EQNR - Equinor seeks U.K. funding for second low-carbon hydrogen project

Equinor (NYSE:EQNR) said on Wednesday it submitted a funding bid with its partner, the University of Sheffield's Advanced Manufacturing Research Centre, to build a second low-carbon hydrogen production facility in northeast England, S&P Global Platts reports. The H2H Production 2 project in the industrialized Humber region would aim to produce 1.2 GW of hydrogen by 2028, and is in addition to Equinor's (EQNR) 600 MW H2H Saltend project. The £16.4M bid (or nearly $20M) into the U.K. government's Net Zero Hydrogen Fund would be 50% privately funded, with the grant supporting development of the project up to a final investment decision in 2025. Equinor (EQNR) said the two projects could deliver 18% of the U.K. government's target of 10 GW of hydrogen production capacity by 2030, making the Humber the U.K.'s foremost hydrogen hub. Equinor (EQNR) -5.3% near Wednesday's close, as slumping crude oil prices are pressuring energy shares.

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Equinor seeks U.K. funding for second low-carbon hydrogen project