© JCB
A group of major British industrial players has launched a £6.5 billion green hydrogen project aimed at making the UK a global leader in hydrogen production while creating over 24,000 jobs and cutting heavy industry emissions.
The initiative, known as Project HySpeed, is being led by HydraB Power, chaired by Jo Bamford, and includes a heavyweight consortium featuring Centrica, JCB, Johnson Matthey, ITM Power, National Gas, Heidelberg Materials, and Arup. The proposal has been submitted to the government and is being positioned as a privately funded, large-scale response to the UK’s clean energy targets.
The project aims to deliver 1GW of green hydrogen production capacity by 2030, directly feeding renewable hydrogen into the national gas grid. Unlike previous hydrogen efforts, HySpeed is fully capitalised with £6.5bn in private investment already committed and is not reliant on government subsidy.
“The scale and ambition of this project has the potential to dramatically lower costs,” said Chris O’Shea, CEO of Centrica. “It will take every technology at our disposal. Hydrogen can play a crucial role in tackling emissions from sectors that other clean energy sources can’t easily reach.”
Feeding Industry, Not Just Homes
While much of the early discussion around hydrogen focused on home heating, Project HySpeed is targeting foundation industries like steel, glass, and cement, which are harder to electrify. By injecting hydrogen directly into the gas grid and using certificates to account for decarbonisation, the model avoids the need for custom hydrogen infrastructure on every industrial site.
This approach offers two clear advantages: faster adoption for offtakers and lower costs for producers through centralised, scalable production.
Project documents claim a potential hydrogen strike price of £5.96/kg, significantly undercutting the £9.50/kg price from the first government-backed Hydrogen Allocation Round.
“Building at scale is the only way to bring the price down,” said Harry Bowcott, operating partner at HydraB Power. “Hydrogen offers us the opportunity to be energy secure and energy independent.”
A Blueprint for Private Sector-Led Deployment
HySpeed’s backers stress that the project is ready to move, with or without state subsidy. This timing is notable as it aligns with the government’s Hydrogen Allocation Round 2, although HySpeed itself is not part of the shortlist. Instead, it’s being presented as a private-sector alternative that avoids the delays often associated with public funding.
Key to the project’s strategy is coordinated equipment procurement, bulk power deals, and a commitment to at least 50% UK content. Job creation estimates include roles in electrolyser manufacturing, fuel cell production, bus and coach building, and green chemicals. The group forecasts an annual economic impact of £2bn in Gross Value Added.
“We cannot compete on cost in the production of batteries,” said Peter Kyle MP, Secretary of State for Science, Innovation and Technology. “But on hydrogen, what we are doing in Britain is market leading.”
If approved, HySpeed would become the UK’s largest hydrogen initiative and one of the biggest in the world. Its proponents argue it sets a new model for how to industrialize hydrogen at scale—quickly, without subsidies, and with economic impact embedded from day one.
