The European Energy Exchange (EEX) is forming a relationship with the provider of data solutions, TYCHO Solutions, to increase market transparency in the hydrogen sector.
Using TYCHO’s business intelligence tool NOVA, both parties will provide hydrogen-related data on the EEX Transparency Platform using their respective areas of expertise.
Young Mexico City-based startup TYCHO Solutions provides data solutions for renewable energy companies. In conjunction with Marketz (an Enoi Group firm), TYCHO has created the business intelligence platform NOVA for gathering, evaluating, and maintaining up-to-date information on hydrogen and related industries. By illustrating the trends, patterns, and relationships in the hydrogen and energy ecosystems, the tool enables participants in the hydrogen market to improve their decision-making by gaining a deeper understanding of the commodity’s dynamics.
The EEX Transparency Platform is one of the main platforms in Europe for the publication of market-relevant inside information and fundamental data. The platform provides data on energy, natural gas, emissions, and renewables for 14 countries, as reported by 158 direct reporting corporations, to a greater number of market participants.
Through their collaboration, TYCHO and EEX will make available on the EEX Transparency Platform reliable and pertinent information regarding hydrogen markets.
Felipe González, Co-founder and CEO of TYCHO, says: “This partnership will allow us to speed up our product roadmap and market expansion. Thanks to EEX’s excellent reputation and customer base, we will achieve milestones that otherwise would have taken us several years. The hydrogen market today is in its early stages and we aim to give participants the visibility they need to start accelerating their growth. Together with EEX we are working on implementing a price transparency tool. Our ultimate goal is to be a driving force in the decarbonization of the global energy ecosystem.”
EEX and TYCHO plan to make the price tool available on the EEX Transparency Platform in the third quarter of 2022 as a first step. During this year’s E-world energy & water in Essen, the initial response to the concept of NOVA from market participants in the hydrogen markets was extremely encouraging. The expansion of detailed information on hydrogen projects, infrastructure, and demand throughout European markets may represent a possibility for future development.
“Our cooperation will create more transparency for the market. Access to data is key for customers and market actors as the hydrogen sector is in its very infancy and in need of connecting businessrelevant
information. The extension of available data together with TYCHO on our transparency platform, which is already widely used by the energy community in Europe, provides impetus for the stakeholders in the hydrogen market and the development of hydrogen as a tradable commodity in the future”, says Dr Tobias Paulun, Chief Strategy Officer of EEX.