Iberdrola and H2 Green Steel team up for huge $2.6 billion green hydrogen project
The development will be situated on the Iberian Peninsula and is set to come online in 2025 or 2026.
At 1 GW, the scale of the project is significant: according to the International Energy Agency, global installed electrolyzer capacity stood at just 0.3 GW in 2020.The development by Iberdrola and H2 Green Steel will be situated on the Iberian Peninsula — no specific location has been announced yet — and is slated to commence production in 2025 or 2026.
The electrolyzer itself will be co-owned and operated by the two companies. Iberdrola will provide renewable energy to the site, with H2 Green Steel owning and operating DRI production, including any processes connected to downstream steel production.
The businesses said they would also "explore the opportunity to co-locate a Green Steel production facility capable of producing 2.5-5 million tons of Green flat steel annually, in conjunction with the plant."In a statement, Aitor Moso, Iberdrola's liberalized business director, said green hydrogen would be "a critical technology in the decarbonization of heavy industrial processes such as the production of steel." headtopics.com
Projects such as the one being planned with H2 Green Steel would, Moso said, "help to speed-up the commercialization of larger and more sophisticated electrolyzers, making green hydrogen more competitive."More from CNBC Climate:Read more: CNBC »
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