04 Dec 2006
BP to receive tax credits for US hydrogen power plant
Fuel company British Petroleum (BP) is to receive around $90 million (£45.5 million) in tax credits to aid the construction of a hydrogen-fired power plant in California.
The US Department of Energy and the Internal Revenue Service have provided the financial aid to help develop and build the plant, which is expected to cost up to $1.5 billion.
Petroleum coke - a by-product of petroleum refining - will be turned into hydrogen gas by the plant and then burned to produce electricity.
Speaking to Dow Jones Newswires, BP's executive vice president for gas, power and renewables Vivienne Cox said that the US government's support demonstrated how seriously alternative fuels such as hydrogen were now being taken.
"I think this sends a signal, an important signal, which says these technologies are worth funding and exploring," she said.
The plant is to be built in Carson, California, adjacent to BP's existing oil refinery.
© Adfero Ltd
The US Department of Energy and the Internal Revenue Service have provided the financial aid to help develop and build the plant, which is expected to cost up to $1.5 billion.
Petroleum coke - a by-product of petroleum refining - will be turned into hydrogen gas by the plant and then burned to produce electricity.
Speaking to Dow Jones Newswires, BP's executive vice president for gas, power and renewables Vivienne Cox said that the US government's support demonstrated how seriously alternative fuels such as hydrogen were now being taken.
"I think this sends a signal, an important signal, which says these technologies are worth funding and exploring," she said.
The plant is to be built in Carson, California, adjacent to BP's existing oil refinery.
© Adfero Ltd
Source: Adfero
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