The Indian conglomerate Essar has announced that it will invest US$3.6bn in the United Kingdom and in India over the next five years through a new entity, named Essar Energy Transition (EET), with the goal to drive decarbonisation. EET plans to invest US$2.4bn in the UK in its site at Stanlow, located between Liverpool and Manchester (North West England), and US$1.2bn in India. EET expects that those investments will allow an emissions reduction of 3.5 MtCO2, or about 20% of the total industrial emissions in North West England.
EET will include several entities of Essar, notably Essar Oil UK, the company’s refining and marketing business in England, Vertex Hydrogen, which is developing 1 GW of blue hydrogen capacity for the UK market (and targets 3.8 GW), as well as EET Future Energy, which is developing 1 GW of green ammonia in India, for the UK and international markets. EET will also incorporate Stanlow Terminals Limited, which is developing storage and pipeline infrastructure, and EET Biofuels, which is currently developing 1 Mt of low carbon biofuels.