GOTHENBURG, Sweden, July 10, 2024 - SKF and voestalpine Wire Technology, a subsidiary of the leading steel and technology group voestalpine, have successfully produced the first prototype bearing made from steel that contains hydrogen direct reduced iron (H-DRI). This represents a breakthrough in the efforts to decarbonize bearing production as H-DRI is a low emission alternative to conventional iron ore-based steelmaking and one of the important methods to make steel sustainable in the future.

The maritime shipping industry is at a pivotal point, facing increasing pressure to reduce its carbon footprint and transition to sustainable energy sources. Ammonia, specifically in the form of NH₃, is emerging as a highly feasible fuel option for maritime shipping, largely due to its capacity to utilize green hydrogen. As market analysts delve deeper into the potential of ammonia, several factors underscore its viability and the transformative impact it could have on the industry.

The energy sector has been experiencing a transformative shift over the past decade, marked by an increasing emphasis on renewable energy sources. However, amid this shift, biofuels find themselves in a precarious position, squeezed by the rapid advancements and growing investments in hydrogen, wind, and solar energy. Once hailed as a promising alternative to fossil fuels, biofuels are now facing significant challenges that are stalling their progress and development. Biofuels, derived from organic materials such as plant biomass, algae, and waste, were initially seen as a sustainable way to reduce carbon emissions and reliance on crude oil.

Clean hydrogen, touted as a cornerstone of a future low-carbon economy, remains stunted by the formidable hurdle of high production costs. Despite its promise of reducing greenhouse gas emissions and providing a sustainable energy alternative, the economic barriers have impeded its widespread adoption and commercial viability. This persistent issue stems primarily from the intricate and expensive processes required to produce clean hydrogen, particularly green hydrogen, which is generated through electrolysis powered by renewable energy sources.

Hydrogen, often termed the fuel of the future, stands at the forefront of the global energy transition. As the world grapples with the imperative to reduce carbon emissions and combat climate change, hydrogen emerges as a pivotal player, offering a clean, versatile, and sustainable energy solution. Unlike traditional fossil fuels, hydrogen, when used as an energy vector, emits only water vapor, making it an environmentally benign option. Its potential to revolutionize energy systems across multiple sectors—transportation, industry, and power generation—underscores its significance in the quest for a greener future.

Key Business Models for Electrolyzer Firms in Green Hydrogen Projects Electrolyzer firms play a crucial role in the emerging green hydrogen industry by providing the technology necessary to produce hydrogen from renewable energy sources. As the demand for green hydrogen grows, these firms need to adopt robust business models that can sustain long-term growth and profitability while contributing to the decarbonization of various industries. One viable business model for electrolyzer firms is to develop and license their proprietary technologies to other companies.

Plug Power Inc. (NASDAQ: PLUG), a global leader in hydrogen solutions for the green hydrogen economy, began commercial operations of its electrolytic hydrogen facility in Woodbine, Georgia, earlier this year. The company plans to leverage the benefits of the Inflation Reduction Act’s (IRA) Section 45V Credit for the Production of Clean Hydrogen (PTC) in its upcoming financial reports. Plug will be one of the first U.S. producers of clean hydrogen to utilize this new incentive, which was enacted by Congress and signed by President Biden.

Sungrow Hydrogen has recently secured the bid for the China Energy Engineering Corporation (CEEC) Songyuan Hydrogen Energy Industrial Park project in Jilin, China. This project, recognized as the world’s largest integrated green hydrogen, ammonia, and methanol production facility, represents a significant milestone in the industry. Sungrow Hydrogen’s 1000Nm³/h ALK hydrogen production system will be a key component of this groundbreaking venture. The CEEC Songyuan Hydrogen Energy Industrial Park project is among the initial batch of “Green and Low-carbon Advanced Technology Demonstration Projects” endorsed by the China National Development and Reform Commission (NDRC).