Octopus Energy and RES boost UK green hydrogen economy with £3bn investment
- Octopus Energy and RES to build green hydrogen plants across the UK
- Partnership will see £3bn of investment by 2030 and enable industrial businesses to switch to green hydrogen at no extra cost
- Move to clean, green hydrogen will protect industry from gas price volatility
London, 14 October 2021 – Leading renewable energy firms Octopus Energy and RES today announce a new partnership, turbocharging the UK’s hydrogen economy by investing £3bn 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 it 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, 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 £3.4billion. In July the company joined the Octopus Energy Group, bringing the supply and the generation side of energy together under one roof. RES is the world’s largest independent renewable energy company. At the forefront of the renewables industry for the last 40 years, RES has delivered 22 GW of generation capacity across the globe.
Octopus Renewables Co-Head, Alex Brierley said, “The supply of green hydrogen will be critical to the success of many industries in meeting the UK’s net zero targets and with this partnership we are providing a solution for those businesses to help deliver on the government’s ambitions. We invite industrial businesses that are currently using hydrogen to contact us and benefit from the early mover advantage.
Rachel Ruffle, EMEA CEO for RES said “We know that renewable based electrification using wind and solar is the fastest way to decarbonise. When coupled with the production of green hydrogen, it becomes the natural choice for industry and our hard to abate sectors. Our partnership will enable industrial users to make the switch to reliable and cost-effective green hydrogen.”
Alex added: "When we started investing in wind and solar farms we believed that these technologies would outcompete fossil fuel generation and disrupt global energy markets. That day has come, and with those cost reductions there is now the opportunity to help major industrial companies make an obvious choice and use green hydrogen.”
Rachel continued: “Our vision is a future where everyone has access to affordable zero carbon energy. The production of green hydrogen provides us with an opportunity to ensure the industrial heartlands of the UK can reap the economic benefits. This is a vote of confidence in the UK economy and will create highly skilled long-term UK jobs.”
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About Octopus Energy Group
Octopus Energy Group was launched in 2016 with a vision of using technology to make the green energy revolution affordable whilst transforming customer experiences. It is part of Octopus Group, which is a certified BCorp. Octopus’s domestic energy arm already serves 3.1 million customers with cheaper greener power, through Octopus Energy, M&S Energy, Affect Energy, Ebico, London Power and Co-op Energy.
Octopus Energy Generation is Europe’s largest investor in solar energy, managing a £3.4bn portfolio of renewable energy assets throughout the continent.
In September 2021, Octopus Energy Group was valued at $4.6 billion after taking $600 million investment from Generation Investment Management co-founded and chaired by Al Gore, closing its third major investment round since launching to the market. With operations in the US, Japan, Germany, Spain, New Zealand and Australia, Octopus Energy Group's mission to drive the affordable green revolution is going global.
RES is the world’s largest independent renewable energy company active in onshore and offshore wind, solar, energy storage and transmission and distribution. At the forefront of the industry for 40 years, RES has delivered more than 22GW of renewable energy projects across the globe and supports an operational asset portfolio exceeding 7.5GW worldwide for a large client base. Understanding the unique needs of corporate clients, RES has secured over 1.5GW of power purchase agreements (PPAs) enabling access to energy at the lowest cost. RES employs more than 2,000 people and is active in 10 countries. For more information, visit www.res-group.com
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