European Commission approved a new tranche of Next Generation funds worth €93.5 billion for Spain. The funds will be used to support the country’s economic transformation through initiatives that will have a significant impact on the national territory, including the Valencian Community.
One of the key projects to benefit from the EU funds is BP and Iberdrola’s green hydrogen project in Castellón. The two companies plan to invest €60 million in the project, which will produce green hydrogen at BP’s refinery in Castellón. The green hydrogen will be used to replace natural gas in the tile industry, which is a major energy consumer in the region.
The Castellón project is part of BP’s broader plan to invest €2 billion in decarbonizing its operations in Spain by 2030. The company is also planning to build a 500 MW green hydrogen plant in Teesside, England, and a 100 MW green hydrogen plant in Australia.
The Castellón project is expected to be operational in 2024 and will be the largest green hydrogen plant in Spain. The project will create jobs and boost the local economy, and it will also help to reduce Spain’s reliance on imported fossil fuels.
Green hydrogen is produced by splitting water molecules into hydrogen and oxygen using electricity from renewable sources. The process is called electrolysis. BP and Iberdrola will use proton exchange membrane (PEM) electrolyzers to produce green hydrogen at the Castellón plant. PEM electrolyzers are the most efficient type of electrolyzer available today.
The Castellón green hydrogen project has the potential to make a significant contribution to Spain’s energy transition and its economic recovery. The project will help to reduce Spain’s reliance on imported fossil fuels and its greenhouse gas emissions. The project will also create jobs and boost the local economy.
In addition, the project will help to position Spain as a leader in the green hydrogen industry. Green hydrogen is a promising clean energy source that has the potential to be used in a variety of applications, including transportation, power generation, and industrial processes.
