Hydrogen is primarily seen as a substitute fuel for diesel to power heavy vehicles over long distances. It is intended to help reduce CO2 emissions and emissions in cities.
The targets clearly show that hydrogen will remain a strong growth area over the next decade, from which many companies will benefit.
1. Plug Power takes on new capitalOne of them is Plug Power, whose share has already risen sharply. Nevertheless, the company wants to expand further in the coming years, for which it needs capital. Most recently, for example, it announced that it would build five hydrogen production plants in the USA.
Two of them are likely to start operating as early as 2022 and the others in 2024. In the USA, too, hydrogen is to be used primarily for the transport and logistics sector. Nevertheless, Plug Power has not yet made any profits and therefore has to raise new funds on a regular basis.
The company recently raised $ 1 billion from investors for additional projects and to secure funding. However, they are more than willing to help because they expect Plug Power to be profitable in the foreseeable future.
“We are very pleased with the response from institutional investors and with the market leading to a substantial increase in capital. This means that Plug Power is ideally positioned to accelerate the growth of the green hydrogen economy in the USA and around the world, a task that we wholeheartedly accept, ”said Plug Power’s CEO Andy Marsh.
2. Everfuel opens up Norway
The Danish company Everfuel was created by a spin-off from Nel and would initially like to set up hydrogen filling stations across Europe. To this end, it has now taken over 51% of H2FuelNorway from Nel Hydrogen for around 2.5 million euros.
As a result, the company name will change to Everfuel Norway Retail. A further expansion of the participation is very likely in the future. Everfuel and Nel want to promote the development of a hydrogen filling station network in Norway.
“We are looking forward to building the strong momentum created by H2Fuel and developing a profitable growth market for green hydrogen in Norway that enables emission-free mobility.
This is Everfuel’s key target in Norway and closely related to our recently announced H2CO acquisition. These two transactions make Everfuel the largest Norwegian hydrogen distributor, ”said Everfuel’s CEO Jacob Krogsgaard.
3. Norway is planning to use H2 ferries
Another application area for hydrogen and fuel cells is in ships. Norway would like to rid its fjords of exhaust gases in the coming years and is therefore now building hydrogen ferries.
DFDS, ABB, Ballard Power Systems Europe, Hexagon Purus, Lloyd’s Register, KNUD E. HANSEN, Ørsted and Danish Ship Finance have teamed up for this project. The project also hopes for additional support from the EU.
The completed ferry, which will be used between Oslo, Frederikshavn and Copenhagen from 2027, should be able to transport around 1,800 people and 120 trucks or 380 cars at the same time. The drive power is expected to be 23 megawatts.
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Christof Welzel owns Plug Power shares. The Motley Fool has no position in any of the stocks mentioned.
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