Xcel Energy Announces Federal Funding For Heartland Hydrogen Hub - Quick Facts

(RTTNews) - Xcel Energy (XEL) said the U.S. Department of Energy has selected the Heartland Hydrogen Hub, including multiple clean hydrogen projects from Xcel Energy, for award negotiations to receive up to $925 million. For its projects within the hub, the company expects to receive a large portion of the federal award.

The Heartland Hydrogen Hub is one of seven selected to receive funding. The hub includes Xcel Energy, Marathon Petroleum Corporation and TC Energy, in collaboration with the University of North Dakota's Energy & Environmental Resource Center.

Xcel Energy noted that project detailed design will begin after the Heartland Hydrogen Hub finishes award negotiations. Project development will continue through 2035.