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Home > Press > Hydrogen fuel is the way ahead, says oligarch

Abstract:
Mikhail Prokhorov, Russia's sixth-richest tycoon, has claimed that the UK is "missing a trick" in its search for clean energy and vowed to "invest billions" in hydrogen fuel cells.

Mr Prokhorov told The Independent on Sunday that the UK's commitment to a nuclear energy programme overlooked research that suggests hydrogen technology could be a more efficient option.

"So often," he said, "alternative energy sources, such as solar and wind energy, have failed two fundamental tests: being able to both store the raw energy and handle peaks of consumption."

Mr Prokhorov's main investment vehicle is Onexim Group, a $17bn (8.6bn) private investment fund that he launched in May last year.

"As well as investing in more traditional industries [such as mining and high technology], it is our intention to invest billions in hydrogen technology," said the oligarch.

He added: "A compelling advantage of energy produced from hydrogen fuel cells is that it can, thanks to nanotechnology advances, be stored. It can therefore be produced to coincide with consumption peaks."


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