B_B!
20 hours ago
China strives to "refuel" economy with green hydrogen energy
2024-03-28
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Hydrogen energy has emerged as a prominent topic during China's annual "two sessions" held earlier this month. It was also highlighted in the government's work report for the first time as a crucial emerging industry.
According to a report by Sinopec Group, China's major oil refiner, the country's hydrogen energy consumption is projected to reach nearly 86 million tonnes by 2060, with an industry scale of 4.6 trillion yuan (about 637 billion U.S. dollars).
As a key element in the global energy transformation, hydrogen energy plays a promising role in energy production and consumption revolution. It is expected to help build a clean, low-carbon, safe and efficient energy system, aligning with China's carbon peaking and carbon neutrality goals.
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Air Products, a leading hydrogen supplier based in the United States, established an Asia hydrogen application technology center in east China's Zhejiang province last year, aiming to develop technologies for hydrogen transportation, fuel and metallurgy.
The company is also building China's first large-scale commercial liquid hydrogen plant in Zhejiang, with a daily production capacity of 30 tonnes. The plant will serve high-end manufacturing enterprises and support the growing hydrogen energy transportation market in the region.
https://english.news.cn/20240328/9fafa875ed4f409e82520ab8691cb863/c.html
B_B!
2 days ago
Plug Power (NASDAQ:PLUG) Blasts Up after New Convertible Note Offering
Steve Anderson Mar 27, 2024
It’s not always a good day when a stock offers new convertible notes. But today, it was fantastic news for green hydrogen stock Plug Power (NASDAQ:PLUG), who offered up a new pile of convertible senior notes amid the cheers of shareholders. In turn, shareholders sent Plug Power shares blasting up over 8.5% in Wednesday afternoon’s trading.
More specifically, Plug Power brought out $140.4 million worth of convertible senior notes at a 7% rate, which will come due in 2026. The new notes were almost a straight exchange for a previous set, a $138.8 million block of notes due 2025, but at a rate of 3.75%. That included accrued and unpaid interest so far, and the relevant 2025 notes were canceled after the new notes were issued.
However, not all of the old notes were canceled, as about $58.5 million of the 2025 notes were left untouched by this new development. While the interest rate has increased significantly—it’s actually doubled—Plug Power now has an extra year to work with.
Extra Time May Be Helpful for Plug Power
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https://www.tipranks.com/news/plug-power-nasdaqplug-blasts-up-with-new-convertible-note-offering
WeTheMarket
3 days ago
Steve, congratulations and good luck. The longest race I participated in, is the annual 10 Mile Army Run in Washington DC. I have traveled there a few times just for the race. I'm not competitive, and I did it just for fun, and this one is a very good one. It's always on Columbus Day Weekend, it's flat, starts at the Pentagon, passes by Arlington National Cemetery, the Washington Monument, several Smithsonian Museums, The Capital. The last time I ran it was a couple of years ago, I fell apart shortly after that, bad knees.
WeTheMarket
4 days ago
US to unveil final plans for $1bn subsidy scheme for clean hydrogen users by end of September
A Contracts for Difference-style scheme is being considered, controversial programme leader Ernest Moniz tells conference
21 March 2024
https://www.hydrogeninsight.com/policy/us-to-unveil-final-plans-for-1bn-subsidy-scheme-for-clean-hydrogen-users-by-end-of-september/2-1-1616309
A US government plan for $1bn of subsidies for clean hydrogen users will be finalized by the end of September, the programme leader told the CERAWeek energy conference in Houston this week.
Ernest Moniz, a controversial figure who was US energy secretary under President Barack Obama, was appointed by the Department of Energy in January to lead a consortium tasked with designing and implementing “demand-side support mechanisms for unlocking the market potential” of the seven Regional Clean Hydrogen Hubs.
In other words, to ensure that the clean H2 produced at these hubs — which are backed with $7bn of government grants — is actually sold.
“We want the supply and delivery infrastructure and demand to work together in a way that builds markets, gets costs down, and ultimately allows the market to run with the hydrogen economy towards a low-carbon future,” Moniz told delegates on Tuesday.
The consortium, known as the Hydrogen Demand Initiative (H2DI) is currently considering the best ways to use the $1bn of funding, he said.
One potential model under consideration, Moniz continued, was a Contracts for Difference-style scheme — which could pay users the difference in cost between grey and clean hydrogen — although he did add that it might “not be the right match here”.
