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These May Be Some of the Top Hydrogen Stocks to Watch in New Year 2022
With countries all over the world pledging to reduce emissions,“Hydrogen would be necessary for the world's largest emitters – the US, China, and Europe – to achieve net-zero climate targets by 2050 - 2060 by decarbonizing hard to abate industries,” says Energy Global. Even better, a nalysts at Goldman Sachs love the hydrogen story, believing hydrogen could be an $12 trillion market by 2030. In addition, the International Energy Agency says the world still needs an investment of $1.2 trillion by 2030 to meet global net zero emission goals. All could be solid catalysts for Jericho Energy Ventures (TSXV:JEV)(OTC:JROOF), Plug Power (NASDAQ:PLUG), Ballard Power (NASDAQ:BLDP), Bloom Energy (NYSE:BE), and FuelCell Energy (NASDAQ:FCEL).
Look at Jericho Energy Ventures (TSXV:JEV)(OTC:JROOF) for example.
Jericho Energy Ventures ' (Jericho), wholly owned subsidiary Hydrogen Technologies (HT), is setting new standards with the world's first zero-emission, closed-loop hydrogen boiler, as part of a revolutionary project with Scottish Whisky Distillery, Bruichladdich , and leading UK-based green hydrogen energy company, Protium , to decarbonize the distillery's operations.
Led by Protium, the demonstration project will see Jericho's innovative boiler solution – the Dynamic Combustion Chamber* (DCCTM) – which leverages best-in-class combustion technology to be installed to heat the stills used to create Bruichladdich's globally renowned Scotch, as well as their artisanal gin, The Botanist, thus removing a major contributor to the brand's overall carbon emissions.
This project marks the first global deployment of the DCC™ following an in-depth feasibility study in early 2021 by Bruichladdich and Protium, the exclusive licensee for the DCC™ in the UK and Ireland. The UK Government has funded part of the project through its Green Distilleries Competition , run by the Small Business Research Initiative, with the project team awarded USD$3.5 million.
Dubbed HyLaddie, the project represents a new era for decarbonization projects, marking one of the first cross-border green hydrogen projects with a team of challenger brands collaborating across the US, Canada, England and Scotland.
Commenting on the project, Brian Williamson, CEO of Jericho, said,“We are thrilled that the inaugural deployment of the DCC™ is with none-other than Remy Cointreau-owned Bruichladdich, one of the most prestigious and progressive distilleries, who shares our vision of forging a sustainable future. We look forward to working with Bruichladdich and the Protium teams to implement the ambitious decarbonization project with our game-changing zero-emission technology.”
“Now that COP26 has come and gone, we expect to see an increase in large corporates and multi-nationals expediting their global decarbonization efforts. I'm really proud to partner with other challenger brands across various jurisdictions so that we can collectively pioneer change while benefitting from international expertise.”
With 30% of the world's greenhouse gas emissions stemming from low, medium, and high-grade heat applications, the decarbonization of thermal operations plays a vital role in achieving global net-zero targets. Green hydrogen solutions enable hard-to-abate sectors, such as the food and beverage manufacturing industry, to reduce their environmental impact - the successful deployment of the DCC™ will provide an example for both commercial and industrial heat-intensive sectors to follow suit.
Douglas Taylor, CEO of Bruichladdich Distillery, comments , “Sustainability is in our DNA and is at the heart of everything we do. Leveraging Jericho's DCC™ technology will have an enormous impact on the success of HyLaddie – a project we are extremely excited about as it can totally transform our approach to sustainability. Many distilleries across Scotland are making serious steps forward in decarbonizing their energy requirements, and we believe that hydrogen has a future in the Scotch industry. We're thrilled to bring a team of experts from the UK and North America together to make our dream of being a net zero company a reality.”
Also commenting on the project, Chris Jackson, CEO of Protium, said , “Protium is delighted to accelerate our work with Bruichladdich to decarbonize their distilling process, working with our partners Jericho Energy Ventures as well as Petrofac and ITP Energised.”
“The drinks sector has been focused on decarbonization, with the Scottish Whisky Association (SWA) targeting net zero emissions across the industry by 2030. Despite this focus, demonstrating viable technologies has been slow, so we believe that the successful deployment of the DCC™ will provide an important precedent for other industries to turn to when exploring options to decarbonize their thermal operations. There's an enormous industry in the US that could benefit from this technology, and I am excited to work with our partners Jericho Energy Ventures to demonstrate how this project could be a blueprint for others in North America to follow suit.”
The announcement of the consortium's hydrogen demonstration project follows a string of decarbonization updates post-COP26 and represents a much-needed gear change in global decarbonization projects, notably with the recent signing of the Bipartisan Infrastructure Bill by the Biden Administration – a move which will designate $9.5 billion towards clean hydrogen programs. Of that sum, $8 billion will be dedicated to at least four regional clean hydrogen hubs, one of which will be dedicated to demonstrating hydrogen use in heating.
The successful demonstration of the DCC™ will open the door not just for other distilleries in the US embarking on their decarbonization journeys, but it will also pave the way for other operators across a variety of industries who are accelerating their net zero activities.
Other related developments from around the markets include:
Plug Power Inc., a leading provider of turnkey hydrogen solutions for the global green hydrogen economy, and Lhyfe, a pioneer producer and supplier of renewable and ecological hydrogen, announced a partnership to jointly pursue and develop green hydrogen generation plants throughout Europe. The initiative seeks to generate a total hydrogen capacity of 300MW by 2025, and to start the development of a 1GW production site. The agreement builds upon the working relationship already established between the two companies earlier this year. In that project, Plug Power's hydrogen electrolyzer technology will provide 1MW of capacity to the world's first offshore hydrogen production facility, developed by Lhyfe and powered by electricity from a floating wind turbine off the coast of Le Croisic, at SEM-REV, Centrale Nantes' offshore test site, which will be operational by 2022.
Ballard Power announced orders for a total of 40 FCmoveTM-HD (70kW) modules for planned deployment in hydrogen fuel cell electric buses (“FCEB”) across Europe in 2022. These FCEBs are being deployed in France, Germany, and the UK. Rouen, France is deploying their first fleet of zero-emission FCEBs powered by Ballard fuel cell technology, and Pau, France is expanding their existing Ballard powered FCEB fleet. There are now four French cities with Ballard fuel cell buses in service or development.
Bloom Energy announced financial results for its third quarter ended September 30, 2021. Commenting on the third quarter, KR Sridhar, founder, chairman, and CEO of Bloom Energy said,“We are excited about our new and enhanced strategic partnership with SK ecoplant, which further validates our technology. It also provides real revenue for the long term and an equity investment in the near term that will enable us to accelerate our growth in our current products and hydrogen electrolyzers around the world. As we look at the challenges of sustainability, resiliency, and cost predictability that our customers face, we are confident that these are not 'either / or' choices. They are“and” propositions, which we are best positioned to solve with our fuel cell technology platform.”
FuelCell Energy signed a six-month extension with ExxonMobil to continue collaboration on carbonate fuel cell technology for the purpose of capturing carbon dioxide from industrial facilities and power generation. The agreement will now continue until April 30, 2022. The parties are discussing an ExxonMobil pilot in Rotterdam, the Netherlands, as well as potentially additional ExxonMobil or third-party locations, to deploy FuelCell Energy's carbonate fuel cell platform to capture carbon dioxide emissions. A decision on the Rotterdam project is expected in 2022, dependent on achieving technical milestones over the next six months. In addition to pilot project deployments, FuelCell Energy and ExxonMobil are discussing the next phase of carbon capture development.
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