Neom Green Hydrogen Company (NGHC) has recently announced a significant milestone in the field of green hydrogen. NGHC secured financial close on the world’s largest green hydrogen production facility, valued at a staggering $8.4 billion. The facility, currently under construction in Oxagon, Saudi Arabia, is expected to commence large-scale production of green ammonia in 2026. NGHC has successfully signed financial agreements with 23 banks and investment firms, solidifying its financial backing. Moreover, NGHC has finalized an engineering, procurement, and construction (EPC) agreement worth $6.7 billion with Air Products. As part of the deal, NGHC has also secured an exclusive 30-year off-take agreement with Air Products for all the green ammonia produced at the facility. This strategic collaboration is poised to unlock the economic potential of renewable energy across the value chain.
US Department of Energy Funds Clean Hydrogen Projects
The US Department of Energy (DoE) is taking strides to advance clean hydrogen technologies. Allocating $42 million, the DoE aims to fund 22 projects across 14 states. The projects will focus on various aspects of clean hydrogen production, storage, and deployment. This includes the development of solar fuel technologies, demonstration of efficient hydrogen storage methods, cost reduction of hydrogen fuel cells for transportation, and improvement of hydrogen emissions detection and monitoring. Additionally, community concerns regarding hydrogen emissions and safety will be addressed as a priority. The DoE’s funding underscores the commitment to drive innovation and progress in the clean hydrogen sector.
EEX Launches World’s First Market-Based Hydrogen Index
The European Energy Exchange (EEX) has introduced an innovative tool that is set to revolutionize the green hydrogen market. Known as HYDRIX, it is the world’s first market-based hydrogen index. HYDRIX provides traders and stakeholders with crucial information on traded prices for green hydrogen, thereby ensuring price transparency and fostering a vibrant market environment. The index will be calculated weekly and published on the EEX Transparency Platform every Wednesday at 4 p.m., denoted in euros per megawatt-hour. This market-based hydrogen index is a significant step towards creating a robust and efficient trading system for green hydrogen.
Germany’s Efforts in Gas and Hydrogen Storage
In Germany, the Initiative Energien Speichern (INES) has launched an interactive map that serves as a comprehensive database for gas and hydrogen storage facilities. The tool features information on 23 large underground storage facilities, with many hydrogen projects currently in the planning or implementation stage. To achieve its ambitious 2030 hydrogen targets, Germany aims to convert eight existing gas storage facilities from natural gas to hydrogen. This conversion is crucial to augment the nation’s current gas storage capacity, ensuring a smooth transition towards a hydrogen-based economy.
Austria’s Innovations in Hydrogen Storage
RAG Austria has unveiled a pioneering demonstration facility aimed at advancing hydrogen storage capabilities. This facility employs water electrolysis, converting solar energy into green hydrogen, which is then stored in an underground natural gas reservoir. The purpose of this customized demonstration facility is to produce hydrogen by 2025 and store it underground for future use as a reliable material or energy source. The stored hydrogen could be utilized to supply electricity and heat through hydrogen power plants, ensuring a secure and sustainable energy supply in the region.
Renova Selects H2X Global for Hydrogen-Powered Trucks
Renova, a prominent waste management company in Gothenburg, Sweden, has chosen H2X Global as the supplier for a fleet-wide contract to acquire hydrogen fuel-powered commercial trucks. The contract, valued at up to SEK 240 million ($22.9 million), encompasses vehicles in various categories, including the 18 and 26-tonne classes. Renova Group, which is collectively owned by 10 municipalities in western Sweden, made this decision in line with their commitment to sustainable transportation solutions. H2X Global’s hydrogen-powered trucks will contribute to reducing emissions in the transportation sector and drive the transition towards a cleaner and greener future.
These recent developments highlight the significant progress being made in the field of green hydrogen. From the construction of the world’s largest green hydrogen production facility in Saudi Arabia to the funding of clean hydrogen projects by the US Department of Energy, various initiatives are pushing the boundaries of renewable energy and sustainable solutions. The launch of the market-based hydrogen index by EEX and the efforts in gas and hydrogen storage in Germany and Austria further emphasize the importance of infrastructure and trading mechanisms to support the growth of the green hydrogen sector. With collaborations between industry leaders and a focus on innovation, green hydrogen is positioned to play a pivotal role in the global energy transition, offering a clean and sustainable alternative to conventional energy sources.
