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Ron Bousso - 1 Louise Heavens - 1
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☆ BP backs green hydrogen start-up aiming to cut fuel's costs
  + stars: | 2023-08-15 | by ( Ron Bousso | Thomson Reuters | Ron Has Covered Since The World S Top Oil | ) www.reuters.com   time to read: +2 min
Green hydrogen, produced by splitting water through electrolysis using renewable energy, is expected to play a key role in decarbonising transport and industries. But it is produced today on a very small scale and costs up to five times more than the most common hydrogen produced from natural gas, which is highly carbon-intensive. It sharply reduces the cost of electricity for the electrolysis process, which accounts for more than 70% of green hydrogen production costs, the company said. BP, which aims to sharply reduce its carbon emissions in the coming decades, is betting big on green hydrogen. By 2030, it aims to produce between 0.5 and 0.7 million tonnes per year of primarily green hydrogen.
Persons: Ron Bousso, Louise Heavens Organizations: BP Ventures, Mitsubishi Heavy Industries, Clean Energy Ventures, Gatemore Capital Management, BP, Thomson
☆ BP invests millions in company that supplies 'rapidly deployable' solar tech
  + stars: | 2022-12-16 | by ( Anmar Frangoul | ) www.cnbc.com   time to read: +2 min
Australian firm 5B says its 5B Maverick system is "a fully prefabricated, plug-&-play solar farm in a box." It adds that "each 5B Maverick array consists of up to 90 solar modules, mounted on [nine] domed racks between 10 composite steel-concrete beams." BP said it is investing 20 million Australian dollars ($13.53 million) in Australian renewable company 5B, which specializes in solar technology. BP said 5B had deployed over 60 megawatts of solar tech worldwide, with projects based in Europe, Asia, South America and the United States. 'Today's energy system is a hydrocarbon system'CEO Bernard Looney recently said the BP strategy focused on simultaneously investing in hydrocarbons and the planned energy transition.
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