Billionaire Investor's Ambitious Plan for UK's Hydrogen Economy
Key Ideas
- Jo Bamford-owned HydraB Power is spearheading the development of a distributed hydrogen production and distribution network in the UK.
- The company's project, HySpeed, aims to reduce hydrogen costs by over 40% and create 24,300 jobs while cutting carbon emissions by one million tonnes annually.
- HydraB Power is advocating for policy changes to accelerate investment in the hydrogen economy and is pushing for the inclusion of more projects in government funding.
- The consortium's portfolio includes companies involved in various aspects of hydrogen production, distribution, and usage, such as green hydrogen production, hydrogen refueling infrastructure, and transport decarbonization solutions.
Billionaire investor Jo Bamford's company, HydraB Power, which previously rescued Wrightbus, is now focusing on revolutionizing the UK's hydrogen economy. The company's latest initiative, HySpeed, aims to expand hydrogen capacity through a distributed network, potentially reducing costs significantly and creating thousands of jobs while cutting carbon emissions. HydraB Power is in discussions with the government to reconsider policies that could unlock investments in hydrogen projects. The company is advocating for more projects to be funded and for hastening the consultation on injecting hydrogen into the gas grid. With a vision to unlock £6.5 billion in investments by 2030, HydraB Power's consortium is strategically positioned to advance the hydrogen agenda. Through a network of smaller projects dispersed across the UK, they plan to supply industries and the hydrogen bus network, contributing to a greener transportation sector. Their successful participation in hydrogen allocation rounds and the HySpeed project's potential further solidify their position in the hydrogen economy. By supplying hydrogen-powered buses to cities like London and Aberdeen, and partnering in joint ventures for commercial-scale hydrogen production, HydraB Power is at the forefront of the UK's green energy revolution.