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Research Brief
128974


HOW HYDROGEN WILL HELP INDUSTRIALS MEET DECARBONIZATION GOALS AND LEAVE FOSSIL
FUELS BEHIND

 * September 20, 2021

 * Automotive & Mobility
 * Chemicals
 * Energy
 * Explainer
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 * Sustainability

 * September 20, 2021

 * Share How Hydrogen Will Help Industrials Meet Decarbonization Goals And Leave
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 * Automotive & Mobility
 * Chemicals
 * Energy
 * Explainer
 * Manufacturing
 * Sustainability

With funding and industry interest in hydrogen tech reaching record highs, we
explain how the element can be used to decarbonize operations — across
manufacturing, transportation, and utilities — and address key challenges and
opportunities in the space.

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As the manufacturing, transportation, and utility sectors look to reduce their
carbon emissions, hydrogen could be the most promising energy source.

But for adoption to catch on broadly, the price of hydrogen needs to drop
considerably to compete with fossil fuels. Hydrogen production capacities and
distribution networks will also need to ramp up to support higher volumes.

To address these challenges, investors plan to pour about $500B into hydrogen
projects globally through 2030. These initiatives are designed to reduce the
price of hydrogen — especially green hydrogen — dramatically.

Meanwhile, companies are beginning to power factories, vehicles, and utilities
with hydrogen as they work toward their carbon-neutral goals.

Below, we address the following questions:

 * What is hydrogen? How is it produced, distributed, and used? 
 * Why does hydrogen matter?
 * What do manufacturing, transportation, and energy companies need to consider
   for adoption?
 * What does hydrogen investment activity look like? Who are the key players?
 * What’s ahead?


WHAT IS HYDROGEN? HOW IS IT PRODUCED, DISTRIBUTED, AND USED?  

Hydrogen is the most abundant element on earth, and it has a history of being
used for energy. In the 1950s, NASA used liquid hydrogen as rocket fuel — and
today, the industrial gas is commonly used in petroleum refining and fertilizer
production.  

Hydrogen has also recently gained attention for its potential to help
decarbonize manufacturing, transportation, and energy. The molecule only emits
water vapor when used as a fuel in hydrogen fuel cells, and it does not emit CO2
emissions when combusted.

That said, there are still some risks in using hydrogen for energy. For example,
powering production by burning hydrogen creates NOx (nitrogen oxide) — a
poisonous gas — so companies that choose to combust hydrogen will still need to
implement scrubbers to clean waste gases.

THE HYDROGEN RAINBOW

There are 3 kinds of hydrogen: gray hydrogen, blue hydrogen, and green hydrogen.
The production process and emissions vary by type.



Most hydrogen produced today is gray and made via steam methane reform (SMR),
which produces process emissions. 

As companies work towards carbon neutrality goals, they are aiming to use more
blue and green hydrogen. This means that more hydrogen will need to be produced
via electrolysis — the splitting of water (H2O) into oxygen and hydrogen.

Electrolyzers — the units that induce electrolysis — are key to increasing the
green hydrogen supply. Most plants being built employ proton exchange membrane
(PEM) electrolyzers, which can produce hydrogen with intermittent renewable
energy flow more easily than older electrolyzer types.  

THE HYDROGEN VALUE CHAIN

Hydrogen infrastructure is being built out across three main segments:



Each part of the hydrogen value chain is at a relatively early developmental
stage. To bring the industry to the next level, each segment is seeing increased
investment, pilot, and construction activity: 

 * Hydrogen production companies have accounted for more than half of hydrogen
   tech deals in 2021 YTD, as companies are trying to rapidly build plants to
   meet the growing demand. The vast majority of these facilities are
   electrolysis plants that will produce green hydrogen. 
 * The hydrogen storage & distribution segment has accounted for less than 10%
   of deals in 2021 so far, as these companies tend to be specialty businesses
   focused on a single aspect of hydrogen storage and distribution, like
   hydrogen storage tank specialists. On the other hand, public companies like
   Chart Industries are tackling capital-intensive, large-scale investments to
   move hydrogen long distances via pipes, trucks, and tanks.
 * Utilization is primarily centered around hydrogen-powered vehicles and
   manufacturing. Hydrogen-powered vehicles, planes, and other forms of
   transportation have attracted attention and funding in the last year. For
   instance, fuel cell truck maker Hyzon Motors went public via a SPAC this
   year, raising over $600M in proceeds. In the world of manufacturing, H2 Green
   Steel recently raised a $105M Series A mega-round to build a green steel
   plant that will replace natural gas with hydrogen to decarbonize the highly
   polluting steelmaking process. 

