The family behind JCB, the British maker of iconic yellow diggers, have struck an agreement to import millions of tonnes of green hydrogen to the UK by the end of the decade in the Bamfords’ latest push to gain footholds in all aspects of the UK’s hydrogen economy.
Under a memorandum of understanding signed before the start of COP26, the Bamfords would receive 10 per cent of the 15m tonnes of the zero-emission fuel that Australian billionaire Andrew Forrest and his mining group Fortescue Metals Group are targeting to produce by 2030.
The supply could be used to power trucks, buses and industrial machinery and could fill the tanks of about 100,000 lorries a day. It would cost about $7.5bn to import that volume of green hydrogen in 2030 assuming it is priced at around $5 per kilo.
The global hydrogen market is about 70m tonnes a year, but most of it is ‘grey’ hydrogen produced using…