Two leading energy companies have launched a £3bn investment project to build new green hydrogen plants across the UK.
Octopus Renewables, which manages over 300 solar, onshore wind and biomass projects as part of the Octopus Energy Group, has announced a collaboration with the world’s largest independent renewable energy company, RES.
The partnership aims to deliver local, reliable, and more affordable renewable energy from hydrogen production which is not dependent on an unpredictable market. It is claimed that the project will accelerate the transition to green hydrogen at no extra cost, while offering protection for individual businesses against volatile gas prices.
“The supply of green hydrogen will be critical to the success of many industries in meeting the UK’s net zero targets,” said Alex Brierley, Co-Head of Octopus Renewables. “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.”
The news follows the government’s updated strategy for wider hydrogen integration, released in August. The strategy indicates the necessity of an increase in low-carbon hydrogen production to achieving net-zero ambitions.
“Renewable based electrification using wind and solar is the fastest way to decarbonise,” said Rachel Ruffle, Chief Executive Officer at RES. “When coupled with the production of green hydrogen, it becomes the natural choice for industry and our hard to abate sectors.
“Our vision is a future where everyone has access to affordable zero carbon energy. The production of green hydrogen provides us with an opportunity to ensure the industrial heartlands of the UK can reap the economic benefits.”
