Norway – Nel and Wood will collaborate to develop and execute large scale, complex green renewable hydrogen projects in select regions across the world.
“This is a long-term commitment, and we look forward to working together to further strengthen our competitiveness through leveraging our experience and competence.” said Jon André Løkke, CEO of Nel.
“We are excited about the opportunity to support NEL Hydrogen as they play their part in the green hydrogen revolution, and as we unite on our commitment to create a more sustainable and cleaner energy future,” added Craig Shanaghey, Wood’s President of Operations for Europe, Middle East and Africa.
Green hydrogen is created using renewable energy instead of fossil fuels. According to the latest reports, green hydrogen is on track to become cheaper than natural gas by 2050. The downturn in renewable energy costs will drive down the costs of green hydrogen production. The most countries will use solar and wind energy to produce green hydrogen. Many regions have released hydrogen strategies in 2020. The main objectives of the current hydrogen strategies are to reduce emissions, diversify energy supply, promote economic growth, integrate renewable energy and develop hydrogen for export.
The process of phasing in Wood on ongoing projects is underway.