All articles tagged with #clean hydrogen
Green hydrogen projects are being canceled and electrolyser factories remain idle, raising questions about relaxing the Renewable Fuels of Non-Biological Origin (RFNBO) rules to support the industry and address current challenges.
The U.S. Department of Energy has announced $750 million for 52 projects across 24 states to support the clean hydrogen industry, aiming to reduce costs and create over 1,500 new jobs. These projects, funded by the Bipartisan Infrastructure Law, will advance electrolysis technologies and manufacturing capabilities, reinforcing America's global leadership in clean hydrogen. The investments are part of President Biden’s plan to tackle the climate crisis, create jobs, and strengthen America’s manufacturing competitiveness. The projects will also support disadvantaged communities and contribute to reducing harmful emissions.
Morgan Stanley downgraded Plug Power from Equal-Weight to Underweight due to liquidity concerns and worsening hydrogen economics, while reducing the price target. However, the analyst reiterated an Overweight rating on Bloom Energy, citing strong underlying demand and profitability of its fuel cell business. Hydrogen OEMs have faced challenges such as higher interest rates, delayed adoption, and deterioration in hydrogen economics. The industry environment is expected to remain uncertain in 2024, with suboptimal visibility on subsidies and slow adoption.
The Biden administration has chosen clean-energy projects across the United States for a $7 billion program aimed at developing and producing hydrogen fuel as part of President Biden's plan to combat climate change. The program will establish seven regional hubs to replace fossil fuels with cleaner-burning hydrogen for vehicles, manufacturing, and electricity generation. The selected projects, located in 16 states, are expected to attract over $40 billion in private investment and create tens of thousands of jobs. However, some environmentalists remain skeptical, arguing that hydrogen production requires significant energy and can have a large carbon footprint if made from coal or natural gas.
The Biden-Harris Administration has released the U.S. National Clean Hydrogen Strategy and Roadmap, a comprehensive framework for accelerating the production, processing, delivery, storage, and use of clean hydrogen. The strategy aims to achieve commercial-scale hydrogen deployment, which is critical to building a strong clean energy economy while enabling long-term decarbonization objectives. Clean hydrogen offers substantial economic benefits and will help create tens of thousands of new, good-paying jobs across the country, particularly in underserved communities. The strategy identifies three key strategies to ensure that clean hydrogen is developed and adopted as an effective decarbonization tool.