Nordex and Acciona Strike a Green Hydrogen Deal
The Nordex Group has started taking initial steps in the green hydrogen market, using its vast experience in the renewable energy sector to diversify and complement its primary business.
The Group has formed two strategic joint ventures, one for producing electrolysers (a crucial component in green hydrogen production) and the other for creating significant green hydrogen infrastructure.
Industry experts predict a 700% increase in demand for hydrogen over the next three decades. Meeting the goal of achieving net-zero emissions by 2050 will require a significant portion of this demand to be met through clean sources.
According to José Luis Blanco, CEO of the Nordex Group, the company's hydrogen initiatives are aimed at creating a presence in the hydrogen value chain while also adhering to its low-risk profile strategy. Through the two joint ventures, the Nordex Group hopes to expand their operations into the hydrogen market while maintaining its focus on minimising risk.
Nordex H2 S.L., a joint venture with Acciona, will focus on creating green hydrogen projects in regions with ample onshore wind resources. These areas are often remote and disconnected from traditional power grids, making it more competitive to produce green hydrogen. Drawing on its experience in wind project development, the Nordex Group has amassed an enticing portfolio of green hydrogen initiatives across various regions, including Latin America and the United States.
ACCIONA has invested EUR 68 million for a 50% stake in the new Nordex Group venture, with equal shares between ACCIONA S.A. and ACCIONA Energía. This investment will be used to fund the future growth and expansion of the hydrogen business.
The joint venture aims to develop renewable energy projects that will produce 0.5 million tonnes of green hydrogen annually in the next ten years as part of its 50 GW renewable energy development pipeline. The first projects are expected to be ready for construction by 2027.
The projects that the joint venture aims to develop will have a minimum installed renewable power capacity of 1 GW. To achieve this, strategic partnerships with other public and private companies and organisations interested in either the production or consumption of green hydrogen will be formed. These partnerships will facilitate the deployment of the projects.
José Luis Blanco, CEO of the Nordex Group, expressed his satisfaction in partnering with Acciona, a strong and experienced partner in large infrastructure projects. He further added that this joint venture will help accelerate the Nordex Group's achievements in the hydrogen market and reinforce their shared commitment to making a significant contribution towards the decarbonisation of the global economy.
The second initiative, known as "Nordex Electrolysers," intends to develop, manufacture, and market electrolysers using in-house technology. The Nordex Group and Sodena, a public company of the Government of Navarra, will each invest EUR 15 million into this project over the next five years.
The goal is to support the development of a commercial prototype and its initial industrial deployment. With current capacity at a minimal level, industry experts predict that demand for electrolysers will skyrocket from today's level to reach 400 GW by 2030.
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