As the global community transitions to net zero carbon emissions, the hydrogen story will only heat up. In fact, by 2028, the hydrogen generation market could be worth up to $244.04 billion, as noted by Verified Market Research. That’s substantial news for companies such as Jericho Energy Ventures (TSXV:JEV)(OTC:JROOF), Plug Power (NASDAQ:PLUG), Ballard Power (NASDAQ:BLDP), Bloom Energy (NYSE:BE), and Fuel Cell Energy (NASDAQ:FCEL).
“Government regulations for desulfurization and greenhouse gas emissions are the major factors that propelling the market growth. Greenhouse emissions are increasing globally, primarily due to the consumption of fossil fuels and industrialization. Emissions of greenhouse gases, such as carbon dioxide (CO2), nitrous oxide, and methane, are responsible for the rising global temperature, which has increased by around 1° C since the last century. The US, European Union, Russia, and China collectively account for 65% of the global emissions. Among these, the US alone accounts for 25%.”
Top Companies That Could Benefit from Hydrogen Boom
Jericho Energy Ventures just announced its wholly owned subsidiary, Hydrogen Technologies has an agreement in principle with Wales, UK-based UnitBirwelco to provide engineering support, procurement, manufacturing, and fabrication related to its cleanH2steam DCCTM boiler.
Founded in 1902, UnitBirwelco is an internationally recognized engineering, procurement, and construction management firm with specific expertise in thermal equipment including complex, high-temperature systems, projects, and capabilities operating primarily within the power, energy, oil & gas, pharmaceutical and chemical & petrochemical sectors.
“UnitBirwelco’s long-standing and respected expertise in manufacturing thermal equipment gave us great comfort in selecting them to produce our initial cleanH2steam DCC boilers. They have completed highly engineered and technically challenging projects around the world in many of the same industries HTI has focused on for its cleanH2steam DCC. With their commitment to safety, the highest standards of quality and the environment, our organizations share in the same underlying values,” Brian Williamson, CEO of JEV stated.
Cy Wilkinson, CEO of UnitBirwelco, stated, "After establishing a long-term strategy for sustainability and achieving carbon negative status, UnitBirwelco Limited are pleased to partner with Jericho Energy Ventures to provide the engineering support, procurement, manufacturing, and fabrication related to its cleanH2steam DCCTM boiler. UnitBirwelco’s experience in boilers, heat exchangers and thermal equipment fits perfectly with this project and this venture is the first step in our global collaboration. The innovative desire of Jericho in their acquisition of HTI shows leadership in the clean energy sector - we’re excited to be part of what we expect will be a long-lasting alliance."
HTI’s go-to-market strategy aims at decarbonizing the nearly $30bn Commercial & Industrial heating sectors and bringing on a manufacturing partner is the first step in successfully scaling up the business to meet the ever growing demand for our hydrogen-based boiler solution.
Plug Power, a leading provider of turnkey hydrogen solutions building the global green hydrogen economy, announced an expansion of the relationship with Universal Hydrogen Co., a pioneer in hydrogen aviation. The companies’ previously announced a partnership to develop a fuel cell-based hydrogen powertrain for regional aircraft. The recent minority investment by Plug Power will enable Universal Hydrogen to complete the construction of a subscale aircraft powertrain by Q2 2021. In addition to this strategic investment, the companies further agreed to a global offtake relationship that will see green hydrogen become cost-competitive with jet fuel by 2025. Plug Power is an innovator and a leader in the green hydrogen economy, with over 40,000 fuel cell systems, 150 fueling stations deployed globally, and dispensing more than 40 tons of hydrogen daily. The company also has a comprehensive solution for generating green hydrogen including its leading electrolyzer technology and liquefaction capabilities.
Ballard Power announced that the Company’s proton exchange membrane (PEM) fuel cell technology and products have now powered Fuel Cell Electric Vehicles – or FCEVs – in commercial Heavy- and Medium-Duty Motive applications for an industry-leading cumulative total of more than 75 million kilometers on roads around the globe. Ballard PEM fuel cell technology and products – with the 8thgeneration power module launched in 2019 – have been integrated for many years into FCEVs to provide zero-emission power for vehicle propulsion in over 20 countries around the world. This includes more than 3,400 fuel cell electric buses and commercial trucks. Approximately 80% of the more than 75 million kilometers has been achieved in FCEVs deployed in China, with the remaining vehicles deployed in Europe and North America.
Bloom Energyannounced financial results for its fourth quarter and full year that ended December 31, 2020. KR Sridhar, founder, chairman, and chief executive officer, Bloom Energy, commented: “2020 was a year unlike any other in modern history as we dealt with the dual challenges of the COVID-19 global pandemic and an uncertain economy. Yet, Bloom Energy’s management team and employees proved resilient in executing our business plan, delivering strong financial performance, solid operating results and significantly improving our balance sheet. We are well-positioned for growth as we implement our technology road map and build applications for the Bloom Energy Server that solve critical energy problems like resiliency, reducing carbon emissions and costs. As we enter 2021, there are many positive developments. The Biden Administration is embracing proactive climate change policies and continuing a low-interest environment while focusing on critical infrastructure investments that fit well with our strategic approach. And, beyond the United States, there is significant momentum in Asia and opportunities to grow in other markets around the world. We believe our work in 2020 provides a spring board for success in 2021 and beyond.”
Fuel Cell Energy, a global leader in fuel cell technology—with a purpose of utilizing its proprietary, state-of-the-art fuel cell platforms to enable a world empowered by clean energy—reported financial results for its first quarter ended January 31, 2021 and key business highlights. “During the first quarter, we strengthened our balance sheet by raising capital, paying down debt and executing against our core business backlog,” said Mr. Jason Few, President and CEO. “We are excited to announce that we made tangible progress in our decarbonization development efforts by producing hydrogen with our solid oxide electrolysis platform at our headquarters in Connecticut. Additionally, we continued to advance our joint research with ExxonMobil Research and Engineering Company (“EMRE”) on fuel cell carbon capture solutions.”
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