Origin Energy (ASX:ORG) said Thursday it is withdrawing from the proposed Hunter Valley hydrogen development project in Kooragang Island in New South Wales due to the slower-than-anticipated development of the hydrogen market.
The company struck a deal with Orica (ASX:ORI) last 2022 to develop a hydrogen hub on the island to replace natural gas as a feedstock. The withdrawal "reflects the prioritization of capital expenditure towards opportunities closely aligned to Origin's strategy," the company said in a statement.
For its part, Orica's Managing Director and Chief Executive Sanjeev Gandhi said in a separate statement that "while we are disappointed by this development, we respect Origin Energy's decision and are grateful for the progress we made together in advancing Australia's hydrogen initiatives and we remain committed to exploring new opportunities in this promising sector."
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