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A chemical giant and a pair of renewable power generators
pledged to spend billions to produce green hydrogen as the EU
agreed to increase financing for hydrogen refueling infrastructure
this week.
British chemical company Ineos announced it would invest $2.33
billion (€2 billion) in green hydrogen production in Norway,
Germany, and Belgium over the next 10 years. Ineos is developing
other projects in France, and the UK, where its hydrogen division
is headquartered, as well as increasing its existing electrolysis
production capacity across Europe.
Ineos says its PVC-producing joint venture Inovyn, formed in
2015, is currently the largest operator of electrolysis plants in
Europe. Electrolysis is used to produce the chlorine required to
make PVC.
In Norway, Ineos will build a 20-MW electrolysis plant that will
produce hydrogen via electrolysis of water and "carbon-free"
electricity, while in Cologne, Germany it will build a 100-MW
electrolysis plant to produce green hydrogen, and it will also look
into the options for power-to-methanol for fuel applications.
Ineos is planning to supply the fuel to transportation
customers. "Hydrogen is an important part of a climate-neutral
economy that has been talked about for decades. As hydrogen becomes
available for zero-carbon transport, for many home and industrial
applications, Ineos is in a unique position to support new
opportunities driven by the emerging demand for affordable
carbon-free energy sources," said Inovyn Business Director Wouter
Bleukx.
Meanwhile, Octopus Renewables, which is part of British Energy
supplier Octopus Energy Group's generation arm, and British
renewable energy company RES Group have pledged $4.15 billion (£3
billion) in capital to develop, own, and operate UK green hydrogen
production plants whose output will be sold to industrial
users.
Using excess wind power that results from generation at times of
low need is one of the aims of the renewable generators. "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,"
Octopus said in the statement.
By 2030, the companies hope to produce hydrogen that is
"insulated from present and future gas price volatility,"
referencing Europe's recent rise in natural gas
prices.
EU tenders for refueling infrastructure
The pair of announcements come as the EU is beginning to tender
a massive financial package for infrastructure used by future
hydrogen-fueled vehicles, trains, and ships that are expected to be
key hydrogen consumers.
The European Commission issued a call for proposals to use €375
million of the funds on 16 September and hosted an open day on 14 October.
The tender under the EC's Alternative Fuels Infrastructure
Facility (AFIF) has five cut-off dates through 2023 and is
intended to help the EU reach its goal of installing 1 million
vehicle recharging points by 2025, ahead of installing 3.5 million
by 2030.
Through grants and bank loans, the EC intends to invest roughly
$1.75 billion (€1.5 billion) per year on a trans-European greening
of road and rail networks.
Specifically, the EC hopes to roll out hydrogen refueling
infrastructure, as well as infrastructure for electric vehicle
recharging, LNG bunkering, and other applications for alternative
fuels.
Under an agreement announced this week, the EU's lending arm and
main provider of climate finance, the European Investment Bank
(EIB), will cooperate with the EC on a lending mechanism to attract
additional financing.
EU Transport Commissioner Adina Vălean said in a statement on the
agreement she hopes the EIB will be the first of several banks to
"boost investment in the transition to sustainable transport."
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