The world’s biggest “green” hydrogen developers have joined forces to expand the production of hydrogen 50-fold in less than six years.
They also plan to radically drive down the cost in a project called the “Green Hydrogen Catapult“.
The companies involved include ACWA Power, CWP Renewables, Envision, Iberdrola, Ørsted, Snam and Yara.
The firms hope to reduce the cost of hydrogen to USD $2 per kilogram, which would make the fuel more cost-competitive, according to a recent Bloomberg analysis. A price that currently ranges anywhere between USD $3.50 and USD $8 per kg.
The Green Hydrogen Catapult project will require an investment of around USD $110 billion and has the potential to create over 120,000 jobs.