Clear Hydrogen UK Ltd. (CHUK) has announced an expansion of its agreement with Proton Technologies and will produce 5,000,000 kg/day of hydrogen.
The plan is to produce Clear Hydrogen from the UK’s ageing offshore oil assets while sequestering vast amounts of CO2 as solid carbonate within the same systems.
In 2021, CHUK’s founders invested CAD 3.7 million in Proton to obtain a 20 tonne/day production license for use in the UK and Ireland. Today’s expansion is 250x larger, giving an implied total license value as high as CAD 925 million for 5000 tonnes per day. Terms include 45% ownership of CHUK going to Proton, who will be providing increased technical support and governance oversight to CHUK’s team. Two of CHUK’s founders will also be joining the board of Proton.
Chairman of CHUK Hertford King had this to say: “We look forward to the jobs and economic security this will bring to the UK using Proton’s low cost, carbon-negative technology to leverage the equipment, assets, offshore knowledge, and people who already support the UK’s offshore energy production. Our intention is for CHUK to be an important component of the UK’s drive to become low carbon energy independent, and our agreement with Proton is a big step in helping us achieve this goal.”
Chairman of Proton Technologies, Grant Strem, said “Our mission is to proliferate this hugely-scalable clean energy technology worldwide as fast as we can afford to. We like partnering with decisive and capable groups like CHUK to fill offtake deals already in advanced discussions. Adapting Proton’s hardware solutions to an offshore setting is easily within the technical grasp of experts in the UK, and this partnership with CHUK is good news for the environment and the UK economy generally. The energy sector is roughly $10 trillion per year. We expect to produce hydrogen at a lower energy cost than natural gas; the implications of this are profound.”