New green hydrogen cracker plant expected to have lowest carbon footprint in Europe; secures €3.5 billion fundraise.
Here’s an article posted in Hydrogen Central that talks about the Project ONE of INEOS.
According to the article,
- INEOS has secured £3.1 billion (€3.5 billion) to build Europe’s most environmentally sustainable ‘cracker’ power plant in Antwerp, Belgium.
- The project, known as Project ONE, involves the construction of a new ethane cracker with the lowest carbon footprint in Europe.
- The plant will be powered by low carbon hydrogen and will have the capability to operate entirely with low carbon hydrogen.
- The funding consists of uncovered debt, covered facilities from export credit agencies, and a covered tranche guaranteed by Gigarant.
The INEOS Project ONE cracker is designed to integrate advanced technologies for hydrogen production and utilization. Here are the specifics of the project:
- Hydrogen Production: The project incorporates a 20MW electrolyzer that produces clean hydrogen through water electrolysis. This process splits water into hydrogen and oxygen using electricity, with the hydrogen being a sustainable fuel source.
- Hydrogen as Fuel: The cracker’s furnaces are modularized and designed to fire high-hydrogen fuel. Additionally, the plant is transition-ready to use 100% hydrogen as fuel in the future2.
- Carbon Capture Readiness: The design includes space for a carbon capture plant, allowing for potential carbon dioxide capture and storage
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