Spanish company Iberdrola to invest €3bn in green hydrogen

Spanish energy company Iberdrola has announced plans to invest €3bn in green hydrogen in Europe.

With this investment, the company plans to accelerate the European Green Deal.

The announcement was made by Iberdrola chairman Ignacio Galan at the World Economic Forum in Davos.

“We cannot miss this train and, similarly to the rest of green technologies, a stable regulatory framework is required in order to attract investment,” he said in his announcement.

Iberdrola chairman further stressed that a "coordinated EU action is essential to achieve the ambitious targets." He said it can include multiplying green hydrogen production capacity by at least 2000 times.

This comes at a time when many companies are pushing for green hydrogen which has immense potential and opportunities. Besides solar and wind, green hydrogen has been getting the attention from the countries in the region.