Macquarie and Nobian partner in major new renewable hydrogen venture

Australia’s Macquarie Group will partner with European chemicals giant Nobian to launch a new green hydrogen venture that will aim to decarbonise emissions-intensive industries.

Macquarie has teamed up with Nobian to launch the Hydrogen Chemistry Company that will invest in the construction of more than 400MW of renewable hydrogen production capacity to supply aviation, steel and chemicals production and refineries with a zero emissions source of energy.

Macquarie’s involvement in the venture will be through its Green Investment Group subsidiary, the European based green bank that it acquired from the UK government in 2012 and which has driven much of Macquarie’s investments in renewable energy projects across Europe.

The Green Investment Group and Nobian will take a 50 per cent share each in the new Hydrogen Chemistry Company, with the investment partnership expected to be finalised in the first quarter of 2022.

The Hydrogen Chemistry Company will develop an early pipeline of more than 400MW of electrolyser projects throughout Europe, including a 250MW project in Rotterdam that will replace an existing plant producing hydrogen using fossil fuels.

The company will also develop a 100MW project near Amsterdam to supply green steel production and a 60MW facility in the Netherlands to provide renewable hydrogen for methanol and aviation fuel production.

While not forming part of the Hydrogen Chemistry Company’s planned portfolio, the Green Investment Group is also considering a 40MW green hydrogen electrolyser plant in the Australian coal hub of Newcastle, which could supply an emerging hydrogen export market.

Marcel Galjee, who has been appointed managing director of the new Hydrogen Chemistry Company, said that the new venture was looking to gain a foothold in a European green hydrogen market that is projected to see as much as 40GW of electrolyser capacity added by the end of the decade.

“We have a strong technical and commercial team and a healthy pipeline of large green hydrogen projects,” Galjee said.

“The backing of these two leading companies allows us to further scale-up our portfolio to become a leader in the safe and reliable supply of green hydrogen and make a critical contribution to the EU’s target of realising 40GW of hydrogen electrolysers by 2030.”

Head of clean fuels for the Green Investment Group, Kate Vidgen, said the growth of green hydrogen production would help drive reductions in greenhouse gas emissions in industries that are often considered ‘hard to abate’ sectors.

“Green hydrogen is vital to reduce emissions in a wide range of industries that are traditionally difficult to decarbonize – from steel and chemicals to shipping and aviation,” Vidgen said.

“We expect a rapid acceleration in the energy transition and are excited to invest alongside an experienced business in this field, to accelerate its development and help industries become more sustainable.”

CEO of Nobian, Michael Koenig, said the new venture would look to seize both the emissions reduction and economic opportunities being created in an emerging market for green hydrogen.

“With our leading and long-standing expertise in large scale electrochemistry we are able to invest in an exciting and developing hydrogen market,” Keonig said. “Through this we will contribute to lower CO2 emissions and sustainable economic growth, whilst also driving value creation.”

The new green hydrogen venture coincides with an announcement from Fortescue Future Industries that it will progress plans for converting an ammonia production facility in Brisbane to operate on renewable hydrogen, potentially rescuing the facility from closure.

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