A £375mn package of support has been launched, seeking to support innovative energy technologies that could power British homes and businesses “for decades to come”.
On 8 April, the government announced funding to unlock investment and opportunities in hydrogen, advanced nuclear and carbon capture, utilisation and storage (CCUS), all of which will help to boost UK energy security, provide cheap, clean energy to homes and businesses, and create thousands of jobs.
Broken down, the package includes the £240mn Net Zero Hydrogen Fund, which is looking to award funding from the end of 2022, and the Hydrogen Business Model, supporting further investment in hydrogen production with £100mn for electrolytic projects to cover the difference between the cost of production and the sale price of hydrogen, with funding set to launch from the summer.
It also consists of the £26mn Industrial Hydrogen Accelerator, supporting UK industry in adopting hydrogen as a clean, affordable fuel source; £2.5mn to develop next-generation nuclear technology; and £5mn for research into accelerating CCUS technologies.
