Hydrogen technology can become a key component of Siemens Energy’s business model, the company’s CEO, Christian Bruch, told the German Handelsblatt in an interview last week.
“Hydrogen can become a billion-euro business for Siemens Energy,” said Bruch. He added that lower power prices, higher prices for CO₂ emission allowances and a rigorous expansion of renewable electricity would be necessary for the technology’s breakthrough. “The conditions have never been as good for hydrogen as they are now. Because of climate change, many companies see the need for action to reduce emissions.”
Industrial giant Siemens has listed its power plant division on the stock exchange, leading to scrutiny and criticism of its activities in the fossil fuel sector. Hydrogen is seen as a major building block for a climate-friendly future energy supply, but most experts and the government say Germany will rely heavily on imports as it doesn’t have enough space to install the massive amounts of renewable energies required to make it.