Latest global trends clearly point to green hydrogen becoming a key component of a sustainable energy future
SANTA CLARITA, Calif., May 17, 2022 (GLOBE NEWSWIRE) -- NewHydrogen, Inc. (OTC:NEWH), the developer of a green hydrogen generator, today stated that the latest trends point to hydrogen produced from renewable sources becoming a key component of a sustainable energy future, which will likely elevate the need for the Company’s catalyst technology aimed to reduce the cost of producing green hydrogen.
Despite market uncertainty in many sectors, the global push toward realizing a green hydrogen economy remains extremely strong. The war in Ukraine is drawing increased attention to the importance of energy security. The recent IPCC report highlights the critical need to lower global emissions to improve our environment. Now is clearly the time for countries and communities around the world to accelerate the move to green energy.
The European Commission is expected to approve the REPowerEU action plan on May 18, giving a significant boost to Europe's energy independence and positioning Europe to be completely independent from Russian fossil fuels by 2030 following expected approval by the European Parliament and national energy ministers in the EU Council. The White House recently reaffirmed the US commitment to Europe’s energy security and sustainability and to accelerating the global transition to clean energy. These commitments will increase the demand for clean alternative energy sources, including green hydrogen.
“An electrolyzer – the primary component of a hydrogen generator – is still very expensive,” said Spencer Hall, COO of NewHydrogen. “The latest results from NewHydrogen’s sponsored research at UCLA show significant progress toward the goal of producing low-cost green hydrogen by replacing or drastically reducing the use of precious metals in electrolyzers, which represent a significant cost factor.”
“Our team is very excited to be part of this growing worldwide effort to establish hydrogen as a key source of energy,” Hall continued. “Green hydrogen, which is produced with electricity from renewable sources, meets these goals. We believe that lowering the cost of producing green hydrogen will play a critical role as the world shifts away from fossil fuels.”
NewHydrogen is developing ThermoLoop™ – a breakthrough technology that uses water and heat rather than electricity to produce the world’s lowest cost green hydrogen. Hydrogen is the cleanest and most abundant element in the universe, and we can’t live without it. Hydrogen is the key ingredient in making fertilizers needed to grow food for the world. It is also used for transportation, refining oil and making steel, glass, pharmaceuticals and more. Nearly all the hydrogen today is made from hydrocarbons like coal, oil, and natural gas, which are dirty and limited resources. Water, on the other hand, is an infinite and renewable worldwide resource.
Currently, the most common method of making green hydrogen is to split water into oxygen and hydrogen with an electrolyzer using green electricity produced from solar or wind. However, green electricity is and always will be very expensive. It currently accounts for 73% of the cost of green hydrogen. By using heat directly, we can skip the expensive process of making electricity, and fundamentally lower the cost of green hydrogen. Inexpensive heat can be obtained from concentrated solar, geothermal, nuclear reactors and industrial waste heat for use in our novel low-cost thermochemical water splitting process. Working with a world class research team at UC Santa Barbara, our goal is to help usher in the green hydrogen economy that Goldman Sachs estimated to have a future market value of $12 trillion.
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