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HYRO aims to develop 700MW of capacity by 2030 and has three projects shortlisted for Government support
Octopus Energy Generation, through two of its funds, and RES have joined forces to set up a hydrogen development company.
HYRO Energy intends to develop 700MW of green hydrogen electrolyser capacity by 2030.
The company will leverage the “decades of renewable development experience” of RES and Octopus Energy Generation’s relationships with potential industrial end-users of green hydrogen, plus its ability to supply green electricity.
Octopus Energy Generation’s Octopus Renewables Infrastructure Trust (ORIT) and Sky funds have agreed to each invest up to £5m into HYRO.
ORIT and Sky, which will each own 25% of HYRO, are both investing on the same terms, with exclusive rights to provide further development funding beyond each fund’s initial £5m commitment, as well as preferential rights to fund the construction of the electrolyser projects.
HYRO’s three initial pipeline projects totalling 30MW of electrolyser capacity have been included on the UK government’s shortlist for the first round of allocations to receive ongoing revenue support under the Hydrogen Business Model, which aims to bridge the operating cost gap between low carbon hydrogen and high carbon fuels.
The Department for Energy Security and Net Zero aims to award contracts to the successful projects in Q4 2023.
In two of its shortlisted projects HYRO is working with Kimberly-Clark, the parent company of household brands like Andrex, to swap gas for green hydrogen at UK factories, to reduce emissions and boost energy security.
Under proposals electrolysers will be installed at two Kimberly-Clark factories, in Wales and Kent, to use electricity from renewable sources like wind and solar to create green hydrogen, which will be stored and fed into hydrogen-ready boilers inside the factories, replacing industrial natural gas-fuelled models.
The heat produced will be used in manufacturing processes for tissues and toilet paper.
The two electrolyser projects will have a combined capacity of 22.5MW. |
