BP, RWE and Evonik among team for large hydrogen project

(Alliance News) - RWE AG on Tuesday said a seven company-strong consortium, which also includes ...

Alliance News 9 March, 2021 | 11:34AM
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(Alliance News) - RWE AG on Tuesday said a seven company-strong consortium, which also includes BP PLC and Evonik Industries AG plan to build a hydrogen power network, aiming to slash carbon emissions.

The trio, alongside Nowega GmbH, OGE Energy Corp, Salzgitter Flachstahl GmbH and Thyssengas GmbH, are part of the GET H2 initiative.

"The consortium wants to build a cross-border infrastructure for hydrogen - from the production of green hydrogen to transport and industrial use," RWE said.

The series of projects includes the transport, storage and industrial use of green hydrogren across several stages between 2024 and 2030.

The work may save 16 million tonnes of CO2 emissions.

RWE shares were 3.4% higher at EUR32.58 each in Frankfurt on Tuesday afternoon, Evonik was 1.5% higher at EUR30.34. In London, BP shares were trading 1.4% higher at 323.15 pence each.

By Eric Cunha; ericcunha@alliancenews.com

Copyright 2021 Alliance News Limited. All Rights Reserved.

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Securities Mentioned in Article

Security Name Price Change (%) Morningstar
Rating
BP PLC 359.20 GBX -0.40
Evonik Industries AG 28.29 EUR -0.39
RWE AG 33.25 EUR 2.03

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