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SENCO and Siemens to build a green hydrogen economy

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  • Additional objectives include the following: identification of appropriate sites and evaluation of financially feasible business concepts; acceleration of industrial transformation and diversification of energy supply; and first concrete projects scheduled for 2023.
  • In order to advance the hydrogen economy, the Norddeutsche Landesbank (NORD/LB), SENCO Hydrogen Capital (SENCO), and Siemens Smart Infrastructure (SI) have formed a partnership.
  • Projects that specifically support Germany’s use of electrolysis to produce green hydrogen are the focus of the collaboration.

The collaboration partners are now looking for suitable venues and analyzing fundable business ideas. On this basis, locations for wind and solar power systems are analyzed to see whether they are ideal for promoting the commercial use of green hydrogen in Germany or whether they may earn additional revenue and marketing opportunities via an H2 generation system. The majority of these will be immediately deployable facilities with an average producing capacity of 5 to 15 megawatts. Concrete project implementation ought to begin in 2023.

Industrial-scale green hydrogen production, storage, and consumption are critical to the decarbonization of the economy and actively contribute to the diversification of energy sources in Europe and Germany. At the same time, a so-called system-friendly operating mode is developed, supporting both the reliability of the power grid and the fundamental reform of the energy system.

In order to do this, the three businesses established the open-source platform H2.NOW! as a partner in the effort for businesses and investors in the hydrogen economy. This open platform is open to other businesses with an economic interest in hydrogen. Likewise, the H2.NOW! is an entrepreneurial effort to support the development of future-proof industrial jobs in Germany as a hub for technology.

“As a technological company, we are eager to collaborate with two capable partners in the finance industry. We have already gained valuable expertise with the technical and legal elements of implementing H2 systems as a part of various projects “explains Dr. Bernd Koch, Chief Technologist for Siemens Smart Infrastructure’s Energy Performance Services in Germany.

“The development of a long-term, green hydrogen industry in Germany and Europe, as well as its finance, seems difficult but extremely promising. It is now necessary to follow this course methodically and together, taking into consideration different knowledge. As the top commercial bank in northern Germany, we want to provide our clients with comprehensive financing options “says Heiko Ludwig, NORD/global LB’s head of structured finance.

“Our jointly developed platform H2.NOW! provides the way to enhance the hydrogen industry’s growth sector in a targeted approach with resources and know-how, “says SENCO CEO Carsten Schmeding. “Institutional investors have a fantastic opportunity with our focus on investments in both hydrogen infrastructure and businesses that use their expertise to speed up the ramp-up of the hydrogen industry. Germany has a chance to encourage decarbonization and a reliable, diverse energy supply at the same time “Schmeding carried on.

Arnes Biogradlija
Creative Content Director at EnergyNews.Biz

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