MAN to Invest Half-Billion in Hydrogen
Heavy-vehicle motor manufacturer MAN has announced it will put EUR 500 million in its hydrogen-focused subsidiary H-Tec Systems. The goal, the company adds, is generate more than a billion in annual revenue with electrolyzers by 2030 and become of the top three providers in the world.
“We want to expand hydrogen into a central pillar,” MAN Energy Solutions CEO Uwe Lauber told business newspaper Handelsblatt. “We don’t want to dither about. Either we do this properly or we don’t do it at all.”
The subsidiary of carmarker Volkswagen also aims to generate more than half its overall revenue with sustainable technologies by 2030. MAN says there will be highly automated facilities to this end in northern Germany and the Bavarian city of Augsburg.
Estimates predict the potential value of the hydrogen sector could be between EUR 150 billion and EUR 1 trillion by 2050, with over 5.4 million people in the area in Europe.
Electrolyzer of H-Tec © H-Tec Systems