Plus   Neg

BP And Ørsted Sign LoI ?for Industrial Green Hydrogen Project

BP Plc (BP.L,BP_UN.TO,BP) and Danish energy firm Ørsted have signed a Letter of Intent to partner to develop a ?project for industrial-scale production of green hydrogen.

The two firms intend to build an initial 50 ?megawatt electrolyser and associated infrastructure at bp's Lingen Refinery in north-?west Germany.

The electrolyser will be powered by renewable energy generated by an Ørsted offshore ?wind farm in the North Sea and the hydrogen produced will be used in the refinery.?

Green hydrogen is made by the electrolysis of water using ?renewable power, producing zero emissions.

As per their LOI, bp and Ørsted will now work together to further define the project, agree ?definitive documents and plan to make a final investment decision early 2022. The companies anticipate the project could be ?operational by 2024.

The 50 MW electrolyser project is expected to produce one tonne an hour of green ?hydrogen or almost 9,000 tonnes a year. This would be sufficient to replace around 20% of ?the refinery's current grey hydrogen consumption, avoiding around 80,000 tonnes of CO2 ?equivalent emissions a year - equivalent to the emissions from around 45,000 cars in ?Germany.

The project is also intended to support a longer-term ambition to build more than 500MW of ?renewable-powered electrolysis capacity at Lingen.

For comments and feedback contact: editorial@rttnews.com

Business News

Editors Pick
House-Autry Mills, Inc. issued a recall for its 9 ounce bottles of House-Autry Tartar Sauce due to the co-manufacturer's verification of spoilage associated with the product, according to a statement published by the U.S. Food and Drug Administration or FDA. The North Carolina-based company said the product may be unsuitable for consumption. Kimberly-Clark Corp. (KMB) on Monday reported a profit for the fourth quarter that edged down from last year, hurt by higher expenses, despite 6 percent sales growth. Both adjusted earnings per share and net sales topped analysts' expectations. The company also initiated adjusted earnings and net sales growth guidance for the full-year 2021. Shares of Philips Electronics NV were gaining around 3 percent in Amsterdam trading after the Dutch consumer electronics giant reported Monday higher results in its fourth quarter. The company also proposed dividend, and said it sees growth in fiscal 2021 comparable sales and adjusted margin.
Follow RTT