Eternal Power announced the development of a multi-phase green hydrogen project in northeastern Germany, with a total investment estimated at €800 million. The company has already signed preliminary offtake contracts valued at billions of euros.
The project’s initial phase will involve an investment of €200 million to install an 80-megawatt electrolyser capable of producing 8,000 tonnes of hydrogen annually, slated for completion by 2028.
The subsequent phase, estimated at €600 million, aims to increase the project’s capacity to 400 MW.
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In its announcement, Eternal Power revealed that it has secured its first customer commitments, including contracts for green hydrogen worth €2.3 billion. This includes a term sheet for the first phase with a minimum duration of ten years.
The project will be situated in Dummerstorf, in Mecklenburg-Vorpommern, approximately 10 kilometres (6.2 miles) south of Rostock. Eternal Power has secured rights to about five hectares of land for the site.
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The company’s COO and co-founder highlighted that the chosen location meets all critical requirements, including proximity to offshore wind farms, high and extra-high voltage networks, nearby industrial areas, access to the hydrogen core grid, and a reliable water supply.
This strategic positioning is expected to enhance the project’s efficiency and sustainability, reinforcing Germany’s commitment to renewable energy and hydrogen production.