Big Oil is going big into the hydrogen economy
Hydrogen production will get more efficient and cheaper. BP is investing a massive sum into hydrogen, and China has a unique problem.
One of the main challenges so far is how efficient the production of green hydrogen can be. Wind and solar energy have not been available to such an extent that one can use them without hesitation. Accordingly, it is important that the available energy is used as efficiently as possible to produce hydrogen. This state of affairs will continue for a few years or even decades, even if the expansion of renewable energies progresses rapidly. As various energy consumers compete for these precious resources, it is significant that hydrogen production can work as efficiently as possible.
The good news is that the efficiency of hydrogen production is constantly improving. Researchers from Tel Aviv University have reportedly produced "green" hydrogen at a 90% efficiency level without emitting polluting carbon dioxide, according to a study published in the Carbon Energy journal. The Tel Aviv University research team succeeded in creating hydrogen by using a water-based gel, which they used to attach the enzyme to a biocatalyst and electrode.
https://hydrogen-central.com/israel-researchers-produce-green-hydrogen-90-efficiency-level/
Another essential factor in the production of green hydrogen is the cost involved. It is one thing that the technologies are still expensive. Another cost factor comes from the energy used. Solar and wind power will eventually reduce production costs, but we're still a long way from that point. According to Jim Tyler, CEO of the solar technology company Erthos, reducing the cost of solar electricity will be key to unlocking the next chapter of the energy transition: a green hydrogen economy. Currently, the cost of solar energy is $24/MWh.
https://www.pv-magazine.com/2023/08/28/driving-down-solar-costs-key-to-unlocking-green-hydrogen-future/
The oil industry is largely responsible for the economy's CO2 emissions. Simultaneously, it is evident that the transition to an economy based on renewable energies will not be attainable without the involvement of "big oil." Hydrogen is therefore one of the most attractive areas for companies to invest in, for many reasons. Advanced Ionics, the developer of a new category of hydrogen electrolyzers that are instrumental in expanding green hydrogen production, recently secured a $12.5 million Series A financing round led by bp ventures. Additional investors in this round include Clean Energy Ventures, Mitsubishi Heavy Industries, and GVP Climate.
https://www.bp.com/en/global/corporate/news-and-insights/press-releases/bp-leads-twelve-point-five-million-dollar-series-a-investment-in-low-cost-hydrogen-electrolyzer-innovator-advanced-ionics.html
While most of the world is puzzling over how to rapidly increase hydrogen production, China faces another problem: they have an excess of hydrogen. This may sound a bit absurd at first, but that's precisely the current situation. China has announced numerous new hydrogen projects. The problem with this is that the infrastructure required to transport and store the hydrogen is not yet prepared. If coordination doesn't improve, the surplus hydrogen then has to be burned.
https://www.hydrogeninsight.com/production/-too-much-green-hydrogen-is-china-is-heading-for-an-oversupply-of-renewable-h2-/2-1-1505821
We are still a long way from such a luxury in Europe. While some countries such as Norway, Germany or the Netherlands are already relatively far in the development of a hydrogen economy, there is a problem in southern European countries in particular. The good news is that Greece has now recognized the opportunities offered by hydrogen. Greece has set an ambitious goal for 2030 and beyond as part of its new National Energy and Climate Plan (NECP). Many Greek and foreign companies have expressed their interest or have already begun to invest in green hydrogen. In the Greek system, natural gas will be blended with green hydrogen, reaching 5.6% by 2030 and 15.4% by 2050. Biomethane is also expected to contribute 15.4% and 20.4% respectively to make gas consumption cleaner.
https://balkangreenenergynews.com/greece-plans-1-7-gw-of-electrolyzers-string-of-new-projects-to-become-green-hydrogen-leader/
Oman duly received the world's first-ever liquefied hydrogen carrier vessel at Sultan Qaboos Port. It is named the Suiso Frontier as part of the regional tour of the Japanese tanker in the Middle East. The vessel is considered a central experimental station, significantly accelerating research and development in the field of hydrogen. The sales tour by Kawasaki Heavy Industries, who built the boat, may have attracted interest in Oman. Oman has strengthened its position in green hydrogen projects by signing several vital agreements to produce approximately 750,000 tons of green hydrogen, with an initial investment value of $30 billion.
https://hydrogeneurope.eu/oman-receives-worlds-first-liquefied-h2-ship/
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