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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.

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