By Joe Hoppe
ITM Power said it has started bidding for projects in the U.S. market, which it says has the potential to become one of the largest markets for green hydrogen.
The U.K. clean-fuel and energy-storage company said Monday that it will pursue an asset-light entry into the U.S. market, building on strong relationships with North American industry leaders.
The company said that, supported by the $370-billion Inflation Reduction Act, the U.S. has identified future demand scenarios, with strategic opportunities for the domestic production of 10 million metric tons of clean hydrogen annually by 2030, 20 million by 2040, and 50 million by 2050. The International Energy Agency estimates the current global use of gray hydrogen–which is derived from natural gas–is 95 million tons a year.
“The region’s green hydrogen journey has just started, which provides ITM with a tremendous opportunity to become a leading electrolyzer provider as the market develops over the coming years,” Chief Executive Dennis Schulz said.
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