The race to decarbonize our planet has begun and Hydrogen is part of this equation, as per both IEA and Hydrogen Council, among other quite prominent proponents of Hydrogen as an energy vector. We need to embrace Hydrogen as a global energy solution, now more than ever. According to IEA’s NZE scenario for 2050, the total Hydrogen demand will rise up to 430 Mt, with an envisaged installed capacity of Electorlyzers tantamount to a total of 600 GW. Therefore, the need for Green Hydrogen should accelerate at a very fast pace in the following years and decades. Green hydrogen, which is produced by water electrolysis using renewable electricity, is one of the levers that will speed up the transition to a carbon neutral future and it can become a solid foundation for 100% renewable-based electrification. We, FARIA Renewables, have identified Green Hydrogen as one of our four (4) main pillars on our way to decarbonization as a Developer and IPP.
Because Hydrogen can help to decarbonize a range of sectors, including long-haul transport, chemicals, and iron and steel, where it has proven difficult to reduce emissions (i.e., “hard-to-abate” sectors). In Mobility, Hydrogen-powered vehicles could improve air quality and promote energy security. Last but not least, Hydrogen can also support the integration of variable renewables in the electricity system, being one of the few options for storing energy over days, weeks or months.
Nevertheless, the most important and prominent characteristic of Hydrogen is its intrinsic property of offering long-term storage as a compressed gas, in liquid form, or bonded in substances. After conversion, chemical storage can feed power into the grid or store excess power from it for later use. The flexibility of being able to feed stored energy back into the grid or sell the produced chemical into industrial or transportation applications provides additional opportunities for revenue and decarbonization.
Our green hydrogen business aims to be a regional leader (both within Greece and beyond) by adopting a ‘smart early-mover’ approach. Our main strategic objective is to develop and invest in high-calibre projects and to build scalable platforms in key markets, starting from Greece and the wider region, by targeting strategic alliances and synergies, as well as looking at promising inorganic growth through promising M&A prospects. FARIA Renewables seeks to be a project owner and integrator of world-scale developments along the entire hydrogen value chain. Since we would like to be technology-agnostic, we are going to focus on the best technologies, working relentlessly for building a robust hydrogen value chain, considering the requirements and success factors of each application, with economies of scale as our core objective.
FARIA Renewables’ green hydrogen business aims to have a Green Hydrogen project portfolio of up to 2GW of electrolyzer capacity, ideally by 2030. We are already active in the green hydrogen space and within 2024 we will formally deploy our business strategy with relevant announcement in the Hydrogen domain as well. We would like to position ourselves as a major player in renewable hydrogen and to operate along the entire length of the hydrogen value chain, from RES-based Power-to-X applications to every promising Hydrogen-to-X (green Ammonia, eMethanol, etc.) technology there is or will be.
