In 2024, the clean energy sector is experiencing a significant surge in momentum, buoyed by substantial backing from major economies and venture capitalists propelling the advancement of green hydrogen technology.
Recent months have witnessed a notable spike in interest and investment in green hydrogen business.
At the forefront of this innovative wave lies green hydrogen, a pioneering technology heralding the production of net-zero, clean fuel. This escalating trend is fueled by several innovations in green hydrogen technology, according to GlobalData.
The mounting interest in green hydrogen is growing, underscored by significant developments across various regions. In India, projects valued at $2 billion have received clearance, with plans to invest up to $12 billion in the upcoming years dedicated to green hydrogen production. Similarly, Italy has allocated a substantial $1.1 billion fund specifically for the establishment of electrolyzer factories crucial to green hydrogen processes.
In alignment with this global momentum, Morocco has designated 1 million hectares of land for green hydrogen production. This surge is further amplified by significant venture capital investments, with prominent investors such as TPG Capital and Temasek injecting multimillion-dollar funds into green hydrogen startups in recent months. These developments underscore a burgeoning global interest in green hydrogen, driven by both governmental initiatives and private sector investments.
Sourabh Nyalkalkar, Practice Head of Innovation Products at GlobalData, remarks, “The evolution of hydrogen production technologies signifies a significant shift from carbon-positive to net-zero carbon solutions.”
“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.”
“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. This progression underscores a concerted effort towards sustainable and environmentally friendly hydrogen production methods,” Sourabh Nyalkalkar said.
Key players in green hydrogen production technology, including Toshiba, Panasonic, and Topsoe, are leading the innovation in photocatalyst electrodes. These industry leaders are expanding their focus beyond traditional materials like titanium and zinc, aiming to develop highly efficient electrodes capable of facilitating electrochemical reactions for hydrogen production.
Major players are securing contracts from public entities to establish hydrogen production facilities. For instance, Panasonic received orders from Greater Manchester, while Topsoe secured projects from the Australian government, supplying technology crucial for green hydrogen production.
In the first quarter of 2024 alone, leaders in the photocatalyst electrode startup landscape monitored on Technology Foresights, including Sunfire, Ohmium, and Verdagy, have raised nearly $500 million from top-tier venture investors.
Baburajan Kizhakedath