Hydrogen projects backed by large companies like Fortescue and Woodside are set to be early beneficiaries of the federal budget’s $6.7 billion production tax credit, but one developer says the measure will attract a lot of international investment and could blow past its allocation.
Michael Myer, a member of Melbourne’s wealthy Myer family and chairman of Sunshine Hydro, said two projects the developer is pursuing in Gladstone and northern NSW could yield enough hydrogen to earn $730 million in production tax credits at the $2 per kilogram rate.