Despite the immense amount of work and funding needed to get the hydrogen market
off the ground, companies could see huge gains from implementing the tech, as we
discuss below. 


WHY DOES HYDROGEN MATTER? 

With mounting government regulations and investor pressure to decarbonize,
manufacturing, energy, and transportation companies are increasingly turning to
hydrogen to reduce their carbon footprints. 

For manufacturers, hydrogen is the de facto energy source that they will use to
decarbonize their operations. While solar and wind could help decarbonize the
grid, current methods to harness them cannot generate energy densely and
consistently enough for manufacturing operations. Hydrogen, however, can fuel
the high-temperature manufacturing operations related to steel, glass, chemical,
and cement. On-site, modular electrolysis facilities are particularly appealing
for factory sites, as they eliminate the high hydrogen distribution costs. 

For energy and utility companies, hydrogen can be used for energy storage, as it
is an energy carrier that can capture and store renewable energy from solar,
wind, and other renewable energy sources. This can help power homes, cities, and
factories at night, for instance, when the sun isn’t shining. Another benefit
associated with hydrogen is that it can be used to store energy for months
instead of days, compared to conventional energy storage. 

As transportation OEMs consider their green vehicle options, hydrogen-powered
vehicles have some advantages over electric vehicles. Specifically, fuel cell
electric vehicles (FCEVs), which are powered by hydrogen fuel cells, can travel
longer distances with shorter refueling times. This means that hydrogen is more
ideal for trains, trucks, and other heavy machinery that may not have the time
or capacity to recharge often. This could help bolster operations in remote
locations, like mines, that might have limited access to charging stations.


WHAT DO MANUFACTURING, TRANSPORTATION, AND ENERGY COMPANIES NEED TO CONSIDER FOR
ADOPTION?

There are 4 major aspects that must be considered in the coming years when it
comes to procuring sufficient hydrogen — particularly green hydrogen:

 * Driving hydrogen costs down while increasing supply 
 * Hydrogen carriers
 * The hydrogen transition
 * Hydrogen distribution infrastructure 

For manufacturers, energy, and transportation companies, each of these factors
is crucial for the successful implementation of hydrogen-powered solutions. 

DRIVING HYDROGEN COSTS DOWN WHILE INCREASING SUPPLY 

Currently, decreasing the cost of hydrogen and increasing the supply of hydrogen
are the top priorities in broadening hydrogen adoption. 

Today, hydrogen costs range from $3-6/kg, and generally, companies are aiming to
reach $1-2/kg to make hydrogen a more viable option compared to natural gas. 

To achieve these lower costs, companies are looking to chip away at this problem
by: 

 1. Building more hydrogen plants to increase hydrogen supply 
 2. Increasing hydrogen plant utilization 
 3. Decreasing electrolyzer plant capital expenditures 
 4. Reducing renewable (solar and wind) energy costs

All 4 of these measures must be taken in order to rapidly reduce the cost of
green hydrogen, though the timeline to reach the $1-2/kg is unclear. 

Globally, companies are already putting up plants to increase supply. According
to the Hydrogen Council, there were 359 hydrogen projects in progress — across
production, industrial usage, transportation, and infrastructure — as of July
2021, an increase of 131 projects (57%) since February. 

As hydrogen plants start up and build up hydrogen supplies, plant owners will
need to increase plant utilization and reduce capital expenditures to boost
their profitability.

To determine best practices for driving plant utilization, researchers are
looking to identify optimal combinations of variable factors, including
electrolyzer conversion rate, renewable energy source, price and supply of
renewable energy, and hydrogen’s market price. This could also help reduce plant
capex, as companies can more easily identify and purchase suitable electrolysis
units as electrolyzer prices continue to decrease.

In terms of renewable energy, building new solar and wind farms is already
cheaper than building fossil fuel power plants. With solar and wind capacities
growing at their fastest rate in 20 years, renewable energy prices could
continue to come down. 

