BP to Develop Green Hydrogen Project in Germany
Estimating that the world reached peak oil demand last year, BP (NYSE: BP) has articulated considerable interest in renewable energy. Of the various niches associated with nontraditional energy sources, the company is focusing its efforts on hydrogen. Yesterday, BP announced that it's partnering with the Danish energy company Orsted to develop a wind-powered solution to generate green hydrogen at the Lingen refinery in Germany.
Initially, BP expects the project, scheduled to begin in 2024, will consist of a 50 megawatt (MW) electrolyzer that will split water into hydrogen and oxygen gases, generating one metric ton of renewable hydrogen per hour. Should the project prove successful, it may grow considerably. Speaking with Reuters, Louise Jacobson Plutt, BP's senior vice president for hydrogen, said that "the project could be expanded to up to 500 MW at a later stage to replace all of Lingen's fossil-fuel-based [blue] hydrogen."
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Source Fool.com
