Insider Brief
- A consortium of major UK companies, led by HydraB Power and including Centrica, JCB, Johnson Matthey, and ITM Power, has launched Project HySpeed, a clean hydrogen initiative expected to invest £6.5 billion and create 24,300 jobs across the UK by 2030.
- HySpeed aims to build a network of hydrogen production hubs to supply industrial regions and feed the national gas grid, delivering 1GW of capacity and cutting one million tonnes of CO2 annually, while aligning with the UK government’s hydrogen policy push and recent HAR2 project shortlist.
- Leaders say the project could add £2 billion in annual Gross Value Added, reduce hydrogen costs through scale, and drive green job growth, reinforcing Britain’s position as a clean energy technology leader amid growing global competition.
UK’s Largest Hydrogen Collaboration Kicks Off
A new clean hydrogen mega-project promises to inject billions into the British economy while creating more than 24,000 jobs.
Some of the UK’s largest companies have joined forces for Project HySpeed, a private sector initiative aiming to make Britain a global leader in clean hydrogen, according to HySpeed. The group, led by HydraB Power and backed by firms like Centrica, ITM Power, JCB, and Johnson Matthey, plans to invest £6.5 billion into developing a nationwide hydrogen infrastructure.
Government Support Fuels Momentum
The initiative comes at a time when the UK government is pushing to establish a low-carbon hydrogen economy. In the same week HySpeed was unveiled, the Department for Energy Security and Net Zero announced HAR2, a shortlist of 27 hydrogen projects across the country. The momentum, according to project leaders, reflects a growing consensus that hydrogen will play a key role in Britain’s energy future.
“Now more than ever the UK needs to stand on its own two feet, especially when it comes to our energy resources,” said Jo Bamford, executive chairman at HydraB Power, which owns hydrogen bus maker Wrightbus and hydrogen distributor Ryze Power. “Hydrogen offers us the opportunity to be energy secure and energy independent.
Bamford added the consortium’s conversations with the Department for Energy Security and Net Zero (DESNZ) have been “hugely encouraging” and it is encouraging to know the government plans on supporting large clean energy projects.
HySpeed’s Plans for National Hydrogen Production Hubs
Project HySpeed plans to build hydrogen production hubs strategically located across the UK. These facilities will serve industrial regions, feed hydrogen into the national gas grid, and support local clean energy ecosystems. The project targets 1GW of production capacity by 2030 and aims to cut one million tons of carbon dioxide emissions each year.
“There is no silver bullet to decarbonize the energy system,” Chris O’Shea, CEO of Centrica, said. “It will take every technology we have at our disposal to achieve Net Zero.
O’Shea noted the size and ambition of the project has the potential to dramatically lower costs and make hydrogen affordable for both the government and private sector. “Hydrogen can play a crucial role in tackling emissions from sectors that other clean energy sources can’t easily reach. It can be used to power the UK when the sun doesn’t shine, and the wind doesn’t blow,” he said.
Green Jobs and Economic Impact
The economic implications are significant. According to the project’s forecasts, HySpeed could generate £2 billion annually in Gross Value Added through new supply chains and hydrogen production facilities. Among the 24,300 jobs expected, many will be in construction, operations, and advanced manufacturing. The positions support the UK’s broader Green Jobs Delivery Group goal of reaching 480,000 skilled green jobs by 2030.
Dennis Schulz, the CEO of ITM Power PLC, said, “A consortium approach between credible industry players is the most effective pathway to the rapid scale-up of the UK’s green hydrogen economy,” Dennis Schulz, the CEO of ITM Power PLC, said. “Comprising all elements of the hydrogen value chain from production to storage, transport and distribution, the initiative aims to locate green hydrogen generation in strategic locations across the UK. With volume come economies of scale, which will drive down costs and accelerate the market substantially.”
