Russia's GMK Norilsk Nickel is moving into hydrogen applications with the creation of a new company to focus on power generation says the firm's current director general and co-owner.

Mikhail Prokhorov says he envisages hydrogen fuel accounting for 20 per cent of the global power industry in the future and the new firm will concentrate on the potential market in Russia.

Mr Prokhorov, ranked 89 in the Forbes World's Richest People, is also to split the a