HYDROGEN CARRIERS

Given hydrogen’s promise as a green energy source, companies are investigating
hydrogen carriers. Hydrogen carriers store energy more densely than pure
hydrogen, which can facilitate the delivery of greater volumes of hydrogen.
Examples include liquid organic hydrogen carriers (LOHCs) and other compounds
containing hydrogen molecules.

In terms of sector usage, LOHCs are suited for manufacturing, transportation,
and utilities, as LOHCs only require small-scale modules to release hydrogen
from carrier chemicals. 



CF Industries‘ industrial complex in Donaldsonville, Louisiana, where the
company is adding a green ammonia plant. 

In particular, ammonia, a common fertilizer, has garnered interest from
corporates like Air Products. Ammonia is already widely produced and, unlike
hydrogen, the compound does not need to be stored in pressurized tanks. To take
advantage of this new business opportunity, fertilizer giants like CF Industries
and Yara are already building green ammonia plants. Since ammonia is so
promising, companies across manufacturing, transportation, and utilities are
also working on solutions to use it as fuel. 

One area where companies see high potential for ammonia is shipping. Because it
does not require pressurized storage and is energy dense, the chemical is more
ideal for long-haul shipping than standalone hydrogen. Wärtsilä, for instance,
is currently testing ammonia-powered engines in Finland — the company recently
ran marine engines on 70% ammonia-blended fuels.  

However, companies still have to determine how to best build crackers, engines,
and fuel cells modified to burn ammonia. 

THE HYDROGEN TRANSITION 

While green hydrogen is the goal, companies are looking to produce, distribute,
and use hydrogen faster than builders can put up plants. In the meantime, as
several executives are discussing on earnings calls, companies intend to start
by using gray or blue hydrogen, and they will eventually transition to using
green hydrogen as supply ramps up and prices come down. 



We dive deeper into corporate executives’ discussion of hydrogen investments
here. 

However, at present, some green hydrogen is not necessarily less polluting than
gray hydrogen, as companies are still working on scaling up renewable energy in
grids used for production. In countries like China and India, fueling green
hydrogen production from the grid actually produces more emissions than SMR
production, as these countries still rely heavily on fossil fuels for power. As
such, transitioning to cleaner grid power sources as soon as possible is crucial
to decarbonizing the global economy.  

Monitoring the ramp-up of local solar and wind farms could help companies figure
out when green hydrogen production will truly be less polluting than SMR. This
is an important factor for manufacturing, transportation, and energy companies
to consider, as having greater proximity and accessibility to solar and wind
power could mean a faster shift to green hydrogen. 

HYDROGEN DISTRIBUTION INFRASTRUCTURE 

To handle the oncoming wave of hydrogen supply, companies will have to move
hydrogen on a scale much larger than what’s currently required. Corporations are
facing the challenge head-on, with several pilots in place to test different
ways to move hydrogen safely.

National Grid, for instance, is spending about $14M to build a hydrogen test
facility in England. The utility giant aims to find out if typical steel
pipelines can handle hydrogen and natural gas-hydrogen blends, as hydrogen can
degrade pipelines. The facility will also determine whether hydrogen can handle
typical transmission pressures, as this could also weaken pipelines.

The US Department of Energy’s National Renewable Energy Lab (NREL) is also
currently working to address the issue in its HyBlend project. 

Manufacturers, transportation OEMs, and utilities should closely monitor these
tests to determine whether they will need to replace their current
infrastructures in order to safely handle hydrogen. 

Underground grid-scale hydrogen projects are also in development. Corre Energy
recently raised about $24M to develop underground grid-scale hydrogen storage
projects across the EU. Manufacturing companies should pay attention to these
projects, as they will require high volumes of hydrogen to power operations that
could be stored underground.  

On the consumer-facing side, companies are scaling up hydrogen fueling stations.
For instance, FirstElement Fuel has built out and operates the largest hydrogen
network in California. Concurrent to the ramping up of hydrogen production,
companies like Hyzon Motors are developing fuel cell electric vehicles (FCEVs),
particularly for commercial uses like heavy trucking. The growing hydrogen
fueling networks will help enable broader usage of these vehicles once they get
on the road.



One of FirstElement Fuel’s hydrogen fueling stations in California. 


WHAT DOES HYDROGEN INVESTMENT ACTIVITY LOOK LIKE? WHO ARE THE KEY PLAYERS? 

Private funding in hydrogen tech has already hit a record high in 2021,
surpassing the previous record set in 2019. So far this year, VC investors have
poured $694M in funding across 54 deals. 



