BP PLC is taking the lead on a more-than-$30 billion project to produce massive amounts of hydrogen from renewable energy in Australia’s Outback, a major bet on a promising alternative fuel that is in growing demand but remains expensive.
The British oil giant said it is taking a 40.5% stake in the project, known as the Asian Renewable Energy Hub, and will become its operator. One of the largest such “green hydrogen” projects proposed to date, it is expected to encompass a 2,500-square-mile area greater than the size of Delaware.
