Dutch enterpreneurship hub EIC InnoEnergy has launched the European Green Hydrogen Acceleration Center (EGHAC), as part of the European Union’s so-called ‘Green Deal.’
The organization hopes its move will contribute to efforts to build a €100 billion ($118bn) green hydrogen economy by 2025. The EGHAC is supported by Bill Gates’ Breakthrough Energy. EIT believes it could lighten EU fossil fuel imports by up to $378bn per year.
EGHAC aims to wean big industry off polluting fossil fuels by storing renewables like solar and wind power more efficiently, thus cutting costs. Having normalized the supply of green hydrogen, EIC says the initiative could create half a million direct and indirect jobs.
“The commercialization of green hydrogen is absolutely vital if Europe is to achieve its ambitious goals of becoming the first net-zero continent by 2050,” says EIT’s Jacob Reiter, mentioning the EU’s Green Deal goal year.
“Quite simply, there is no better way of decarbonizing heavy industry and heavy transport, and it can also play a significant role in supporting grid flexibility through storage,” Reiter adds.