Stock Market

Australia makes a $34 million commitment to construct renewable hydrogen plant in Victoria

Australia approves $34 million investment for construction of renewable hydrogen plant in Victoria

The Australian government has given the go-ahead for the construction of a A$51 million ($34 million) renewable hydrogen plant in Victoria, according to Energy Minister Chris Bowen. The plant, which will feature a 10-megawatt electrolyser, will be the largest of its kind in the country and will blend green hydrogen into gas networks to supply approximately 40,000 households.

Australia has been actively seeking to increase hydrogen production as part of its efforts to reduce reliance on fossil fuels and meet the demands of trading partners aiming to reduce emissions. Construction of the electrolyser, a technology that produces low-emission hydrogen using renewable power, is scheduled to begin this year, with the plant expected to be operational by 2025.

Funding for the project will be provided by the Victoria government, the Australian Renewable Energy Agency (ARENA), and the Clean Energy Finance Corporation. The plant will be powered by energy generated from a wind farm, ensuring a sustainable and clean energy source.

ARENA CEO Darren Miller emphasized the significance of the project, stating that the amount of renewable hydrogen to be produced is unprecedented in Australia. He highlighted the importance of launching these initial projects to scale up the country’s renewable hydrogen industry.

In line with these developments, the Australian government, under Prime Minister Anthony Albanese’s Labour government, announced the “Hydrogen Headstart” program in May. This A$2 billion initiative aims to accelerate the production and export of hydrogen fuel.

Note: The currency conversion rate provided is approximate.

Related Articles

Leave a Reply

Your email address will not be published. Required fields are marked *

Back to top button