Iberdrola Australia and H₂ developer ABEL Energy will build a green H₂ and green methanol production plant at Bell Bay in northern Tasmania, Australia. The project, called Bell Bay Powerfuels, is backed by the Australian government and will involve an investment of €1.1 B.

Bell Bay Powerfuels will produce 200,000 tpy of green methanol in its first phase of development, rising to 300,000 tons in its second phase. This will make the project one of the largest in the world.

The green methanol will be used to supply the maritime market as well as for other applications. From 2021, the world's leading shipping companies are opting for large ships designed to run on ultra-clean-burning green methanol. This decision has major benefits, such as eliminating air pollution in ports, avoiding environmental disasters due to oil spills in marine environments, and reducing greenhouse gas emissions generated using fossil fuels.

The construction of the future plant, which combines investment in renewable generation with investment in green H₂ capacity and is characterized by a collaborative approach to creating long-term value for the Tasmanian community, will rely on the best technology in the world and will create 500 jobs. Of these, 200 direct and indirect jobs will be locally recruited.

"Iberdrola Australia's investment in the Bell Bay Powerfuels Project demonstrates our commitment to helping Australian businesses reduce their carbon emissions in sectors where historically, both technically and economically, it has been more difficult to make this transition. We are delighted to be able to combine Iberdrola's global expertise in green H₂ technologies with ABEL Energy's local knowledge and commercial drive," said Ross Rolfe, CEO and Managing Director of Iberdrola Australia.

"Together with Iberdrola, we look forward to driving green H₂ to commercial scale in Australia and establishing a new climate technology industry that will benefit the Tamar Valley community and its future generations. We are delighted to have the support of Iberdrola as a financial partner and as an expert in building and operating large-scale renewable energy in Australia and around the world," said Michael van Baarle, co-founder and CEO of ABEL Energy.