A coalition of leading energy and industrial companies in the UK has unveiled plans for a £6.5 billion hydrogen “mega-project.”
Project HySpeed, spearheaded by HydraB Power and supported by firms such as Centrica, JCB, ITM Power, Johnson Matthey, Heidelberg Materials, and National Gas, aims to establish 1GW of green hydrogen capacity by 2030.
The initiative focuses on creating a nationwide network of hydrogen production hubs to supply energy-intensive industries like steel, glass, and cement via the gas grid, eliminating the need for businesses to invest in on-site hydrogen infrastructure.
Projected to generate approximately 24,300 jobs, the project also seeks to cut one million tonnes of CO2 emissions annually.
Additionally, it aims to drive down the cost of green hydrogen by purchasing equipment in bulk and ensuring at least 50% UK content in its development.
With the potential to contribute around £2 billion annually in Gross Value Added, the project aligns with the government’s ambition of creating 480,000 skilled net-zero jobs by 2030.
Chris O’Shea, CEO of Centrica, emphasized hydrogen’s significance, stating: “Hydrogen can play a crucial role in tackling emissions from sectors that other clean energy sources can’t easily reach. It can be used to power the UK when the sun doesn’t shine and the wind doesn’t blow.”