- Press Releases
October 14 (Renewables Now) - UK renewable energy companies Octopus Energy and RES today announced plans to invest GBP 3 billion (USD 4.1bn/EUR 3.5bn) by 2030 to construct green hydrogen plants across the UK.
Octopus Renewables, part of the generation arm of the renewable energy retailer, and renewables developer RES will combine their expertise and capital to develop, own and operate the facilities. The partners want to make the most of surplus solar and wind energy by storing it as green hydrogen, supporting the UK’s energy independence and the decarbonisation of industrial businesses. They pointed out that green hydrogen offers protection from present and future gas price volatility.
The duo plans to work with large industrial businesses seeking to decarbonise. Octopus Renewables co-head Alex Brierley called on industrial businesses currently using hydrogen to contact the partners and lock in early-mover benefits.
"When we started investing in wind and solar farms we believed that these technologies would outcompete fossil fuel generation and disrupt global energy markets,” Brierley says. “That day has come, and with those cost reductions there is now the opportunity to help major industrial companies make an obvious choice and use green hydrogen,” he adds.
The companies also said they act in response to the UK government’s recently released hydrogen strategy. The government eyes 5 GW of low-carbon hydrogen production capacity by 2030.
(GBP 1 = USD 1.362/EUR 1.178)