This increased investment signals that investors see a huge market opportunity
in hydrogen tech. Notably, top investors are VCs that tend to focus on climate
tech and energy: Breakthrough Energy Ventures, AP Ventures, Shell Ventures,
SOSV, and The Engine.

To see where each VC is investing, click through below to see the Hydrogen Tech
Expert Collection.

HYDROGEN ENERGY TECH

Track companies that are driving innovation in hydrogen energy.

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HYDROGEN ENERGY TECH

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Public companies are also pouring funding into hydrogen. Much of the
aforementioned $500B invested in hydrogen facilities is coming from public
corporations, as they are financing and building most of the largest hydrogen
projects across the world. A considerable portion of public funding was
committed in 2020, which stands in stark contrast to the drop in private deals
and equity funding seen over the course of 2020. 

For example, in July 2020, Air Products announced plans to spend $7B to build
the world’s largest green hydrogen plant in Saudi Arabia. Additionally, McPhy
recently selected a site in France to build a hydrogen gigafactory. 

As for private activity, here is a selection of the biggest private deals and
notable partnerships in the space:

 * Modular hydrogen plant producer BayoTech raised a $187M Series C mega-round
   this year. The modularity of future hydrogen plants is an important
   consideration for manufacturers and utilities that are considering adding
   on-site hydrogen facilities, as these modular hydrogen plants can be scaled
   up or down to meet location, demand, and other parameters. 
 * Hydrogen-powered plane maker ZeroAvia raised $58.7M in Series A funding and
   received a $16M UK government grant over the past year. Its investors include
   Amazon and British Airways, as big tech, airlines, and other corporations are
   exploring market opportunities beyond automobiles, such as those related to
   planes, boats, and even heavy machinery.  
 * Chart Industries recently made its liquid hydrogen onboard vehicle tank
   commercially available and is partnering with Hyzon Motors to implement them
   in Hyzon’s hydrogen-powered trucks.
 * In May 2021, Ballard Power Systems established a strategic alliance with
   Linamar to develop a fuel cell powertrain — the system of moving components
   within a car — to commercialize FCEVs.


WHAT’S NEXT? 

FCEVs are poised for expansion. One example of a pilot progressing to an actual
fleet is Skywell New Energy Vehicles Group’s Nanjing bus fleet pilot. After an
initial testing period in 2020, Skywell ordered 10 hydrogen-powered buses
incorporating Canada-based Loop Energy’s fuel cell modules in April 2021.

Companies should also monitor the development of hydrogen powertrains, as
improvements could greatly boost adoption. OEMs like BMW, Toyota, and Hyundai
are working on advancing the powertrains in their FCEVs.

Meanwhile, companies like Endua and Mainspring Energy are creating hydrogen
generators that take advantage of hydrogen’s status as an energy carrier. Watch
for energy & utility companies that start to test hydrogen generators as they
look to decarbonize their operations. For instance, Australia-based energy
company Ampol is testing Endua’s hydrogen generators in a move to replace
off-grid diesel generators. As hydrogen generators gain more traction, they
could expand into distributed industrial assets, remote infrastructure, and
back-up power systems. 

Another up-and-coming factor in reducing the cost of hydrogen is eliminating the
inclusion of expensive precious metals in electrolyzers, particularly PEM
electrolyzers. Copenhagen-based Hymeth has developed a non-precious metal alloy
catalyst made from copper, nickel, and iron, which the company claims performs
well in comparison to standard precious metal catalysts.

Other companies, like Enapter, are creating different types of membranes called
anion exchange membranes that also do not require precious metals. As these
solutions come to market, it will be beneficial to further assess how these
products could help accelerate the adoption of hydrogen, particularly in less
evident sectors like agriculture.

--------------------------------------------------------------------------------

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ULTRALEAP, A DEVELOPER OF ULTRASOUND-BASED HAND TRACKING TECH AND TOUCHLESS
INTERFACES FOR VIRTUAL REALITY, RAISES $80.9M IN SERIES D FUNDING


PROVIDER OF EQUITY-FREE FINANCING FOR E-COMMERCE MERCHANTS 8FIG RAISES $50M TO
ACCELERATE GROWTH

WHERE IS THIS DATA COMING FROM?

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WHERE IS THIS DATA COMING FROM?

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