Russian oligarch to spend billions on fuel cell research

What do oil, Chelsea football club and fuel cell technology have in common? Yes, they were all part of that sentence Greenbang wrote just now. Yes, they all contain the letter o and l and yes, they’re quite popular among Russian oligarchs.

At least, they are these days. According to the Independent Russia’s sicth richest tycoon Mikhail Prokhorov says that Blighty is missing a trick when it comes to energy.

The oligarch reckons that instead of ploughing bucketloads of cash into nuclear energy, hydrogen would have been a better way to go. The oligarch’s investment fund, Onexim, is going to sort out that error. He told the paper:

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

“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.”