Latest News

India’s Essar, Progressive Energy to set up $1.3 billion hydrogen hub in UK

© Reuters. FILE PHOTO: The logo of Essar group is seen at its headquarters in Mumbai, India August 21, 2017. REUTERS/Danish Siddiqui

CHENNAI (Reuters) – India’s Essar Group said on Thursday it has formed a joint venture with the United Kingdom’s Progressive Energy to invest 1 billion pounds ($1.34 billion) in building a hydrogen manufacturing unit at its Essar Stanlow refinery complex.

The joint venture, Vertex (NASDAQ:VRTX) Hydrogen, will produce 1 gigawatt (GW) of hydrogen per year from two units from 2026, Essar said in a statement.

Essar, which owns 90% of the venture, said companies such as Tata Chemicals, Encirc, InterGen, Solvay (BR:SOLB), Ingevity, Novelis, Glass Futures and Saica Paper have already expressed interest in procuring hydrogen from Vertex.

The British government is targeting installation of 5 gigawatts (GW) of low-carbon hydrogen facilities by 2030 to reduce the share of natural gas in its energy mix.

Industry and policy-makers are increasingly looking to hydrogen to lower the environmental impact of sectors that have been the hardest to decarbonise and reduce the use of gas, but the investment required and the technical challenges are high.

The UK aims to replace up to a fifth of natural gas with “green” hydrogen, and use “blue” hydrogen, produced from natural gas and steam. Unlike green hydrogen, blue hydrogen is not emissions-free, but the carbon emissions are captured, stored and used in other applications.

($1 = 0.7447 pounds)

India’s Essar, Progressive Energy to set up $1.3 billion hydrogen hub in UK

Disclaimer:Fusion Mediawould like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.

Dollar Surges in Full Risk-Off Markets, Sentiment Destroyed by Fed Powell

Previous article

Now or never? European banks eye comeback against Wall Street

Next article

You may also like


Leave a reply

Your email address will not be published.

More in Latest News