According to Reuters, the Power-to-X facility will require an initial investment of anywhere between 141 million to 705 million USD.

Power-to-X is an energy technology that transforms energy excess produced by renewable sources, such as solar and wind power, into storable fuels, like hydrogen and methane.

Orsted officials said that they want the first phase of the project to have an electrolysis capacity of 150 MW.

"If the necessary offshore wind capacity and hydrogen infrastructure in and out of Denmark are established", the capacity could reach 3 GW in the future.

Green hydrogen is considered the cleanest of all types of hydrogen and it is required in order to decarbonize many industries, including the automotive and energy.