BP have announced plans to invest up to US$2 billion by 2030 in a new green hydrogen cluster in Spain’s Valencia region.
The 2GW plant will be used to power the local Castellon refinery, as well as other industries in the region, such as the ceramic industry replacing the natural gas used in their processes, chemical industries for the production of green ammonia and in heavy transport.
“The production of green hydrogen will be another step in strategic energy autonomy for Spain and more widely for Europe“— Carolina Mesa, BP’s vice president Hydrogen, Spain and New Markets
The investment comes as Europe struggles to power its high energy intensive industries dues to high energy gas prices, and governments and companies search for greener alternatives.
Read our introduction to investing in hydrogen energy: