Seven companies, including developer ACWA Power and Spanish utility Iberdrola, have formed a joint initiative to scale up production of "green" hydrogen in the next six years and bring down costs, they said on Tuesday. "Green" hydrogen is a zero-carbon fuel made by electrolysis, using renewable power from wind and solar to split water into hydrogen and oxygen. The so-called Green Hydrogen Catapult initiative also includes Italian gas group Snam, renewable energy investor CWP Renewables, low-carbon technology group Envision, renewable energy developer Ørsted, and fertiliser company Yara.
COVID cases are now surging around the globe, threatening oil demand and sending oil prices back below $40.
The electric-utility holding company is being acquired by the U.S. arm of Spanish utility Iberdrola.