Woodside Energy aims to follow up its first hydrogen project in the United States with a string of similar projects targeting production of the fuel for heavy transport, as the generous subsidies provided under the Inflation Reduction Act prove a magnet for capital in the space.

Shaun Gregory, executive vice president of the oil and gas producer’s New Energy business, said the bill, which includes $US369 billion ($550.1 billion) of incentives in energy security and climate change, had given the hydrogen market in the US “a big kick forward”.