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US DOE $750m investment 4 Clean Hydrogen Tech
DOE's $750 Million Investment in Clean Hydrogen Technology:
Investment: $750 million for research and development of clean hydrogen technology. Goal: Reduce the cost of clean hydrogen and make the US a leader in this field. Funding Breakdown: $316 million for improving electrolyzer manufacturing (key for separating hydrogen from water). Funding for other areas like fuel cell manufacturing and recycling methods. Project Examples: Cummins ($17.9 million) to develop a new electrolyzer design. General Motors ($30 million) to increase US fuel cell production. Plug Power ($30 million) to expand US fuel cell production and ($45.7 million) to lower hydrogen production costs. Geographic Spread: Funding distributed across 24 states, with New York receiving the most. Expected Outcomes: Annual production of 14 gigawatts of fuel cells (enough for 15% of medium/heavy-duty trucks). Annual production of 1.3 million metric tons of clean hydrogen. Reduced cost of clean hydrogen to $1 per kilogram by 2031. Challenges: Finalizing tax rules for new hydrogen production tax credit to ensure it meets climate goals. Key Takeaway: Collaboration between public and private sectors is crucial to develop clean hydrogen and create a cleaner energy future.
Disclaimer: The author of this post, may or may not be a shareholder of any of the companies mentioned in this column. No company mentioned has sponsored or paid for this content. Comments on this forum should never be taken as investment advice. |
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$9.5 Billion for clean hydrogen -Biden
U.S. National Clean Hydrogen Strategy and Roadmap
The U.S. National Clean Hydrogen Strategy and Roadmap explores opportunities for clean hydrogen to contribute to national decarbonization goals across multiple sectors of the economy. It provides a snapshot of hydrogen production, transport, storage, and use in the United States today and presents a strategic framework for achieving large-scale production and use of clean hydrogen, examining scenarios for 2030, 2040, and 2050. The Strategy and Roadmap also identifies needs for collaboration among federal government agencies, industry, academia, national laboratories, state, local, and Tribal communities, environmental and justice communities, labor unions, and numerous stakeholder groups to accelerate progress and market liftoff. This roadmap establishes concrete targets, market-driven metrics, and tangible actions to measure success across sectors. To help execute on the national hydrogen strategy, the Biden-Harris Administration launched the Hydrogen Interagency Task Force to further advance a whole-of-government approach to clean hydrogen. The Strategy and Roadmap responds to legislative language set forth in section 40314 of the Infrastructure Investment and Jobs Act (Public Law 117-58), also known as the Bipartisan Infrastructure Law (BIL). This document was posted for in draft form for public comment in September 2022, and the final version of the report was informed by stakeholder feedback, further analysis on market liftoff, as well as engagement across several federal agencies and the White House Climate Policy Office. There will also be future opportunities for stakeholder feedback, as the report will be updated at least every three years as required by the BIL. In November 2021, Congress passed, and President Joseph R. Biden, Jr. signed into law the Infrastructure Investment and Jobs Act (Public Law 117-58), also known as the Bipartisan Infrastructure Law (BIL). This historic, once-in-a-generation legislation authorizes and appropriates $62 billion for the U.S. Department of Energy (DOE), including $9.5 billion for clean hydrogen. Furthermore, in August 2022, President Biden signed the Inflation Reduction Act (IRA) into law (Public Law 117-169), which provides additional policies and incentives for hydrogen including a production tax credit that has further boosted a U.S. market for clean hydrogen.
Disclaimer: The author of this post, may or may not be a shareholder of any of the companies mentioned in this column. No company mentioned has sponsored or paid for this content. Comments on this forum should never be taken as investment advice. |
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