Some of the UK’s largest companies have united to launch Project HySpeed – a clean hydrogen initiative set to inject £6.5 billion in private investment into the economy and create 24,300 jobs across the UK.
Formed in direct response to the Government’s ambition to position the UK as a global clean energy leader, Project HySpeed brings together a powerful alliance of UK-based firms, including Centrica, Heidelberg, ITM Power, JCB, Johnson Matthey, and National Gas.
With a mission to scale hydrogen production, lower costs, and boost the UK’s renewable energy leadership, HySpeed aims to deliver 1 GW of hydrogen production capacity by 2030, while cutting carbon emissions by one million tonnes annually.
HySpeed’s unveiling comes just days after the Government announced the Second Hydrogen Allocation Round of funding which shortlisted 27 hydrogen projects across the UK which are expected to attract over £1bn in private sector in the next four years.
It also follows claims by the Secretary of State for Science, Innovation and Technology, Peter Kyle MP, that Britain could become a world leader in the development of hydrogen technology.
Speaking to the Times last week, he said: ‘We cannot compete on cost in the production of batteries. That ship has sailed. But on hydrogen what we are doing in Britain is market leading.’
Jo Bamford – a man with interests in a number of hydrogen business and heir to the JCB company- is also Executive Chairman at the HydraB Power group which put forward the proposal. He said: ‘Now more than ever the UK needs to stand on its own two feet, especially when it comes to our energy resources. Hydrogen offers us the opportunity to be energy secure and energy independent.’
‘Our conversations with the Department for Energy Security and Net Zero have been hugely encouraging and we know the Government is keen to support clean energy projects of this size.’
Project HySpeed aims to establish a hydrogen ecosystem that supports British industries and workers by developing strategically located production hubs to supply local areas and inject hydrogen into the gas grid, driving UK-wide industrial decarbonisation. The project aims to lower the cost of green hydrogen while securing long-term manufacturing jobs across the country.
Dennis Schulz, the CEO of ITM Power PLC, said ‘A consortium approach between credible industry players is the most effective pathway to the rapid scale-up of the UK’s green hydrogen economy. Comprising all elements of the hydrogen value chain from production to storage, transport and distribution, the initiative aims to locate green hydrogen generation in strategic locations across the UK. With volume come economies of scale, which will drive down costs and accelerate the market substantially.’
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