Johnson Matthey secures £400m loan for UK hydrogen push
Johnson Matthey (JM) have been given a £400m loan from the government to boost research and development in sustainable technologies.
The multinational company specialises in sustainable technologies such as metal recycling to green hydrogen.
The financing is being provided by HSBC, Sumitomo Mitsui Banking Corporation and Bank of America, with the government backing it via its UK Export Finance scheme.
Downing Street hopes the financing will support domestic green energy jobs, with the company employing thousands of people across the UK in Hertfordshire, Swindon, Lancashire and London.
It also wants JM to bolster the country’s hydrogen targets, with the energy source featured in the government’s ten point energy plan, which was published ahead of the COP26 climate summit in Glasgow later this year.
Morning Wire understands there could also be a push for 5GW of blue and green hydrogen in the upcoming energy strategy.
With further investment and research, the government believes hydrogen could be used to heat homes, power fleets of heavy-good vehicles, and provide the fuel needed for sectors such as steel or glass making.
International Trade Secretary, Anne-Marie Trevelyan said: “Investments in hydrogen technologies will blast domestic energy production higher than ever – securing the future supply of cleaner energy at home and helping us to export abroad. This will make for a healthier, wealthier future for the UK while protecting the planet.”
Stephen Oxley, chief financial officer at Johnson Matthey, added: “The announcement today demonstrates the strength of JM’s commitment to sustainability goals and targets announced last year. The loans will help support the significant investment we are making to help create a cleaner, healthier world.”