Many companies have been working toward marketable hydrogen fuel cells for years, but 2022 is set to be a banner year for many of them. At least four hydrogen companies are already public or making plans to go public in 2024.
Is this an exciting time for hydrogen fans and green energy enthusiasts? What does this apparent growth signal for the future of hydrogen fuel cells?
Switching From Gray to Green
Hydrogen is the most abundant resource in the universe, and using it as fuel doesn’t generate what we would traditionally consider exhaust. A hydrogen fuel cell reaction emits water and oxygen as exhaust. It could be the perfect alternative to fossil fuels if it didn’t rely on the natural gas or coal industry to create the hydrogen used in the fuel cells.
While this doesn’t cancel out the benefits of hydrogen fuel cells, it doesn’t get us far enough from dependence on fossil fuels to be considered truly green. It is collectively dubbed “gray hydrogen,” and a shift away from those fossil fuel-based sources is necessary to make the technology genuinely green.
2022 is shaping up to be the year of green hydrogen, meaning companies are planning to shift to a carbon-neutral production technique.
Companies Going Public
Energy efficiency is a popular topic right now, with everyone from homeowners to business managers looking for ways to cut costs and reduce energy usage. Industry experts expect the demand for hydrogen electrolyzers to quadruple in 2022, with China leading the pack with the highest demand and the United States coming in a close second.
The most significant difference between the two countries is that China lacks a national hydrogen plan. President Biden’s infrastructure act, which went into effect in 2021, earmarked $9.5 billion for hydrogen research and development between 2022 and 2026.
At least four hydrogen companies are expected to go public in 2022. However, the growth ofthese companies and the hydrogen industry will depend mainly on how quickly funding from theInfrastructure Investment and Jobs Act materializes.
More Than Just Transportation
One of the biggest motivators behind the switch to hydrogen fuel cells is transportation. Hydrogen does have the capability to replace fossil fuels. Still, if the industry takes off the way some experts are projecting it might, there are any number of other applications for the technologies.
Plug Power is one of the biggest companies in the hydrogen industry right now, and they have a lot of plans in the works. Its goals range from working with Airbus to develop a zero-emissions aircraft by 2025 to replacing battery backups at data centers around the globe with hydrogen fuel cells.
The push toward a green energy future is just starting to gain momentum. With a solid push, the hydrogen industry could be at the forefront of this change.
Looking at the Future of Fuel Cells
Hydrogen going public is a positive change. These companies choosing to go public are bringing the need for green energy alternatives like hydrogen fuel cells into the public eye. That sort of visibility is precisely what the green energy movement needs to prevent a looming climate disaster from becoming a reality.
Jane Marsh, Contributor
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