Octopus Energy and RES partner up
Published by Bella Weetch,
Editorial Assistant
Energy Global,
Leading renewable energy firms Octopus Energy and RES have announced a new partnership, turbocharging the UK’s hydrogen economy by investing £3 billion to build new green hydrogen plants across the country by 2030.
The partnership delivers a home-grown, reliable and cost-competitive source of clean hydrogen that is insulated from present and future gas price volatility and aims to accelerate the decarbonisation of industrial businesses.
Octopus Renewables, which is part of Octopus Energy Group’s generation arm, and RES will use their collective expertise and capital to develop, own and operate new green hydrogen plants fuelled by clean, renewable energy.
The aim of the partnership is to make the most of green electrons when they are generated in abundance on sunny and windy days by storing them as green hydrogen, helping the UK become more energy independent.
It will work with large industrial businesses who want to be leaders in decarbonisation and will support the government’s ambition for a green-led recovery, creating new high skilled jobs which contribute to levelling-up and position the UK as a leader in low-carbon innovation.
The UK government released its hydrogen strategy in August 2021, calling for low-carbon hydrogen production and use to be ramped up over the coming decade to help get to net-zero. The partnership responds to that call.
Octopus Renewables manages more than 300 solar, onshore wind and biomass projects worth over £3.4 billion. In July 2021 the company joined the Octopus Energy Group, bringing the supply and the generation side of energy together under one roof. RES is one of the world’s largest independent renewable energy companies and has delivered 22 GW of generation capacity across the globe.
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Read the article online at: https://www.energyglobal.com/special-reports/15102021/octopus-energy-and-res-partner-up/
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