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Hy2gen and Ocean Connect Energy sign MoU

Published by , Editorial Assistant
Global Hydrogen Review,

Hy2gen has signed a Memorandum of Understanding (MoU) with offshore wind energy developer, Ocean Connect Energy Inc., (OCE) for the mutual investigation of the potential to power renewable hydrogen production from offshore wind.

The MoU formalises a collaboration between the two companies to identify, evaluate, and develop favourable locations to power Hy2gen’s renewable fuel production from the gigawatt-scale offshore wind energy generation that OCE develops in the US and worldwide.

Hy2gen USA Inc. and wind energy experts, OCE, have formed a 10-month working group to identify and mature high-capacity offshore wind energy areas where project development may be held back by constrained grid transmission, low electricity demand, or other factors. "Where renewable hydrogen production can be built near the point of interconnect from offshore wind energy generation, we have the potential to create predictable and lasting demand for the energy. This makes the need for new grid transmission less urgent and the need for infrastructure investment less substantial, while accelerating wind energy project execution," said David White, President of Hy2gen USA Inc. "Renewable hydrogen can change the paradigm of where offshore wind is developed," added Kevin Banister, CEO of Ocean Connect Energy.

The research is part of Hy2gen’s strategy embracing the US’ clean hydrogen regulatory framework established by the 2022 Inflation Reduction Act and subsequent guidelines anticipated from US Department of Treasury as well as the regulatory framework in the EU. Hy2gen is committed to producing 100% renewable fuels meeting the highest industry sustainability standards. To address the three pillars of temporality, additionality, and regionality, which are mandatory for renewable fuel classification, the integrated co-development of offshore wind energy projects and power-to-X projects provide a solution. "With its high capacity factor and ability to be built at scale, offshore wind can deliver an excellent energy profile to match the electricity demand of the next key element of the energy transition: renewable hydrogen production," said Banister. "Done right, pairing the two can result in efficient project development and capital allocation."

Through its global subsidiaries, Hy2gen aims to be the most reliable provider of renewable hydrogen and its derivatives — key components for the sustainable transformation. "We have a tremendous prospect in our work with Ocean Connect Energy," White affirmed. "We have laid out concrete benchmarks and time frames to motivate and monitor our progress together. We're intent on bringing our projects to life as soon as possible."

With its global team and decades of experience, OCE is committed to leading projects through all phases of development and into operation. Fundamentally, this includes considerations for offtake early in the process. Hy2gen and OCE will look to establish this supply-demand relationship to provide the reliability and confidence both parties seek to move development forward.

This MoU marks another step on the way to producing renewable hydrogen economically on a large scale and becoming the market leader with this concept. Exploring opportunities to directly integrate offshore wind energy into renewable hydrogen production will make Hy2gen’s projects more energy independent and give more control to investors.

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