Ann: Hydrogen presentation, page-202

I see Macquarie are sinking cash into the Hydrogen market in Europe. Their investment record isn't too shabby. AFR article:

Macquarie trains sights on green hydrogen

Dec 14, 2021 – 6pm London

Macquarie has bought into a specialist company in Europe to develop green hydrogen at an industrial scale, ramping up its bet on the role of hydrogen in the energy transition.

Macquarie’s Green Investment Group (GIG) has set up a 50-50 joint venture company with Netherlands-based chemicals maker Nobian, which will run and expand the Dutch company’s green energy spin-off, the Hydrogen Chemistry Company (HyCC). Many of Macquarie’s forays into the energy transition are for standalone projects, but this time the finance giant has opted to set up a separate company to invest and develop a potential gamut of projects.

“Green hydrogen is vital to reduce emissions in a wide range of industries that are traditionally difficult to decarbonise – from steel and chemicals to shipping and aviation,” said Kate Vidgen, GIG’s head of industrial transition and clean fuels.“We expect a rapid acceleration in the energy transition and are excited to invest alongside an experienced business in this field, to accelerate its development and help industries become more sustainable.”

HyCC, which is being spun out of Nobian, comes with a pipeline of more than 400 megawatts of electrolysis projects that will use renewable energy to make green hydrogen, leveraging Nobian’s existing electrolysis capability and know-how.GIG will bring its financing and project development expertise into play to get the projects up and running, and expand that pipeline.The pipeline includes a proposed 60 megawatt facility in the north of the Netherlands to supply green hydrogen for renewable methanol and aviation fuels; a 100 megawatt project near Amsterdam that will power sustainable steel making; and a 250 megawatt project in Rotterdam to replace fossil-based (blue or grey) hydrogen.

HyCC is also involved in a planned green hydrogen hub in Denmark, which includes a 350 megawatt facility due to start operating in 2025.

Macquarie has stepped up its interest in the nascent hydrogen sector in Europe, but this marks a significantly sharper focus on green hydrogen, the renewables-based option championed most prominently by Australia’s richest man, Andrew Forrest.

Last week, Macquarie’s GIG announced a memorandum of understanding with ExxonMobil and SGN to explore the use of carbon capture at Exxon’s Southampton (UK) complex, potentially creating a blue hydrogen hub that would service Britain’s domestic power and transport needs. GIG is also working with TotalEnergies and Scottish developer Renewable Infrastructure Development Group on an application to develop an industrial-scale green hydrogen production plant on the island of Flotta, in Scotland’s remote Orkney archipelago.

Macquarie Asset Management is backing British gas distributor Cadent, which it bought in 2017 as part of a consortium, in a series of pilot projects to increase the amount of hydrogen in Britain’s energy mix.

Nobian, which employs 1600 people and last year generated €1 billion ($1.58 billion) in revenue, was itself spun out of Nouryan, a larger chemicals conglomerate, in the middle of this year. Nobian produces salt and related chemicals at seven sites in the Netherlands, Germany and Denmark. Its output is used in the manufacture of disinfectants, plastics, aluminum, electric cars and pharmaceuticals. The company created HyCC to expand into green hydrogen, as the electrolysis technology used to produce its chor-alkalis is similar to that required for water electrolysis to make hydrogen. It is also looking at the energy storage potential of its salt caverns.