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12 May 2023Industrial demand will ‘push’ gigawatts of hydrogen projects to reach final investment decision in the next two years, before the ‘pull’ from excess renewable energy generators kicks in, according to electrolyser manufacturer Nel.
In a market outlook accompanying its results for Q1 2023, the Norwegian company said that external and internal analysis supported the view that several gigawatts of electrolyser projects will reach final investment decision before 2025.
Industrial applications represented the most promising near-term opportunities, according to Nel. “Projects are expected to commence first in mature markets, before large greenfield installations integrated with renewable energy sources gradually are expected to become another important market segment,” it said.