Octopus Energy and RES have announced plans to invest £3bn in the development and operation of new green hydrogen plants across the UK.
The partnership’s aim is to maximise the value of the green electrons generated by renewable energy systems by storing them as green hydrogen, and in this way helping the UK become more energy independent.
The announcement follows the UK Government’s hydrogen strategy, released in August, which called for low-carbon hydrogen production and use to be advanced in the coming decade, to assist with the country’s net-zero ambitions.
Commenting on the initiative to build hydrogen plants, Rachel Ruffle, CEO for RES, said:
“We know that renewable based electrification using wind and solar is the fastest way to decarbonise. When coupled with the production of green hydrogen, it becomes the natural choice for industry and our hard to abate sectors. Our partnership will enable industrial users to make the switch to reliable and cost-effective green hydrogen.
“Our vision is a future where everyone has access to affordable zero carbon energy. The production of green hydrogen provides us with an opportunity to ensure the industrial heartlands of the UK can reap the economic benefits. This is a vote of confidence in the UK economy and will create highly skilled long-term UK jobs.”
Octopus Renewables Co-Head, Alex Brierley said,
“The supply of green hydrogen will be critical to the success of many industries in meeting the UK’s net zero targets and with this partnership we are providing a solution for those businesses to help deliver on the government’s ambitions. We invite industrial businesses that are currently using hydrogen to contact us and benefit from the early mover advantage.
“When we started investing in wind and solar farms we believed that these technologies would outcompete fossil fuel generation and disrupt global energy markets. That day has come, and with those cost reductions there is now the opportunity to help major industrial companies make an obvious choice and use green hydrogen.”
RES is the world’s largest independent renewable energy company, having delivered 22GW of generation capacity across the globe, while energy generator Octopus Renewables, part of the Octopus Energy Group since July, manages more than 300 solar, wind and biomass projects, valued at £3.4bn.