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Green hydrogen gains momentum in 2024 with major investments and innovations

Toshiba, Panasonic, and Topsoe, are spearheading innovation in photocatalyst electrodes. (Image source: Adobe Stock)

Data and analytics firm GlobalData highlights what this year will hold for the future of green hydrogen technology

According to the company, this year is witnessing a significant surge in the clean energy landscape, with major economies and venture capitalists driving the advancement of green hydrogen technology.

This innovative wave is fueled by the rising prominence of green hydrogen—a pioneering technology for producing net-zero, clean fuel—amidst a flurry of interest and investment in recent months.

Technology Foresights, a proprietary framework developed by GlobalData, highlights several high-impact innovations in green hydrogen technology, further propelling this trend.

Globally, the interest in green hydrogen is unmistakable, with significant developments unfolding across various regions, said GlobalData.

In India, projects valued at US$2bn have received clearance, with plans to invest up to US$12bn in green hydrogen production in the coming years. Similarly, Italy has allocated a substantial US$1.1bn fund dedicated to establishing electrolyzer factories crucial for green hydrogen processes.

Morocco is also aligning with this global trend by designating 1 million hectares of land for green hydrogen production, adding momentum to the movement.

Moreover, substantial venture capital investments from leading investors like TPG Capital and Temasek, injecting multimillion-dollar funds into green hydrogen startups, further underscore the growing global interest in this technology.

These developments signify a paradigm shift towards green hydrogen, driven by a combination of governmental initiatives and private sector investments, heralding a promising future for clean energy.

Industry leaders pioneering innovation

Sourabh Nyalkalkar, practice head of Innovation Products at GlobalData, said, “...The industry has transitioned from conventional syngas or methane reforming methods, associated with carbon emissions, to advanced technologies leveraging renewable sources like solar and hydro for hydrogen production. Notably, the innovation radar for green hydrogen highlights emerging technologies such as photocatalyst electrodes and electrochemical water splitting, anticipated to be impactful innovations in the long run.”

Prominent players in green hydrogen production technology, including Toshiba, Panasonic, and Topsoe, are spearheading innovation in photocatalyst electrodes. These industry leaders are pushing the boundaries by expanding their focus beyond conventional materials such as titanium and zinc. Their aim is to develop highly efficient electrodes capable of facilitating electrochemical reactions essential for hydrogen production.

They are not only advancing technology but also securing contracts from public entities to establish hydrogen production facilities. For instance, Panasonic has secured orders from Greater Manchester, while Topsoe has successfully landed projects from the Australian government.

Nyalkalkar added, “The green hydrogen startup landscape is currently ablaze with innovation, attracting substantial investments from prominent stakeholders worldwide. In the first quarter of 2024 alone, leaders in the photocatalyst electrode startup landscape monitored on Technology Foresights, including Sunfire, Ohmium, and Verdagy, have collectively raised nearly US$500mn from top-tier venture investors. This surge in investment and innovation activities suggests a promising future for the industry, prompting stakeholders in the energy sector to stay vigilant.

“To capitalise on this growing momentum, strategic pivots and exploration of new growth opportunities through collaborations and acquisitions are essential for securing a foothold in this rapidly evolving and promising space.”