Boulder, CO – March 20, 2023
The Green Hydrogen Catapult, an international coalition launched in 2020 with the convening support of the UN’s High-Level Climate Action Champions and nonprofit RMI, marked its two-year anniversary with the announcement of three industry leaders joining its ranks: Hy Stor Energy, Power2X and ReNew.
The Green Hydrogen Catapult’s goal is to promote the build out of 45 Gigawatts of green hydrogen capacity by 2026 to decarbonize key parts of the global economy. Produced from renewable energy sources like solar and wind, green hydrogen has the potential to rapidly and cost-effectively decarbonize the most carbon-intensive industries where electrification is not an option, including in fertilizer, steel and chemical production, as well as heavy-duty trucking, shipping and aviation.
The Catapult’s founding members include ACWA Power, CWP Global, Fortescue Future Industries, H2 Green Steel, Mærsk Mc-Kinney Møller Center for Zero Carbon Shipping, and Yara.
“The production of green hydrogen is critical to accelerate our energy transition and its prospects are compelling, particularly in India where alternative energy is growing. We are honored to be part of the Green Hydrogen Catapult alongside others who understand the opportunities in green hydrogen for decarbonization,” said Sumant Sinha, CEO of ReNew. “We have agreements in place to further develop green hydrogen capacity and are eager to continue working to make this energy source a cost-effective solution.”
“Power2X is passionate about the decarbonization of the hardest-to-abate sectors where the adoption of green hydrogen at industrial scale is critical. In April 2022, we announced our first major green hydrogen development in Sines, Portugal, and we are working on an exciting pipeline of green hydrogen project developments globally,” said Occo Roelofsen, founder and CEO of Power2X. “By joining the Green Hydrogen Catapult, we will be even better positioned to help develop the green hydrogen that is needed for a sustainable energy system. We look forward to working together with our fellow members to realize the Catapult’s ambition.”
Successfully establishing a completely new industry requires collaboration and early commitment across the full supply chain, which is why the members of the Green Hydrogen Catapult will spearhead hydrogen hub development as an inclusive approach, allowing other companies to engage and contribute, and have chosen RMI to facilitate the process.
An example of a successful approach is the Mississippi Clean Hydrogen Hub. Laura Luce, CEO of Hy Stor Energy emphasized that “the salt caverns along the Mississippi River constitute a world-class resource with vast expansion capacity for renewable hydrogen storage, which is critical for energy security, resilience, and security of large-scale hydrogen supply. The caverns have access to critical shipping and logistics corridors, including the Mississippi River and deep-water ports in the Mississippi Gulf to serve the growing domestic and global hydrogen market.”
“In 2023, the Catapult will continue to push the envelope, combining RMI’s cutting-edge analysis with the Catapult members’ on-the-ground insights to make change through new business models, cross-sector agreements, and market education. We are very excited to have new members Hy Stor Energy, Power2X and ReNew bring their expertise and experience to this collaboration,” said Oleksiy Tatarenko, who is a Senior Principal at RMI acting as the Green Hydrogen Catapult coalition coordinator.
RMI, founded as Rocky Mountain Institute, is an independent nonprofit founded in 1982 that transforms global energy systems through market-driven solutions to align with a 1.5°C future and secure a clean, prosperous, zero-carbon future for all. We work in the world’s most critical geographies and engage businesses, policymakers, communities, and NGOs to identify and scale energy system interventions that will cut greenhouse gas emissions at least 50 percent by 2030. RMI has offices in Basalt and Boulder, Colorado; New York City; Oakland, California; Washington, D.C.; and Beijing.
Hy Stor Energy is facilitating the transition to a fossil-free energy environment by developing and advancing renewable hydrogen at scale through the development, commercialization, and operation of renewable hydrogen hub projects. The company defines green hydrogen as that only that of which has produced from renewables — as set forth by the Green Hydrogen Assembly. Large, fully integrated projects produce, store, and deliver 100% carbon-free, energy, providing customers with safe and reliable renewable energy on-demand. Developed as part of an integrated hub, these projects couple on-site renewable hydrogen production with integrated long-duration storage and distribution – using scale to reduce costs. Hy Stor Energy, led by energy storage industry and hydrogen technology veteran Laura L. Luce, has an innovative team with deep expertise and is positioned as a leader in the renewable hydrogen revolution.
Power2X develops large scale new energy assets and infrastructure with a focus on green and blue hydrogen projects to decarbonize industrial value chains. This also includes projects related to green ammonia, methanol and other derivatives such as clean fuels. Power2X has a growing team of circa 50 professionals and is headquartered in Amsterdam, the Netherlands. It has a development pipeline of several large scale projects in various stages of development. In addition, Power2X also acts as a consultant for energy transition and project development for industrial companies and investors.
ReNew is the leading decarbonisation solutions company listed on Nasdaq (Nasdaq: RNW, RNWWW). ReNew’s clean energy portfolio of ~13.4 GWs on a gross basis as of December 31, 2022, is one of the largest globally. In addition to being a major independent power producer in India, we provide end-to-end solutions in a just and inclusive manner in the areas of clean energy, green hydrogen, value-added energy offerings through digitalisation, storage, and carbon markets that increasingly are integral to addressing climate change.