Moniz is a controversial figure for several reasons. He has been accused of accepting Big Oil funding while in charge of the MIT Energy Initiative and consequently producing dubious studies that backed climate inaction and fossil-fuel initiatives such as carbon capture and fracking, while ignoring warnings on methane emissions while in government.
His appearance in the 2022 BBC documentary, Big Oil v the World, which covered the fossil-fuel industry's climate denial campaigns of the 2000s and 2010s, implicated Moniz as part of the conspiracy, particularly when he refused to answer questions on the matter.
The H2DI consortium is led by Moniz’s EFI Foundation, and includes market intelligence firm S&P (which, incidentally, runs the CERAWeek conference), financial exchange operator Intercontinental Exchange, the MIT Energy Initiative and law firm Dentons.
WeTheMarket
4 days ago
China's largest green hydrogen refuelling station is selling H2 at a seventh of the cost of the fuel in California
Sany claims its integrated production and fuelling complex supplies hydrogen at cost parity with diesel
15 March 2024
https://www.hydrogeninsight.com/transport/chinas-largest-green-hydrogen-refuelling-station-is-selling-h2-at-a-seventh-of-the-cost-of-the-fuel-in-california/2-1-1613409
The largest integrated green hydrogen production and refuelling complex in China is able to supply hydrogen at 35 yuan per kilo ($4.86/kg), near cost parity with diesel, according to reporting by the Chinese newspaper Hunan Daily.
Unlike the vast majority of China's hydrogen refuelling stations, engineering firm Sany’s filling spot in the city of Changsha, Hunan province, which entered into a testing phase this week, produces its own H2 onsite via alkaline electrolysers, thus avoiding transportation costs.
The electrolysers are capable of producing up to 180kg an hour, but the pumps can only dispense two tonnes per day — enough to fill up more than 100 vehicles.
By way of comparison, hydrogen fuel is being sold at the pump elsewhere in China for 75 yuan per kilo — which is still cheaper than in other countries. The largest H2 fuel market in the US, California, is currently seeing pump prices of $36/kg — more than seven times higher than the Changsha facility — while in Germany, Europe's largest market, current per-kg prices are between €12.85 and €15.75 ($14-16.60).
If the price of H2 fuel in China drops below 30 yuan per kilogram, such as via future technology upgrades, “hydrogen fuel vehicles are more competitive than diesel vehicles” even without subsidies, said Wang Zhimin, director of Sany Hydrogen Energy Hydrogenation Equipment Institute.
While hydrogen is often highlighted as a way to decarbonise heavy, long-haul transport, the switch from existing trucks will depend on logistics firms committing to high upfront costs or renting from emerging pay-to-use schemes such as a programme run by Shell in Germany.
However, because diesel is already a relatively expensive fossil fuel, particularly in markets with higher taxes, some green hydrogen investors have suggested that the cost gap is easier to bridge than with cheap natural gas or even grey H2, potentially making it an easier sell for use in road transport than by industrial offtakers.
But others have pointed out that most of the pump price at hydrogen refuelling sites is not based on the price of the H2 molecule, but the capex of the filling station as well as extra costs from compression and maintenance.
While Sany appears to be leveraging economies of scale, the 37-million-yuan station will not be open to the public but rather supply fuel-cell trucks used in company operations — which could limit its utilisation rate.
Similarly, although the engineering firm uses solar panels to power the electrolysers, it is unclear whether the complex has another source of renewable electricity or uses grid power for production during night.
WeTheMarket
4 days ago
Green Hydrogen Will Become The 21st Century Version Of Oil
Ken Silverstein, Senior Contributor, I cover global energy and climate issues
Mar 18, 2024
https://www.forbes.com/sites/kensilverstein/2024/03/18/green-hydrogen-will-become-the-21st-century-version-of-oil/
When green hydrogen gets its legs, it will become the ‘new oil’—the energy source that drives the global economy. As such, countries are now preparing and forming international coalitions to position themselves for that future.
The quest to hit net zero by 2050 is generating interest in clean hydrogen, which also has the potential to decarbonize hard-to-abate sectors such as steel, chemicals, and shipping. While technology and clean energy prices are falling, they must decline more to complete this energy transformation.
"We need to reduce emissions and provide clean energy, which will require new investments in the technology and production of green hydrogen," says Fredrik Mowill, chief executive of Hystar, in an interview. "If you need clean energy, then green hydrogen is an important part of that transition. The money flowing in will create new jobs, technologies, and markets, tremendously impacting the entire value chain. We will spend less money on traditional carbon-based fuels, too."
