The UK government has invested £400 million into Johnson Matthey to develop hydrogen technology.
It represents the biggest single government-backed loan for a UK business looking at hydrogen, as the country looks to get closer to achieving its aim of net zero by 2050.
London-based Johnson Matthey specialises in metal recycling and green hydrogen and will have government backing through UK Export Finance (UKEF).
The business will look at developing clean hydrogen technologies that can be used to heat British homes, power clean transport and provide fuels to help decarbonise hard-to-abate sectors such as steel.
Johnson Matthey has already stated that by 2030, 95% of its sales will contribute towards sustainable projects.
Anne-Marie Trevelyan, International Trade Secretary, commented: “Investments in hydrogen technologies will blast domestic energy production higher than ever – securing the future supply of cleaner energy at home and helping us to export abroad.
“This will make for a healthier, wealthier future for the UK while protecting the planet.”
Chief Financial Officer at Johnson Matthey, Stephen Oxley, added: “The announcement today demonstrates the strength of [our] commitment to sustainability goals and targets announced last year. The loans will help support the significant investment we are making to help create a cleaner, healthier world.”