will be invested in HTOO’s projects, 2021-2025
HTOO plans to produce 20,000+ tons of green hydrogen annually by 2025
Over 2 tons of green hydrogen can be produced per year by HTOO’s HEVO-SOLAR product
The Path to Drawdown: Fuel Cells
Internal combustion engine vehicles have dominated the transport and automotive landscape since the 1920s. But today, that landscape’s changing. Thanks to supportive policies and declining costs, there are millions of electric vehicles (EVs) on the road.
What once used to be an obstacle for EVs - the question of how far the car can travel on a single charge - is now much less of a concern. The average range of a battery electric vehicle produced in 2020 is about 217.5 miles, up from 124 miles in 2015.
While electric passenger cars and vans can be powered using lithium-ion batteries, there are other segments in the transportation sector that are more energy-intensive and harder to decarbonize: long-haul transport, shipping, and aviation. For these segments, hydrogen fuel cells will play an important role.
Hydrogen is an energy carrier that can be produced by using electricity to split water into hydrogen and oxygen atoms. Green hydrogen is the process of obtaining hydrogen by using renewable power, which directly displaces “brown” hydrogen, which is produced from processes powered by fossil fuels. If the world is to keep temperature increases below 1.5°C, green hydrogen needs to account for 12% of final energy use by 2050 (p. 24). And for this to happen, global electrolyser capacity - that’s the system that breaks down water molecules into hydrogen - needs to expand rapidly:
- 0.3 GW of electrolyser capacity exists today
- 5,000 GW of capacity will be needed by 2050
That’s a CAGR of 39.8% between 2021 and 2050
Fusion Fuel Green PLC (stock ticker: HTOO) produces hydrogen and hydrogen generators for clients that operate their own green hydrogen plants. They also provide operational and monitoring services of green hydrogen plants using fusion fuel hydrogen generators. They’re headquartered in Dublin, Ireland, and serve customers in Southern Europe and Morocco.
HTOO's Role in Drawdown
Fusion Fuel Green is still a pre-revenue company that’s in the stage of developing a unique technology for producing green hydrogen. This technology (p. 30) uses solar energy to split water molecules into hydrogen and oxygen through a proprietary photon-electrochemical process. Because this process doesn’t generate carbon emissions, with oxygen as its only byproduct, the hydrogen energy it generates is “green.”
Fusion Fuel’s subsidiary, Fusion Fuel Portugal, is well-positioned to begin producing their proprietary green hydrogen generator (p. 29) that can be integrated in a concentrated PV system. They received a grant of 4.3 million euros from the Portuguese government to this end in August 2021.
They expect their hydrogen generator to be a leading product in the industry for generating green hydrogen and to be competitively priced with brown hydrogen in Europe.
HTOO: What We Like
While Fusion Fuel hasn’t made any sustainability information available yet, we’re excited about their projection that their green hydrogen generator will help avoid over 250,000 tons of CO2 emissions annually by 2025.