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Iberdrola to create new business unit to develop green hydrogen

Mon, 21st Sep 2020 17:53

LONDON, Sept 21 (Reuters) - Spanish utility Iberdrola
said on Monday it would create a new business unit
aimed at developing green hydrogen to supply industry and heavy
transport.

The company said it will use renewable energy to power
electrolysis which splits water into hydrogen and oxygen.

In July, the European Commission mapped out a plan to expand
the production and use of green hydrogen.

The aim is to scale up European green hydrogen projects
across polluting sectors - from chemicals to steel - to meet a
net zero emissions goal by 2050 and become a leader in a market
analysts expect to be worth $1.2 trillion by that date.

Iberdrola said the first project in Puertollano, in southern
Spain, will comprise of a 100 megawatt solar photovoltaic plant,
a lithium-ion battery system for storage and an electrolysis
system to produce hydrogen.

With an investment of 150 million euros ($176 million), the
plant will be commissioned in 2021.

In Britain, through Iberdrola's subsidiary ScottishPower,
Iberdrola is participating in a project which will implement a
network of green hydrogen production plants to supply fleets and
heavy transport, it added.

($1 = 0.8522 euros)
(Reporting by Nina Chestney; editing by David Evans)

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