EDF Group’s low-carbon and renewable hydrogen production business is partnering with clean hydrogen infrastructure fund manager Hy24 to develop and finance a £300m (€347.8m) UK project.
Hynamics UK and Hy24’s Ardian-backed Clean Hydrogen Infrastructure Fund have signed a memorandum of understanding (MoU), forming an exclusive partnership to develop and fund the Fawley Green Hydrogen Project in Hampshire which is expected to supply green hydrogen to the ExxonMobil petrochemical complex.
The Fawley Green Hydrogen project has been shortlisted in the Hydrogen Allocation Round 2, the UK government’s subsidy scheme designed to accelerate the development and deployment of low-carbon hydrogen production projects across the UK.
Hynamics UK and Hy24’s agreement also outlines plans for a broader UK partnership.
Pierre de Raphélis-Soissan, CEO of Hynamics UK, said: “I am delighted with this partnership with Hy24, which marks a new stage in the development of Hynamics’ projects in the UK. This agreement is a continuation of the relationship of trust that has been built up over several years.
“Our MoU is in line with the clean industrial strategy presented by the British government in June and is a testimony to the potential for cooperation between industrial and financial players across the Channel.”
Amir Sharifi, comex member and strategy lead at Hy24, head of UK, southern Europe and MENA, said: “The policy landscape in the UK is providing the certainty and clarity needed to enable decarbonisation projects at the right scale and pace. We see this as a very positive signal and a strong opportunity for Hy24 to expand into the UK for the first time, alongside partners who are deeply committed to the energy transition.
“The reality is that leadership positions across the hydrogen value chain are being shaped now and the UK has shown remarkable consistency and determination in this regard. In this context, Hynamics UK stands out as one of the most advanced players, and we are pleased to solidify our partnership with them to help accelerate the development of the UK’s hydrogen economy.”
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