In order to boost private investment in hydrogen as a future clean energy source and super-fuel, the Business and Energy Secretary will meet with industry representatives today.
It is expected that a new round of financing will be announced at the Hydrogen Investment Summit in order to boost investor confidence in the government’s vision for the UK to become a hydrogen-based economy – as outlined in the Hydrogen Strategy released in August 2021. The government’s goal of having 1GW of electrolytic hydrogen in operation or under construction by the end of 2025, which could produce enough hydrogen to power up to 45,000 buses per year, has taken a significant step forward with this announcement.
It is Kwasi Kwarteng’s mission to show that while fossil fuels are still expensive, the government is making good progress toward unlocking the £9 billion investment needed to make hydrogen a cornerstone of the UK’s greener future. Recently, the government has opened applications for the £240 million Net Zero Hydrogen Fund, published the Hydrogen Investor Roadmap, and laid out details for the Hydrogen Business Model and Low Carbon Hydrogen Standard.
There will be a joint allocation round for electrolytic (green) hydrogen projects announced by Greg Hands, the Energy Minister. This method separates hydrogen from oxygen in water by using an electrical current. The Net Zero Hydrogen Fund (NZHF) and the Hydrogen Business Model are both contributing to this joint round (HBM).
Govt issues multiple papers on hydrogen development:
- Supply chains to support a UK hydrogen economy
- Hydrogen sector development action plan
- Hydrogen Business Model and Net Zero Hydrogen Fund: Electrolytic Allocation Round 2022
- UK public sector support for hydrogen research and innovation
- Expansion of hydrogen production pathways analysis: import chains
