Vertex Hydrogen to change name to EET Hydrogen
The EET Hydrogen will provide a platform for growth with an ambition to deliver around 4GW of low-carbon hydrogen by 2030, around 40 per cent of the UK governments national target.
Essar Oil UK arm Vertex Hydrogen on Monday announced its plan to switch to a new brand identity, EET Hydrogen, as it looks to become a major pillar in the group's energy transition.
This change is a natural progression in the development of the company from an early-stage idea into the leading hydrogen production project in the UK, a statement said.
"Vertex Hydrogen is announcing that it is changing its brand to EET Hydrogen and that it intends to move from being a subsidiary of Essar Oil UK (EOUK) to a sister company of EOUK and become a standalone pillar of the Essar Energy Transition (EET) portfolio," it stated.
The EET Hydrogen will provide a platform for growth with an ambition to deliver around 4GW of low-carbon hydrogen by 2030, around 40 per cent of the UK government's national target.
This hydrogen will enable businesses to switch from fossil fuels to low-carbon energy, securing and growing vital industries and jobs and unlocking billions of pounds of investment.
Essar group founded Vertex Hydrogen Ltd (VHL) with Progressive Energy Ltd (PEL) in January 2022 as an operating subsidiary with EOUK holding a 90 per cent stake. VHL was specifically focused on developing low-carbon hydrogen production plants at EOUK's Stanlow site.
According to a separate statement, ETT Hydrogen has begun the front end engineering and design of HPP2 production project, which will produce 2,30,000 tonnes of low-carbon hydrogen annually.
"EET Hydrogen is delighted to announce that its HPP2 production project has commenced Front End Engineering & Design (FEED)," the statement said.
The statement said, with up to 1,000 MW capacity the plant is expected to be the largest in the UK and one of the largest in the world, and will produce some 2,30,000 tonnes of low-carbon hydrogen every year for local industrial and power generation customers.
The new plant follows HPP1 (350 MW capacity plant) that has completed FEED in September 2021 and was selected by the UK government in March 2023 as one of two initial large low-carbon hydrogen plants.
HPP2 is the catalyst for investment across the UK North-West for infrastructure that will transport and store hydrogen and for industrial and power generation customers who will 'fuel switch' to this low-carbon fuel.
This will deliver the first low-carbon refining, glass and chemicals manufacturing sites in the world. HPP2 will be adjacent to the HPP1 plant, benefiting from the synergies and helping to deliver value for money.
Deepak Maheshwari, CEO of EOUK (Essar Oil UK), said in the statement: "We are delighted to be an anchor customer for the EET Hydrogen business as we develop and implement a number of sector leading hydrogen use cases and decarbonise our operations and manufacturing processes."
The EET Hydrogen is a leading player in the energy transition and is developing the first large scale, low-carbon hydrogen production hub in the UK. This will produce (in its initial phases) 1.35 GW of hydrogen capacity (more than enough to power a city like Liverpool), it said.
Catch the latest stock market updates here. For all other news related to business, politics, tech, sports, and auto, visit Zeebiz.com.
Get Latest Business News, Stock Market Updates and Videos; Check your tax outgo through Income Tax Calculator and save money through our Personal Finance coverage. Check Business Breaking News Live on Zee Business Twitter and Facebook. Subscribe on YouTube.