A Difficult Choice – Who Will Be Around to Support Your Hydrogen Investment?

Key Points

In our work on EVs last week, we noted that survivability for the weaker players in the group may come down to production cost efficiency versus brand or design. Fabrication cost is key for electrolyzers also.
Picking winners today is challenging because many technologies are too similar, and even those that offer better operating economics may not get enough business to stay alive if they cannot also offer low installed costs.
Future support is critical for a process needing substantial maintenance and equipment upgrades periodically, so choosing the technology that will survive rather than the company makes things more challenging.
Some projects, including those that have locked in electrolyzer supplies are stalling, more in the US than Europe, and some are already canceled. Independent projects may not have the cash flows to honor equipment orders.
We look at some varied projects – blue, green, and waste to hydrogen – and some of the ammonia plans that are moving forward, especially from CF industries. We also comment on PPAs.

Exhibit 1: This is not an exhaustive list (there may be a new entrant today!)