HySpeed: £6.5bn private investment to power UK hydrogen future

A clean hydrogen initiative backed by some of the UK’s biggest businesses is set to inject £6.5bn into the economy, creating over 24,000 jobs and putting the UK at the forefront of hydrogen innovation.

Project HySpeed, led by HydraB Power and supported by an alliance including Centrica, Heidelberg, ITM Power, JCB, Johnson Matthey and National Gas, aims to deliver 1GW of hydrogen production capacity by 2030. The project is designed to cut emissions by one million tonnes each year and scale up a competitive, UK-based hydrogen economy.

Jo Bamford, Executive Chairman of HydraB Power, described HySpeed as a bold response to the government’s push for energy security and net zero:

Now more than ever the UK needs to stand on its own two feet, especially when it comes to our energy resources. Hydrogen offers us the opportunity to be energy secure and energy independent.

HySpeed represents a whole-system approach to decarbonisation. It combines strategic hydrogen production hubs, grid injection, low-cost financing and joint procurement to bring down the cost of green hydrogen while strengthening UK manufacturing.

Dennis Schulz, CEO of ITM Power PLC, said the consortium model is key:

A consortium approach between credible industry players is the most effective pathway to the rapid scale-up of the UK’s green hydrogen economy... With volume come economies of scale, which will drive down costs and accelerate the market substantially.

Chris O’Shea, Group Chief Executive of Centrica, highlighted hydrogen’s role in a resilient energy mix:

Hydrogen can play a crucial role in tackling emissions from sectors that other clean energy sources can’t easily reach. 

With a projected £2bn annual boost to the UK economy and support for construction, operations and manufacturing jobs, HySpeed is firmly aligned with the UK’s Green Jobs Delivery Group target of 480,000 skilled roles by 2030.

Read more: £6.5bn hydrogen mega-project