1. European Hydrogen Economy

• Europe has been a first mover in hydrogen capacity development but faces setbacks like project cancellations, inadequate policy support, and regulatory uncertainty.

• Investment and Development: Significant investments have been made, with a focus on green hydrogen. However, there is a mismatch between finalized investment decisions (FID) and binding offtake agreements, hindering momentum.

• Regional Dynamics: North America and Asia lead in finalized hydrogen projects, with Europe contributing less than 14% of the global capacity with FID.

​

2. Spain's Hydrogen Strategy:

• Hydrogen Valleys: Spain is developing regional hydrogen ecosystems, including the Basque Hydrogen Corridor and the Green Crane Initiative, focusing on decarbonizing industries, energy generation, and mobility.

• Green Hydrogen Leadership: Spain targets 11 GW of electrolysis capacity by 2030, aiming to produce 1.1 million tons of green hydrogen annually. It leverages its geographic advantage and renewable energy potential to lower production costs.

• Challenges: Key barriers include scaling infrastructure, meeting regulatory demands, and securing sustainable financing.

​

3. Repsol’s Commitment and Strategies for the Energy Transition

• Industrial Investments (2024-2027): Allocating €5.5-6.8 billion in its industrial division to maintain cutting-edge facilities and advance low-carbon initiatives, contingent on Spain's regulatory and fiscal framework.

• Renewable Fuels Strategy: Spearheading the development of renewable fuel hubs in Iberia with potential expansions to the U.S., reinforcing its position as a leader in sustainable energy.

• Hydrogen Leadership: Targeting 3 GW of renewable hydrogen capacity, supported by flagship projects in Bilbao, Cartagena, and involvement in Hydrogen Valleys.

​

4. Nel Hydrogen: Scaling Commitment and Industrial Leadership

• Current Capacity: Operating a fully automated 1 GW production facility for atmospheric alkaline electrolysers, showcasing advanced industrial scaling capabilities.

• Nel and its technology partners are developing the next generation PEM technology, improving price performance and efficiency

• Offtaker Markets: Identifying significant growth opportunities in steel and ammonia sectors, underlining Nel's strategic outlook for industrial hydrogen applications.

​

5. Future Outlook:

• Policy and Innovation: Continued policy clarity and innovation are needed to achieve competitiveness and scale production.

• Global Role: Spain positions itself as a leader in the European hydrogen market, integrating into international hydrogen flows.

• The next major interest for investors may involve developing legacy ammonia terminals and enhancing global hydrogen supply chains.