The ball keeps rolling with green hydrogen. Siemens Gamesa Renewable Energy SA, large wind turbine manufacturer, joins a growing crowd of recent announcements made by Ørsted and Royal Dutch Shell PLC to get into hydrogen production. Significant offshore wind capacity in Europe has the potential to make it a major hub for new hydrogen projects. Hydrogen has uses in industrial processes and in energy intensive sectors. Co-location of generation with H2 production and industrial centers is what makes Europe ideally suited, with the overwhelming majority of offshore wind capacity located in the North Sea.
In fact, the Government of the Netherlands even laid out an ambitious strategy of hydrogen development: https://bit.ly/34OZ1fk
Some interesting things from a US perspective: offshore wind, well established in Europe, has progressed sluggishly here, with the first commercially operating offshore wind farm, 30 MW, going live in 2016. A lot of projects are in the “pipeline” in gigawatts, but it remains to be seen how much of that will materialize. Is Europe a precursor for hydrogen development in the US? If that’s the case, a big name I’m watching is Nel ASA (Nel, OSE: NEL), a Norwegian based company with a project already planned in the US with Nikola Corporation (NASDAQ: NKLA).