"Revolutionizing Green Fuel: The Hydrogen Hype Cycle and Its Impact on Energy Markets"
Electric Hydrogen, a startup founded in 2021, aims to make green hydrogen affordable by using massive plants powered by renewable energy to target the global hydrogen market. The company plans to build behemoth green fuel refineries near industrial plants that use it, powered with renewable energy, and has raised over $600 million from investors including Bill Gates’ Breakthrough Energy Ventures, Energy Impact Partners, BP Ventures, Amazon, and Honeywell. The startup's first customer is billionaire Wes Edens’ New Fortress Energy, which intends to use Electric Hydrogen’s technology in Beaumont, Texas, to produce green hydrogen for Dutch ammonia producer OCI Global. The company aims to make green hydrogen as cheap as the fossil fuel-derived version by 2030 and is focused on leveraging renewable power sources, aligning with proposed rules for the Treasury Department’s new “45V” hydrogen production credit that provides up to $3 per kilogram of clean hydrogen.