Huge International Deals for Hydrogen in Germany
Late March was a hugely influential and promising stretch for Germany’s efforts to create an industrial-scale hydrogen economy .
On March 29, Australian company Fortescue Future Industries (FFI) and German energy provider E.ON signed a memorandum of understanding that would see the South Pacific nation deliver up to million tons of green H2 annually to Germany. That’s the equivalent of roughly one-third of the fossil fuel Germany currently imports from Russia. Deliveries will start with 200,000 tons in 2024. The deal is potentially worth USD 50 billion.
“The agreement between E.ON and FFI is a major step forward and puts them in a pole position for the delivery of green hydrogen to German industry,” said German Minister for Economic Affairs and Climate Action Robert Habeck in a statement. “I congratulate the two companies and I strongly welcome their contribution to a future without fossil fuels.”
The massive sums at stake in the future of green hydrogen are making themselves felt right now in venture capital investments in companies working in the area. Also in late March, Dresden developer and manufacturer of electrolyzers and fuel cells Sunfire raised EUR 195 million through new cooperation, including with Copenhagen Infrastructure Partners (CIP).
The deal will see CIP purchase up to 640 megawatts worth of pressurized alkaline electrolyzers to supply a portion of CIP’s multi-GW Power-to-X project pipeline.
Meanwhile, H2 Mobility, which runs hydrogen filling stations along German highways, took in EUR 110 million from investors. Germany plans to more than quadruple the number of H2 filling stations in the country by 2030.
“We cannot rest on our laurels with what we have achieved – we have to push forward together with the expansion of hydrogen filling stations,” said German Minister for Digital and Transport Volker Wissing.