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28-09-2022

Hynet Partners, Essar UK and Vertex Hydrogen sign heads of terms for hydrogen offtake agreement

HyNet partners, Essar UK and Vertex Hydrogen are delighted to announce they have signed Heads of Terms for an offtake agreement for over 280 megawatts of hydrogen, with a view to begin delivery by 2026.

Low carbon hydrogen will be produced at Vertex Hydrogen’s large scale production plant. The hydrogen will then be used to help decarbonise Essar’s existing production facilities including the new hydrogen powered furnace which was delivered in August this year.

Joe Seifert, CEO of Vertex, said “Vertex will be one of the first to deliver large volumes of low carbon hydrogen, produced in the UK, to materially reduce emissions. Our business is driven by demand from an array of world class industries in this region and the provision of low carbon hydrogen to Essar is one of the most material so far in the energy transition sector. Partnering with initial anchor customers operating close to our hydrogen production plants is common sense as we deliver large scale production, quickly and at low cost.”

Deepak Maheshwari, Chief Executive Officer at Essar Oil UK, said:

“This is an important statement of intent by Essar and highlights our continued commitment to becoming the UK’s first low carbon refinery.  By signing this hydrogen offtake agreement with Vertex Hydrogen, we are helping to de-risk the project, while also securing supply for our production processes into the future and thereby reducing our carbon footprint.”

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