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EIT InnoEnergy developing €100B a year green hydrogen economy by 2025

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EIT InnoEnergy has launched the European Green Hydrogen Acceleration Center (EGHAC), an ambitious initiative to support the creation by 2025 of an annual €100 billion green hydrogen economy that could generate half a million direct and indirect jobs across the supply chain of green hydrogen.

Breakthrough Energy, a network of companies created by Bill Gates and the world’s top tech and business leaders, is supporting the effort to speed up the transition to a clean energy future.

Closing the price gap between carbon-emitting technologies and green hydrogen, which would drive significant hydrocarbon displacement in energy-intensive industrial applications ( i.e. steel, cement , chemicals), heavy transport (i.e. marine and heavy duty) and fertilisers, is one of the most urgent near-term priorities.

Green hydrogen can also be used for energy storage, making it a key enabler for volatile renewable sources , particularly wind and solar, to expand.

“The commercialization of green hydrogen is absolutely vital if Europe is to achieve its ambitious goals of becoming the first net-zero continent by 2050. Quite simply, there is no better way of decarbonizing heavy industry and heavy transport, and it can also play a significant role in supporting grid flexibility through storage.”

Jacob Ruiter, member of EIT InnoEnergy executive board.

Several workstreams will be handled by the EGHAC, including promotion and co-creation of industrial projects across the value chain, building ties with other industrial and energy value chains, accelerating the development of technology, stimulating business growth, social acceptance, and addressing gaps in skills.

EIT InnoEnergy brings valuable expertise from the European Battery Alliance (EBA), which has been a highly popular model for the production in Europe of specialized industrial value chains, with a record-breaking economic impact.

From 2025 onwards, the annual market size is forecast at €250 billion. For Europe, it is imperative for a clean energy transition and a competitive industry to develop a full domestic battery value chain.

The secret to the success of EIT InnoEnergy is at the heart of the energy revolution, bringing innovators, developers , investors and other key stakeholders together to achieve a very ambitious aim.

“We are delighted to be spearheading this initiative with the support of Breakthrough Energy and look forward to working in earnest to reduce the cost of green hydrogen, stimulate market uptake and build a strong European green hydrogen value chain, as quickly as possible. Speed is of the essence.”

Jacob Ruiter, member of EIT InnoEnergy executive board.

“The European Union’s Green Deal is the perfect launching pad for the European Green Hydrogen Acceleration Center. Building on the political momentum, the Center will use green hydrogen as a driver for the deep decarbonisation of European industry. Against this backdrop, it will create a pipeline of pioneering large-scale projects, launch a new generation of public-private partnerships and accelerate the speed of delivery from mega- to gigawatts.”

Ann Mettler, senior director at Breakthrough Energy.
Nedim Husomanovic

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