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."
Issuers of news releases, not 7th Wave, Inc. or Nanotechnology Now, are solely responsible for the accuracy of the content.
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