Sunday, March 3, 2024

Sheffield-based ITM Power plans to bid on new projects in America

Sheffield-based clean energy company ITM Power is to start bidding on projects in America, having standardised equipment to meet regulations on both sides of the Atlantic.

ITM intends to build on its strong relationships with various North America-based industry leaders, some of which have already been announced as collaborations to cement its technology leadership and future proof the supply chain.

Dennis Schulz, CEO ITM, said: “The US has the potential to become one of the largest markets for green hydrogen. The region’s green hydrogen journey has just started, which provides ITM with a tremendous opportunity to become a leading electrolyser provider as the market develops over the coming years.”

The US is widely recognised as having the potential to become one of the largest markets for electrolysers. Supported by the $370 billion Inflation Reduction Act (IRA), the US National Clean Hydrogen Strategy and Roadmap, released in June 2023, identified future demand scenarios, with strategic opportunities for the domestic production of 10 million metric tonnes (MMT) of clean hydrogen annually by 2030, 20 MMT annually by 2040, and 50 MMT annually by 2050. It complements the $9.5 billion investment for clean hydrogen through the Infrastructure Law. To put the US domestic production opportunity into context, the International Energy Agency (IEA) estimates that the current global use of grey hydrogen is 95 MMT per annum.

 

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