ITM Power, a leading clean-fuel and energy-storage company based in the UK, has announced its entry into the U.S. market for green hydrogen. With the potential to become one of the largest markets for this clean energy source, ITM Power is set to capitalize on strategic opportunities and leverage strong relationships with North American industry leaders.
The company’s decision to pursue an asset-light approach in the U.S. market comes with the support of the $370-billion Inflation Reduction Act. This act has identified future demand scenarios, projecting potential for the domestic production of 10 million metric tons of clean hydrogen annually by 2030, 20 million by 2040, and an impressive 50 million by 2050. It is worth noting that the current global use of gray hydrogen, derived from natural gas, sits at approximately 95 million tons per year, according to the International Energy Agency.
With this exciting expansion into the U.S. market, ITM Power aims to position itself as a leading electrolyzer provider in the emerging green hydrogen sector. ITM Power’s Chief Executive, Dennis Schulz, expressed optimism about the growth prospects in this burgeoning market: “The region’s green hydrogen journey has just started, which provides ITM with a tremendous opportunity to become a leading electrolyzer provider as the market develops over the coming years.”
