Airbus SE (EADSY  ), easyJet plc (EJTTF  ), and Rolls Royce Holdings Plc (RLLCF  ) have formed a consortium with multiple other firms to advance Britain's position in hydrogen-powered aviation, aligning with the industry's path towards decarbonization.

The other companies in the consortium are Orsted A/S (DNNGY  ), GKN Aerospace and Bristol Airport.

The Hydrogen in Aviation (HIA) will ensure the U.K. capitalizes on the vast opportunity hydrogen presents to the aviation industry and the country.

HIA aims to assist the Government and policymakers by mapping out the milestones to ensure infrastructure, regulatory, and policy changes keep pace with the ground-breaking technological developments in carbon-free flying.

"There is no doubt that the UK has the potential to become a world leader in hydrogen aviation, which could bring with it a £34 billion per annum boost to the country's economy by 2050, but in order to capture this opportunity, rapid change is needed and the time to act is now," said Johan Lundgren, CEO of easyJet and first Chair of HIA.

Price Action: EADSY shares traded lower by 0.68% to $35.80 on the last check Tuesday.