January 2 (Renewables Now) - UK hydrogen company ITM Power plc (LON:ITM) last week announced the creation of a subsidiary in Australia to take advantage of the country's accelerating hydrogen sector.
ITM Power Pty Ltd, led by Neil Thompson, will develop the market in Australia for the company's rapid response electrolyser technology.
"Australia is an exciting new market for green hydrogen production and we are delighted to make this important first step to allow ITM Power to capitalise on the significant growth opportunities and accelerating momentum in the hydrogen sector in Australia," said ITM Power chief executive Graham Cooley.
Currently the world's second-largest liquefied natural gas (LNG) exporter, Australia is looking to develop a similar export market for hydrogen, ITM Power said. The Australian Renewable Energy Agency (ARENA) recently announced a AUD-20-million (USD 5.7m/EUR 13m) funding round for hydrogen research and development (R&D) to drive innovation in exporting renewable energy.
Using power to gas technology to turn surplus renewable energy into hydrogen can also reduce the need for battery storage.
Thompson, the managing director of the new subsidiary, was managing director/principal risk mitigation consultant at Pine River Business Planning before joining ITM Power. He said he has been working with the UK firm on its market entry strategy for Australia for a number of months.
(AUD 1 = USD 0.783/EUR 0.649)