On October13, 2023 the U.S. Department of Energy (DOE) announced $7 billion to launch seven Regional Clean Hydrogen Hubs (H2Hubs) across the nation and accelerate the commercial-scale deployment of low-cost, clean hydrogen—a valuable energy product that can be produced with zero or near-zero carbon emissions.
This announcement highlights what likely is one of the largest investments in clean energy manufacturing in history. This transformative Federal investment will be matched by recipients to leverage a total of nearly $50 billion to strengthen local economies, create and maintain high-quality jobs and slash carbon emissions. In addition to positioning America to be a global leader in emerging clean energy industries, the H2Hubs will help propel industries that may lack the capital that the private sector cannot provide.
Clean hydrogen is a flexible energy carrier that can be produced from a diverse mix of domestic clean energy resources, including renewables, nuclear, and fossil resources with safe and responsible carbon capture. It could also be used as a form of long-duration energy storage to support the expansion of renewable power much in the same way battery storage would be utilized. The creation of these strategically placed hubs will allow this infrastructure to blossom in areas that are heavier in industry and population.
With H2 Future Power being positioned in Southeastern Wisconsin, we have the good fortune of being located between two of the seven proposed hubs. The first being the Midwest Hydrogen Hub (Midwest Alliance for Clean Hydrogen (MachH2); focused around the Chicago and surrounding areas. The second being the Heartland Hydrogen Hub involving Minnesota, North Dakota, and South Dakota. The dept of Energy's $7 billion of Federal investment in clean hydrogen will be met with the H2Hubs selectees’ cost share of more than $40 billion nationwide. Together with tax incentives and ongoing research and development efforts across the Federal government, this announcement should help drive the private sector investment in clean hydrogen.
As a company, we are looking to grow our operations in the fields of sustainable electricity generation and EV charging. Having ready access to multiple clean Hydrogen sources will not only help drive down the equipment costs it will also help drive down the operational costs as well. We are excited for the what the future may hold in this industry and to where this industry may go to benefit not only the current generations, but future generations as well.
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