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The Race to Hydrogen Goes Beyond Brexit With Italy-U.K. Deal

  • Snam to invest 33 million euros in Britain’s ITM Power
  • Hydrogen is at the heart of EU’s plan to curb greenhouse gases
Snam CEO Marco Alvera

Snam CEO Marco Alvera

Photographer: Simon Dawson/Bloomberg

Europe’s largest gas pipeline company will invest in a U.K. firm at the heart of the hydrogen market, which could be worth many trillions in the next few decades.

Italy’s Snam SpA will brush aside Brexit and invest 33 million euros ($39 million) in ITM Power Plc, which produces electrolyzers, a crucial component in the hydrogen technology. The investment is part of a 150-million pound ($197 million) capital increase by ITM.