
With its global team and decades of experience, OCE is committed to leading projects through all phases of development and into operation. Fundamentally, this includes considerations for offtake early in the process. Hy2gen and OCE will look to establish this supply-demand relationship to provide the reliability and confidence both parties seek to move development forward.
This MoU marks another step on the way to producing renewable hydrogen economically on a large scale and becoming the market leader with this concept. Exploring opportunities to directly integrate offshore wind energy into renewable hydrogen production will make Hy2gen's projects more energy independent and give more control to investors.
