US government invests $7bn in nationwide hydrogen projects

1 min read
64 views

The US government has embarked on a substantial investment drive into hydrogen energy, committing $7 billion to projects across the country. The initiative involves major companies such as Amazon.com Inc (NASDAQ:)., Exxon Mobil Corp (NYSE:)., and Air Products and Chemicals Inc (NYSE:)., with the goal of leading in this energy source for net-zero emissions by 2050.

Seven projects spread from Pennsylvania to California aim to bolster domestic hydrogen production to 10 million metric tons by 2030, accompanied by an ambitious objective of reducing costs by 80%. The Pennsylvania hub, in collaboration with PBF Energy (NYSE:) Inc. and Air Liquide (OTC:) SA, is set to receive up to $750 million to produce hydrogen using renewable and nuclear energy.

A project in California dedicated to decarbonizing transportation has been allocated up to $1.2 billion. This forms part of a broader strategy to reduce the carbon footprint of the transport sector, which is a significant contributor to greenhouse gas emissions.

In addition, a hydrogen hub covering West Virginia, Ohio, and Pennsylvania has been granted up to $925 million. This project, backed by Senator Joe Manchin and EQT Corp (NYSE:)., aims to harness the potential of hydrogen as a clean energy source in these states.

The Gulf Coast region also features prominently in this initiative. A hydrogen hub based in Houston and backed by Exxon and Chevron Corp. (NYSE:), has been awarded as much as $1.2 billion. This project will focus on developing the region’s capacity for hydrogen production and utilization.

Lastly, a Midwest states’ hydrogen hub, partially powered by nuclear energy and partnered with Exelon Corp (NASDAQ:). and Constellation Energy Corp., was awarded up to $1 billion. This initiative underscores the growing interest in leveraging nuclear power for hydrogen production due to its low carbon emissions.

These investments represent a significant commitment by the US government towards achieving its climate goals. By investing in a diverse range of projects across the country, the government aims to stimulate the development of a robust hydrogen economy and move closer to its net-zero emissions target by 2050.

This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.

Read the full article here

Leave a Reply

Your email address will not be published.

Previous Story

Why Delinquencies Could Spoil The Soft Landing For Banks

Next Story

‘I’m in my peak earning years’: I work full time and will soon turn 67. Should I wait until I retire at 70 to collect my Social Security? 

Latest from Economy