Hydrogen's Role in Achieving Net-Zero Emissions

Current State of Hydrogen Technology

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"Our technology, invented in the U.S., is one of the most advanced electricity and hydrogen producing technologies on the market today." --- (BE, sec filing, 2024/Q1)

"During the six months ended April 30, 2024, we incurred a total of $31.0 million of Company-funded research and development expenses as we continued to accelerate commercialization of our Advanced Technologies solutions including distributed hydrogen, hydrogen based long duration energy storage and hydrogen power generation." --- (FCEL, sec filing, 2024/Q2)

"As the world's largest supplier of hydrogen, Air Products has hands-on operating experience with over 250 hydrogen fueling station projects in 20 countries, and the company's technologies are used in over 1.5 million fueling operations annually." --- (APD, press release, 2024/05/29)

"Charbone Hydrogen Corporation (OTCQB:CHHYF) (TSXV:CH) IS MORE THAN DOUBLING ITS PHASE 1 ELECTROLYZER CAPACITY TO POWER UP GREEN HYDROGEN PRODUCTION AT THE SOREL-TRACY, QUEBEC PLANT - Company now gearing up and actively enhancing its supply chain of fully integrated electrolyzers with capacities up to 2.5 MW, 5.0 MW and 10.0 MW for all of its projects - Charbone Hydrogen Corporation (the "Company" or "CHARBONE"), North America's only publicly traded pure-play green hydrogen company, is pleased to confirm that it has executed a supply agreement of a complete containerized electrolyzer system ready for shipment to its flagship green hydrogen site, located in the City of Sorel-Tracy, Quebec." --- (Charbone Hydrogen Corporation, press release, 2024/06/25)

"We think with our technologies, we're well positioned today to be around a number of different opportunities depending on how the market evolves, whether that's using hydrogen as a long duration energy storage, which we continue to believe is ultimately a more compelling solution than a mineral-based solution, rather the opportunities emerge faster along the lines of carbon recovery or carbon capture, and the opportunity we see just increasing around distributed power generation as interconnection cues continue to extend out on grids, at least certainly domestically." --- (FCEL, earning call, 2024/Q2)

Hydrogen Applications Across Different Sectors

Hydrogen technology is being leveraged across various sectors, including industrial, heavy-duty transportation, and data centers, to address climate challenges and ensure zero GHG emissions. Companies like ExxonMobil, Honeywell, and Tesla are at the forefront, developing and implementing clean hydrogen solutions to decarbonize these critical areas.

"Companies that have the expertise to contribute should be encouraged and incentivized. As a hydrogen and carbon technology company, we see tremendous opportunity to transform the molecules that today are the source of the world's climate challenge into critical elements of the solution." --- (XOM, event transcript, 2024/05/29)

""The decision to divest our LNG heat exchanger technology and equipment business reflects Air Products' continued focus on its two-pillar strategy -- to grow our core industrial gas business and related technology and equipment, and to be a first-mover delivering clean hydrogen at scale to decarbonize industrial and heavy-duty transportation sectors," said Air Products' Chairman, President and Chief Executive Officer Seifi Ghasemi." --- (HON, press release, 2024/07/10)

""The successful fuel cell proof-of-concept with Ballard provides a viable option for customers strengthening their data center sustainability strategy, and those moving to a future-ready Bring Your Own Power (BYOP) model." Vertiv's Power Module H2 offers a solution for the increasing energy demands of future data centers while ensuring zero GHG emission backup power generation." --- (TSLA, press release, 2024/07/10)

"And then, sorry, just as a follow on to that, as you talk about a level playing field across technology neutrality, is your view that a new gray hydrogen ATR should get some sort of incentive?" --- (XOM, earning call, 2024/Q1)

"The Company also develops, engineers, builds, owns and operates some of the world's largest clean hydrogen projects supporting the transition to low- and zero-carbon energy in the heavy-duty transportation and industrial sectors." --- (HON, press release, 2024/07/10)

Challenges in Hydrogen Production and Infrastructure

Economic and regulatory challenges, significant investment needs, reliance on existing workforce, and the scale of projects are key hurdles in hydrogen production and infrastructure. Government policies and acts heavily influence the sector, while projects often depend on existing capacities and face uncertainties in regulatory alignment.