The green hydrogen market will expand from about $1 billion today to $30 billion in 2030, according to MarketsandMarkets. Low renewable energy prices and advancements in electrolysis will drive the growth. However, a lack of transportation and storage infrastructure is a barrier. That’s why countries and companies are partnering to build economies of scale.
The advantages of hydrogen are that it is abundant, renewable, and non-polluting. But it is expensive to make, transport, and store.
Today, coal and natural gas reactions produce almost all hydrogen, referred to as "grey hydrogen," and do nothing to limit CO2 emissions. The goal is to create hydrogen from low-carbon sources, or "green hydrogen."
For example, the United Arab Emirates targets a 25% global market share of low-carbon hydrogen by 2030. It is joining forces with Germany to expand its portfolio. Furthermore, Japan announced a $100 million investment to convert fossil-fired plants into ammonia and hydrogen-based plants. South Korea, meanwhile, has set aside $40 billion to expand its hydrogen infrastructure by 2040—from production tools to fuel cells to filling stations.
"As a result of this energy transition and increased investment in green hydrogen, we are seeing international consortiums in the United States, Australia, and the Middle East," says Mowill. “The challenge is to scale up and meet the demand."
Scale Is The Goal
Consider: Solar panels may create excess power—energy stored in a battery and used in an electrolyzer to make pure hydrogen and produce electricity. The electrolyzer creates an electric current to split the hydrogen and oxygen from water.
To that end, the Norwegian energy conglomerate Equinor is working with Hystar to test electrolyzers associated with offshore wind power. Plug PowerPLUG -5%, and Fortescue Future Industries are partnering to build a gigafactory in Queensland, Australia, to produce those devices. European and Asian companies are deploying Enapter's electrolyzer. Hydrogen Insights 2023 says manufacturers had $8 billion of electrolyzers in the queue through October 2023.
Cost is the obstacle. Scale is the goal. Steel and shipping are among the most complex sectors in which to decarbonize. Enter green ammonia, an interim step for industrial users—a fuel that wind and solar power can produce and that traditional engines or fuel cells can use. Traditionally, industries burn gas to boil water to make steam or coal to heat a boiler, which uses a lot of fuel and creates too many emissions.
DNV GL predicts widespread adoption of ammonia fuel will begin in 2037 — expected to make up 25% of the maritime fuel mix by 2050; shipping comprises 13% of all transportation-related CO2 releases. Samsung Heavy Industries, Lloyd’s Register, and MAN Energy Solutions are developing an ammonia-fuel ship.
Steel is also hard to decarbonize—a $1 trillion industry contributing about 7% of global greenhouse gas emissions. Germany's Uniper focuses on producing hydrogen from green sources, while Salzgitter is a vast steel maker that wants to produce steel using green hydrogen. In this case, Uniper is developing green hydrogen projects to convert green ammonia back to hydrogen.
DNV GL says, "Green hydrogen from electrolysis will be the main long-term solution for decarbonizing hard-to-abate sectors."
Suppose green hydrogen hits its potential: Manufacturers could reduce their production costs and emissions—a win-win in a competitive global economy. That’s the force behind many international partnerships and why green hydrogen may likely become this century’s energy king.
B_B!
4 days ago
the world adds a new data center every three days
Big Tech’s Latest Obsession Is Finding Enough Energy
Katherine Blunt and Jennifer Hiller Sun, March 24, 2024
HOUSTON—Every March, thousands of executives take over a downtown hotel here to reach oil and gas deals and haggle over plans to tackle climate change. This year, the dominant theme of the energy industry’s flagship conference was a new one: artificial intelligence.
Tech companies roamed the hotel’s halls in search of utility executives and other power providers. More than 20 executives from Amazon and Microsoft spoke on panels. The inescapable topic—and the cause of equal parts anxiety and excitement—was AI’s insatiable appetite for electricity.
It isn’t clear just how much electricity will be required to power an exponential increase in data centers worldwide. But most everyone agreed the data centers needed to advance AI will require so much power they could strain the power grid and stymie the transition to cleaner energy sources.
Bill Vass, vice president of engineering at Amazon Web Services, said the world adds a new data center every three days. Microsoft co-founder Bill Gates told the conference that electricity is the key input for deciding whether a data center will be profitable and that the amount of power AI will consume is staggering.
“You go, ‘Oh, my God, this is going to be incredible,’” said Gates.
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https://finance.yahoo.com/news/big-tech-latest-obsession-finding-110000070.html
uksausage
5 days ago
200 kW seems to be the sweet spot for Class 8 trucks and the likes (waste management trucks, excavators etc.) the 150 kW in a Progen engine is obviously being used in Last mile delivery, buses and smaller vehicles.
