- ENA said UK gas networks would be ready to blend up to 20 per cent of hydrogen by 2023
- It called on the government to increase the hydrogen production capacity to 10 GW by 2030, from the current target of 5 GW by 2030.
Industry body Energy Networks Association (ENA) had recently said that the UK’s gas grids will be ready to mix about 20 per cent of hydrogen into its natural gas systems by 2023, as a part of the UK government’s goals to be hydrogen ready.
The ENA body also called on the government to increase its hydrogen production goals, recommending it be hiked to 10 GW by 2030, from its goal of reaching 5 GW hydrogen production by 2030 in order to have enough supply and to boost domestic production of the fuel.
The move comes as the UK has been faced with soaring natural gas prices in 2021, and the government has stated its goals to use renewables to help meet demand.
The UK government’s business secretary Kwasi Kwarteng has said last year that the UK ought to end its dependence on imports and instead focus on building renewable energy systems domestically.
Let us look at 2 FTSE AIM All-Share index listed hydrogen stocks in the alternative energy sector and explore their investment prospects:
- Atome Energy PLC (LON: ATOM)
Atome Energy is the first green hydrogen and ammonia production group. The group plans to hold an investor presentation on 18 January.
It had debuted on the LSE on 30 December 2021 and held the Green Economy Mark label issued by the LSE for its work in the green economy. It had raised about £9 million at 80 pence per share which the group expects is enough to help further Atome’s current commitments.
The company aims to have a final investment decision (FID) to be reached by the end of H1 2022 and anticipates commencing the first potential production by the first part of 2024.
The group has a market cap of £26.81 million as of 18 January 2022.
- Powerhouse Energy Group Plc (LON: PHE)
Powerhouse Energy aims to commercialize hydrogen technology from plastics and waste.
The group signed a letter of intent (LOI) with Mitsubishi Heavy Industries on 18 January 2022. Under the agreement, Mitsubishi will have up to 1 year, which can be extended based on both parties’ consent, to review Powerhouse’s technology. It will aim to identify commercial opportunities for waste plastics to hydrogen facilities using this technology.
The group has a market cap of £154.34 million as of 18 January 2022.