Tackling the Levelized Cost of Hydrogen: Worley's Approach to Green Hydrogen Economy
Key Ideas
- Worley, through its Green Hydrogen Centre of Excellence, is working on reducing the levelized cost of hydrogen (LCOH) by addressing both capital and operating expenditure while maintaining safety standards.
- The company is focusing on developing productised hydrogen solutions with lower capital costs, starting with smaller plants and aiming to scale up to larger projects for increased cost-efficiency.
- Worley is collaborating with technology providers and OEMs to streamline the supply chain, standardize designs, and optimize equipment costs through modularization to drive down LCOH.
- To minimize operating expenditure (Opex) costs, Worley has developed an Asset Optimisation Centre (AOC) in partnership with IBM and ABB to optimize energy consumption and reduce operational costs for hydrogen production.
The article highlights the importance of reducing the levelized cost of hydrogen (LCOH) to establish a commercially viable green hydrogen economy as an alternative to fossil fuels. Greg Stock, the Director for the Green Hydrogen Centre of Excellence at Worley, emphasizes the urgency in developing solutions to overcome the challenges impacting LCOH and accelerate the growth of the green hydrogen industry. Worley's approach involves focusing on both capital expenditure (Capex) and operating expenditure (Opex) while ensuring safety standards are met.
The company is working on productised hydrogen solutions with lower capital costs to decrease LCOH, starting with smaller plants and gradually scaling up to larger projects for improved cost-effectiveness. By collaborating with technology providers and OEMs, Worley aims to streamline the supply chain, standardize designs, and optimize equipment costs through modularization. Additionally, Worley has partnered with IBM and ABB to develop an Asset Optimisation Centre (AOC) to minimize energy consumption and optimize operational costs for hydrogen production.
The article underscores the positive sentiment towards hydrogen as a zero-emission alternative and Worley's proactive measures to drive down costs and enhance efficiency in the green hydrogen sector. Through these initiatives, the company is contributing to the decarbonization of heavy industries and striving towards a sustainable energy future.
Topics
Projects
Renewable Energy
Decarbonisation
Green Energy
Partnerships
Industrial Innovation
Cost Reduction
Standardisation
Modularisation
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