Germany’s Federal Ministry for Economic Affairs and Climate Action (BMWK) has allocated €3.53 billion for the country’s hydrogen importing mechanism, H2Global Foundation, to fund future auctions for renewable hydrogen and its derivatives.Illustration only; Archive. Courtesy of Port of Hamburg On February 12, H2Global issued a statement saying that BMWK had provided its subsidiary HINT.CO...
Hydrogen Subsidies
Japan will make a decision on which companies will be in receipt of subsidies from its massive ¥3trn ($20.3bn) fund for clean hydrogen supply by the end of 2024, Japanese newspaper Nikkei reported today (Tuesday). Domestic producers and importers of low-carbon hydrogen are hoping for a slice of the government’s Contracts for Difference-style (CfD) subsidy programme, announced in December, that aims...
TOKYO -- Japan plans to spend 3 trillion yen ($20.3 billion) over the next 15 years to subsidize the production of cleaner hydrogen, aiming to boost cooperation with the private sector to develop a domestic supply chain for the energy source.Hydrogen fuel, which emits only water as a byproduct, is regarded as a next-generation energy source as nations pursue decarbonization. But the cost of hydrogen,...
Introduction This past October, the Biden administration announced $7 billion in subsidies to create seven Regional Clean Hydrogen Hubs. In addition, under the 2022 Inflation Reduction Act (IRA), green hydrogen—hydrogen manufactured with no carbon emissions—will be eligible for a production tax credit of up to $3 per kilogram (kg) produced. These subsidies are part of the administration’s...
About $335m of investment tax credits have been awarded to eight companies for the construction of new hydrogen-equipment factories in the US, according to the US Department of Energy. Five of the awards of the Qualifying Advanced Energy Project Credit, also known as 48C, will go towards the construction of new electrolyser manufacturing facilities, with two allocated for fuel-cell production, and...
Germany’s steel sector may be set for billions of euros in subsidies to switch from blast furnaces to greener options, but the extra costs of hydrogen and electricity will lead to a premium that customers have little incentive to pay. “Production with hydrogen is currently not profitable,” Sebastien Bross, CEO of Salzgitter Mannesmann Handels, told logistics trade journal Deutsche...
Low-carbon hydrogen projects could be under threat due to high interest rates, according to recent analysis by research firm Wood Mackenzie. Interest rates have risen since the so-called “zero-era” following the 2008 financial crash, with 2023 seeing “the most aggressive hiking cycle in 40 years”, WoodMac notes. Meanwhile, structural trends that drive inflation — such as global trade...
(L-R) Lindner, Habeck and Scholz © Juergen Nowak / Shutterstock (L-R) Lindner, Habeck and Scholz © Juergen Nowak / Shutterstock Berlin has agreed plans to subsidise up to 10GW of hydrogen-ready gas power plants and “dismantle” construction and operation barriers for electrolysers. Updated below*.Chancellor Olaf Scholz, Economics Minister Robert Habeck and Finance Minister Christian Lindner...
Norwegian electrolyser maker Nel saw its losses shrink in the first quarter of 2024 — mainly buoyed by NKr96m ($8m) of extra revenue from a renegotiated deal with truck manufacturer Nikola. Nel had originally signed a supply agreement with Nikola in 2018, which included a firm purchase order of 85MW of electrolysers and refuelling equipment for the latter’s Phoenix Hydrogen Hub in Arizona. However,...
Canary Media thanks Verdagy for its support of the Clean Hydrogen series. Should our clean energy future rely more on electrons or on molecules? That’s the question at the core of the battle over clean hydrogen, a potential fossil-fuel substitute that burns without emitting carbon dioxide. Right now, the vast majority of the world’s energy comes from molecules — dirty ones. They’re the...