"And so we're pleased with both of these. There are markets, maybe to your point about economics that are in some ways heavily influenced by government policy, be it the renewable fuel standard and the Low Carbon Fuel Standard, which affect renewable fuels or some of the things in the investment or the inflation reduction act that affect hydrogen." --- (CVX, earning call, 2024/Q1)

"Our company plans on investing over more than $20,000,000,000 through 2027 on carbon capture and storage, hydrogen and biofuels, ExxonMobil claims it will rely heavily on its existing workforce to execute these changes." --- (XOM, event transcript, 2024/05/29)

"We also grew production more than 10% from the same quarter last year and announced final investment decisions to grow our renewable fuels and hydrogen businesses." --- (CVX, earning call, 2024/Q1)

"If final regulations match the legislation's intent to drive lowest end to end carbon intensity, absent any unforeseen circumstances, we'll progress the world's largest low carbon hydrogen project at our facility in Baytown, Texas." --- (XOM, event transcript, 2024/05/29)

"The project in California on green hydrogen is smaller in scale. And it really uses existing solar production capacity." --- (CVX, earning call, 2024/Q1)

Opportunities in Hydrogen Production and Infrastructure

Hydrogen infrastructure is currently limited and needs expansion to meet future demands, with hydrogen blending still in pilot stages (BE). Significant hydrogen production will be used through pipelines to serve customers (APD). Green hydrogen offers a low-carbon future for various applications, emphasizing the need for robust infrastructure (BE, APD).

"In addition, the infrastructure needed to transport hydrogen, whether through pipelines or maritime or land-based tankers, is currently only sufficient for existing uses, and has not begun to be extended for anticipated future uses, with hydrogen blending and other approaches remaining at pilot stages." --- (BE, sec filing, 2024/Q1)

"And therefore, we expect that a significant amount of the hydrogen we produce will be used as hydrogen through our pipeline to serve the customers that we have because they would be in need of that." --- (APD, earning call, 2024/Q2)

"Hydrogen production can be ramped up and down based on demand. Since completing construction last year, in January of this year Toyota used the" --- (FCEL, press release, 2024/05/02)

"In developing economies, green hydrogen presents a pathway to a low-carbon future, offering a nearly carbon-free fuel option for marine transportation, hydrogen fuel cells in electric vehicles (EVs), and industrial backup power." --- (BE, press release, 2024/06/25)

"During a keynote at the California Hydrogen Convention, our VP, Hydrogen for Mobility, Eric Guter discussed the importance of building a robust hydrogen economy infrastructure to meet climate change goals." --- (APD, twitter, 2024/06/05)

Environmental Impact of Hydrogen Production and Usage

Chevron is committed to reducing the carbon intensity of its operations and expanding its hydrogen business, investing $8 billion in hydrogen and other low-carbon technologies. A recent report also outlines strategies for producing lower carbon intensity hydrogen in the U.S., highlighting Chevron's focus on minimizing the environmental impact of hydrogen production and usage.

"Chevron aims to grow its oil and gas business, lower the carbon intensity of its operations and grow lower carbon businesses in renewable fuels, carbon capture and offsets, hydrogen and other emerging technologies." --- (CVX, sec filing, 2024/Q1)

"A new report, guided by two of our executives, recommends ways to grow lower carbon intensity hydrogen in the U.S. Learn more: https://t.co/YuB5qb4lpU https://t.co/QnWKGE7Hxo" --- (CVX, Twitter, 2024/05/31)

"$8 billion in kind of the new emerging business lines of carbon capture and storage, renewable fuels and hydrogen and then another couple of billion in decarbonizing our own operations and businesses." --- (CVX, earning call, 2024/Q1)