Octopus Hydrogen, Innova Renewables and Novus Renewable Services partner to produce green hydrogen
- Partnership marks major step forward in establishing UK green hydrogen market
- Projects on shared sites will boost renewable energy use and help balance the grid, delivering some of the first co-located green hydrogen in the UK
- Innova Renewables and Novus have over 4GW of renewable projects under development across the UK
- New software from Octopus Hydrogen will optimise electrolyser usage
London, 5 October 2021 - Octopus Hydrogen has entered a strategic partnership with Innova Renewables and Novus to build green hydrogen production facilities alongside their 4GW of solar, wind and battery projects currently under development in the UK.
Octopus Hydrogen, part of the Octopus Energy Group, will design, build and operate hydrogen production at several of Innova’s renewable generation sites across the country, with the installation of electrolysers, compression and mobile hydrogen storage. Electrolysers will typically be between 2 and 20MW in scale.
Novus is working with Innova Renewables to develop 4GW of solar, wind and battery capacity across the UK. Innova has agreed to develop hydrogen production facilities at several of its co-located solar and battery energy storage sites for the production and supply of green hydrogen to local businesses, via Octopus Hydrogen.
These combined renewable energy and hydrogen sites will be among the first co-located green hydrogen projects in the UK, helping to establish a green hydrogen market and the model for a decentralised production and distribution business. The green hydrogen production facilities will be directly connected to on-site renewable energy generations which will be purchased via long term power purchase agreements, producing between 500 and 2500kg of hydrogen per day.
Octopus Hydrogen’s optimisation software will be used to control electrolysis and when the site exports at full potential, helping balance the grid by choosing the best times to use green electricity to produce hydrogen. This will also enable the companies to increase the amount of renewable generation on the grid by reducing curtailment and enabling renewable projects that would otherwise not have been commercially viable.
Octopus Hydrogen will be combining the full value chain from production, optimisation and delivery to end-users in the transport sector.
Will Rowe, Founder and CEO of Octopus Hydrogen, comments:
“This is an incredibly exciting step forward on the journey for Octopus Hydrogen. Partnering with Innova and Novus will allow us to develop and establish our decentralised model for green hydrogen production in the UK.”
“Through this partnership we will increase the amount of green hydrogen available in the UK by approximately 25 tonnes per day, enough to decarbonise over 500 long haul HGV’s”
“We need to see electrification wherever possible, for home heating and domestic cars, but we also need green hydrogen to help decarbonise the hard-to-abate parts of the transport sector.”
Robin Dummett, Founder and Managing Director of Innova comments:
“Our partnership with Octopus Hydrogen is a key element in our strategy to develop renewable energy hubs across the UK and will help us accelerate the deployment of our 4GW pipeline.”
Ryan Adams, Director of Novus comments:
“We are delighted to be partnering with Octopus Hydrogen to help boost the supply of green hydrogen in the UK as part of our collective journey towards Net Zero.
“Together with Octopus Hydrogen and Innova Renewables, we hope to begin making the green hydrogen economy a reality, demonstrating to both business and consumers that use of green hydrogen is not just a long-term vision but something available to them today.”
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About Octopus Hydrogen
Octopus Hydrogen, an Octopus Energy Group company, is positioned to supply ‘green hydrogen as a service’ for heavy goods transportation, energy storage, industrial applications and aviation in UK, Europe and Australia, with the first kilos of green hydrogen to be sold in 2021.
The intent is to remove the infrastructure cost and complexity from the end user and accelerate the adoption of green hydrogen as a fuel. Octopus Hydrogen will bring Octopus Energy’s unrivalled customer centric approach to the green hydrogen supply market.
With the recent acquisition of Octopus Renewables and the world leading Kraken platform, the Group is uniquely positioned to drive down costs and help customers drive the transition to a competitive and 100% green economy.
For more information, please check out our website.
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 B-corp. 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 for Business manages over 25,000 customers with proprietary energy offerings. Octopus Electric Vehicles is helping make clean transport cheaper and easier, and Octopus Energy Services is bringing smart products to thousands of homes. Octopus Energy Generation is Europe’s largest investor in solar energy, managing a £3.4bn portfolio of renewable energy assets throughout the continent.
All of these are made possible by OEG's tech arm, Kraken Technologies, which offers a proprietary, in-house platform based on advanced data and machine learning capabilities, Kraken automates much of the energy supply chain to allow outstanding service and efficiency as the world transitions to a decentralised, decarbonised energy system. This technology has been licensed to support over 17 million accounts worldwide, through deals with Good Energy, E.ON energy and Origin Energy.
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.
Innova Renewables is part of the Innova Group. Innova, established in 2015, is a fast-growing renewable energy company committed to developing, building, and operating innovative renewable energy hubs providing green energy solutions and helping companies and local communities to become environmentally sustainable.
Innova offers an integrated approach to renewable energy development, offering services across the life cycle of any project including planning advisory, project rights development, financing, asset management and operation.
Innova has owned and operated over 100MW of solar sites and currently has over 40 sites in the UK under development with a combined solar and storage capacity in excess of 4GW, including more than 1.3GW of live ground mounted solar projects which will provide zero carbon power to businesses and homes in the UK. Innova has engaged Ernst and Young in its live fundraising to build, own and operate its entire portfolio, as well as to fund acquisitions of other generation assets, with an initial target of £500m
Innova has engaged Ernst and Young in its live fundraising to build, own and operate its entire portfolio, as well as to fund acquisitions of other generation assets, with an initial target of £500m.
Novus was born out of the success of the Innova Group to provide tailored consultancy services to developers, funds, landowners, and businesses to help power the UK-wide switch to green energy.
Novus specialises in sourcing and advising on the development of renewable generation and storage projects, delivering the power to the grid network (at both distribution and transmission level) or via private wire or sleeving to large energy users across the UK, having previously helped deliver projects connected to Coca Cola and Anglian Water among others.
Novus has more than 40 self-sourced projects under development together with Innova with more than 4GW of grid capacity secured in the UK.
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