Octopus Energy and RES, a renewable energy firm in the United Kingdom, have teamed together to invest GBP3 billion ($4.1 billion) in renewable hydrogen projects around the country by 2030.
The two businesses will collaborate to create renewable hydrogen production facilities powered by wind and solar across the United Kingdom, which they claim will allow industrial hydrogen clients to convert to green supply at no additional cost, shielding them from fluctuating fossil fuel markets.
Octopus Renewables, a division of Octopus Energy, and RES seek to build, own, and manage renewable hydrogen plants using renewable energy.
“The supply of green hydrogen will be vital to many industries’ success in fulfilling the UK’s net zero targets, and with this cooperation, we are providing a solution for those businesses to help deliver on the government’s ambitions,” said Alex Brierley, Co-Head of Octopus Renewables.
“We hoped that by investing in wind and solar farms, we would be able to compete with fossil fuel generation and destabilize global energy markets,” Brierley explained. “That day has here, and with those cost savings, we now have the chance to assist significant industrial enterprises in making the clear option of using green hydrogen.”
“We know that renewable-based electrification utilizing wind and solar is the fastest method to decarbonize,” said Rachel Ruffle, CEO of RES EMEA.
“When combined with green hydrogen production, it becomes the natural alternative for industry and our hard-to-abate sectors,” Ruffle explained.
The partners also stated that surplus renewable energy produced would be stored as hydrogen.
According to the company, Octopus Renewables handles over 300 solar, onshore wind, and biomass projects totaling over GBP3.4 billion.