Assuming PLUG are close to having 200+ kW they will need to decide so they integrate into a drive train/engine compartment like Bosch/Nikola and Hyzon or keep it separate and supply the electricity indirectly. Ballard have the widest range of high power solutions for buses, trains, ships and I have a feeling that is the sort of market Plug would like to address next, may be in tandem with SK and BAE Systems where buses are already being powered.
However you have to ask how much it will cost to prepare and launch any new product given the current financial situation. Cash should be available by the end of 2025, assuming the DOE loan starts supplying some funds in Q3 this year.. future opportunities will slip in line with that
WeTheMarket
5 days ago
UK, I don't know if you follow Hyzon, but they claim significant advantages by incorporating a single larger 200kW fuel cell into Class 8 trucks vs. two 110kW fuel cells, and that 200kW seems to be the sweet spot. I believe Nikola Class 8 trucks use Bosch 200kW fuel cells.
Recent Hyzon article:
Hyzon Brings Zero-Emission Alternatives to Long-Haul Operators
March 20, 2024
U.S.-developed 200kW fuel cell technology offers smaller, lighter, and more fuel-efficient options for commercial trucking.
https://www.newequipment.com/industry-trends/news/21284976/hyzon-hyzon-brings-zero-emission-alternatives-to-long-haul-operators
Relevant quote:
"Reaching 200kW fuel cell power typically requires two smaller units, but Hyzon managed to engineer its system to be 30% lower in weight and volume and ~25% lower in total fuel cell system cost compared to two of the company's 110kW fuel cell systems combined. By integrating high-power, compact fuel cell systems into familiar vehicle builds, Hyzon plans to offer a zero-emission option to fleets that can match the operational expectations of a diesel truck."
WeTheMarket
6 days ago
BB, great find. Intriguing quote from the article: "Plug Power is working on new, larger hydrogen fuel cells for commercial trucks, data centers, and, one day, mini power plants that would replace gas-fired turbine plants."
Link https://www.timesunion.com/business/article/plug-power-s-big-news-firm-moving-hq-bethlehem-19318269.php
B_B!
6 days ago
Last year the gas companies were very successful in delaying the energy transition, by sabotaging the hydrogen supply.
I don't think anyone will dare to rely on hydrogen backup/stationary power, until there is abundant/guaranteed hydrogen supply.
03/07/24 Post #55831
Initial tests of green hydrogen fuel cell systems as backup power in April/May, I think.
Plug Power Resolves ‘Going Concern’ Doubts as 2023 Revenues Increase by 27%
March 7, 2024
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During the earnings call with analysts, the company also said it is “engaged and planning” with “the three major data center operators” without naming them. It expects the demand for its green hydrogen fuel cell systems as backup power for data centers to rise, driven by artificial intelligence’s need for higher computing.
The company added that initial tests are planned for 2024, with significant deployments at scale anticipated in late 2025, as major data center operators like Amazon, Microsoft, and Google aim to reduce their carbon footprint and diesel usage.
…..
https://www.mercomindia.com/plug-power-resolves-going-concern-doubts
B_B!
6 days ago
The news about Plug Power’s expansion in the town of Bethlehem comes two weeks after Albany County Executive Dan McCoy said during a radio interview that he had a huge announcement to make about the company, without providing details.
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“You start rattling off bad things, I would probably say, yeah, that was a bad thing,” Marsh said. “But when you are creating something where nothing existed before, you are going to run into unknown challenges.”
https://www.timesunion.com/business/article/plug-power-s-big-news-firm-moving-hq-bethlehem-19318269.php
Jack_Bolander
6 days ago
Banger - Until there is a comparative positive ROI for Hydrogen/Fuel Cells, no company with an eye to the bottom line is going to buy into an "Application" which doesn't make sense (Cents?). For disciplined companies the Bottom Line always wins.
This explains why GSE's / Mulag never took off (pun intended). I was at CERAWeek this week and Alternatives and Hydrogen were not the talk this year as they have been in the past. Yes they were on the agenda, but in the break sessions, you didn't hear them mentioned as they had in recent years.
By now the major players have run the numbers for their possible hydrogen "Applications " and they are not compelling . Perhaps the 45v rules will make some applications achieve a comparative positive ROI, but until those rules are out , the numbers run , and the "Applications" tested, we may be waiting decades for Data Center and other marginal applications.