British Companies Unveil £6.5 Billion Green Hydrogen Mega-Project

Image Credit: HySpeed

In a bold, economy-shifting move, a coalition of the UK’s corporate heavyweights—spanning FTSE 100 giants to nimble SMEs—has unveiled Project HySpeed, a groundbreaking clean hydrogen initiative poised to inject a staggering £6.5 billion into the UK economy and create around 24,300 jobs.

Key players involved in the initiative include Centrica, Heidelberg Materials, ITM Power, JCB, Johnson Matthey, and National Gas. Together, these powerhouses are spearheading an effort to ramp up the country’s hydrogen production capacity to 1GW by 2030—a move projected to slash carbon dioxide emissions by one million tonnes yearly.

This initiative doesn’t exist in isolation. It dovetails with the government’s recently announced shortlist of 27 electrolytic hydrogen projects, part of an overarching roadmap to build a robust, low-carbon hydrogen economy. The UK’s ambitions in this space are nothing short of seismic, and HySpeed is set to be the accelerant.

But HySpeed isn’t just about high-level figures and buzzwords—it’s about strategy, scale, and systems thinking. The plan? Establish regionally targeted hydrogen production hubs that stimulate local economies while feeding directly into the national gas grid. These hubs are designed to do double duty: decarbonise hard-to-abate industries and anchor green job growth in historically industrial regions.

Even more impressive is the project’s approach to economic efficiency. Through grouped procurement of equipment, bulk energy purchasing, and innovative, low-cost financing structures, HySpeed aims to significantly reduce the cost of clean hydrogen—making it not just a climate win but a market-driven one, too.

Regarding economic ripple effects, HySpeed is expected to generate £2 billion in annual Gross Value Added (GVA)—driven mainly by new hydrogen production facilities and the growth of localised supply chains. This isn't pie-in-the-sky job talk either; thousands of roles in construction, operations, and advanced manufacturing will materialise, feeding directly into the UK’s goal of creating 480,000 skilled green jobs by 2030, as outlined by the Green Jobs Delivery Group.

Speaking to The Times, Peter Kyle, Secretary of State for Science, Innovation, and Technology, emphasised the UK’s opportunity to lead in hydrogen technology—not just as a consumer, but as a pioneer. “We cannot compete on cost in the production of batteries. That ship has sailed. But on hydrogen, what we are doing in Britain is market leading.”

The proposal was put forward by HydraB Power group, the group holding company of several “Road to Zero” businesses, including Wrightbus, the producer of the world’s first hydrogen-powered double-decker bus; Ryze Power, which distributes hydrogen to fleet users and industrial customers; and Hygen, a company focused on building low-carbon hydrogen production sites.

HydraB executive chairman Jo Bamford said: “Now more than ever, the UK needs to stand on its own two feet, especially when it comes to our energy resources. Hydrogen offers us the opportunity to be energy secure and energy independent.

“Our conversations with the Department for Energy Security and Net Zero (DESNZ) have been hugely encouraging, and we know the Government is keen to support clean energy projects of this size.”

ITM Power CEO Dennis Schulz 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.

“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.”

Centrica group CEO Chris O’Shea said: “There is no silver bullet to decarbonise the energy system. It will take every technology we have at our disposal to achieve Net Zero. The scale and ambition of this project has the potential to dramatically lower costs, making hydrogen roll-out affordable for Government and the private sector alike. 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.”