Denmark’s Topsoe A/S is set to invest $300 million in a US hydrogen electrolyzer factory, taking advantage of President Joe Biden’s wave of federal incentives that are luring European investment to the country.
Topsoe is preparing to make a final investment decision on the new factory by the end of this year, which would significantly increase the company’s manufacturing capacity for these machines. The investment is part of Topsoe’s goal to achieve carbon neutrality by 2050 and the US is seen as a key market for hydrogen production.
Hydrogen electrolyzers are devices that use electricity to split water into hydrogen and oxygen, making it a key component in producing green hydrogen, a zero-emissions fuel. The process is seen as a way to reduce carbon emissions from industries such as transportation and energy, as well as achieving carbon neutrality goals. The new factory would enable Topsoe to expand its presence in the US, where it already has offices and facilities, and help meet the growing demand for green hydrogen.
Green energy investment
Topsoe’s investment in the US follows the Biden administration’s push for more investment in green energy and infrastructure, including plans to allocate $15 billion to support the development of hydrogen, carbon capture, and storage technologies. The administration aims to make the US a leader in the production of green hydrogen and support the transition to a clean energy future.