Foresight, Statkraft, Progressive Energy join to form Grenian

• Grenian signed initial commercial terms with Accelera by Cummins to provide the core electrolyser technology for the initial projects
• Foresight Group is a listed infrastructure and private equity investment manager
• The firm managed assets worth £12.2bn as of 31 March 2023

Foresight, Statkraft, and Progressive Energy have formed Grenian Hydrogen, a joint venture company, to develop electrolytic or green hydrogen projects in the UK.

Foresight will provide insight in line with its broader sustainable infrastructure strategies, according to a release.

Grenian will use Progressive’s experience in running commercial-scale hydrogen demonstration projects.

Grenian will generate electrolytic hydrogen with power contracted from renewable generation within Statkraft’s portfolio, the release said.

“The UK’s Hydrogen Strategy and the recent Powering Up Britain announcements, through their combination of policy initiatives, have now accelerated the critical role that green hydrogen will play in the next phase of the UK’s energy transition,” said Chris Holmes, partner at Foresight. “This presents an opportunity for Grenian Hydrogen to deliver a much needed low-carbon solution for UK businesses and households.”

Grenian has an initial 200MWe development portfolio of seven projects, 100MWe of which are in the engineering and consenting phase, which include the Cheshire Green Hydrogen project, the release said.

Grenian has signed initial commercial terms with Accelera by Cummins, the zero-emissions brand of Cummins, to provide the core electrolyser technology for the initial projects.

This announcement follows the signing of an initial collaboration agreement by the three partners in October 2022.

Progressive Energy develops low-carbon technologies from concept to commercial deployment. The company is based in Stonehouse, England.

Statkraft is a global company in energy market operations. The company, based in London, has 5,300 employees.

Foresight Group is a listed infrastructure and private equity investment manager. The firm operates in eight countries across Europe, Australia and US with assets under management of £12.2 billion (€14.13 billion;$15.1 billion) as of 31 March.