BERLIN– Siemens Energy expects more than 1 billion euros ($1.1 billion) in revenues over the medium-term from its hydrogen electrolyser manufacturing business, one of the company’s board members said on Wednesday.
Electrolysers can use renewable energy to separate hydrogen from water, and the hydrogen can then be used as a alternative to fossil fuels in hard-to-decarbonise industries – making it a potential growth market in the fight against global heating.
Anne-Laure de Chammard spoke to journalists on the sidelines of the opening of Siemens Energy’s first electrolyser factory in Berlin, a joint venture with France’s Air Liquide.
De Chammard said hydrogen players needed government guarantees and support for the future ramp up of hydrogen production, as classic financing through banks for projects of the new technology had been challenging.
“This is why we need help from the governments to be able to fund or to finance or even to provide state guarantees for these projects,” de Chammard said, adding the guarantees the industry needed were different from those Siemens Energy is currently discussing with the federal government.
Asked about the progress of those talks, de Chammard said: “We will provide more information in a later moment.”
Last month, the gas and wind turbine maker disclosed talks with the government, banks and top shareholder Siemens over potential help with billions of euros in project-related guarantees.
For the electrolyser project that aims to produce electrolyser capacity of up to 3 gigawatts per year, Siemens Energy has received 15 million euros ($16 million) in government funding for research and development, de Chammard said.
($1 = 0.9369 euros)
(Reporting by Riham Alkousaa and Christina Amann; Editing by Christoph Steitz and Mark Potter)
Source: Reuters
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