Paul Rodden • Season: 2024 • Episode: 315
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Welcome to The Hydrogen Podcast!
In episode 315, Electric hydrogen gets a massive investment, Bloom looks to artificial intelligence to get even better, and Ohmium joins forces with HYGRO in the Netherlands. It’s a big news day and I couldn’t be more excited. I’ll go over the press releases and give my thoughts on today’s hydrogen podcast.
Thank you for listening and I hope you enjoy the podcast. Please feel free to email me at info@thehydrogenpodcast.com with any questions. Also, if you wouldn’t mind subscribing to my podcast using your preferred platform… I would greatly appreciate it.
Respectfully,
Paul Rodden
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Transcript:
Electric hydrogen gets a massive investment, Bloom looks to artificial intelligence to get even better, and Ohmium joins forces with HYGRO in the Netherlands. It’s a big news day and I couldn’t be more excited. I’ll go over the press releases and give my thoughts on today’s hydrogen podcast.
So the big questions in the energy industry today are, how is hydrogen the primary driving force behind the evolution of energy? Where is capital being deployed for hydrogen projects globally? And where are the best investment opportunities for early adopters who recognize the importance of hydrogen? I will address the critical issues and give you the information you need to deploy capital. Those are the questions that will unlock the potential of hydrogen, and this podcast will give you the answers. My name is Paul Rodden, and welcome to the hydrogen podcast.
In a press release on May 9, Electric Hydrogen secures $100M credit facility from HSBC, J.P. Morgan, Stifel Bank and Hercules Capital to decarbonize critical industries at scale. Electric hydrogen announced on May 9 $100M in corporate credit financing to support manufacturing and deployment of their innovative 100MW electrolyzer plants, which enable the lowest cost production of green hydrogen. The funding was led by HSBC, with participation from J.P. Morgan, Stifel Bank, and Hercules Capital.
Electric Hydrogen, headquartered in Natick, MA, is leading critical industries such as steel, fertilizer, shipping and aviation towards decarbonization with its powerful, U.S.-manufactured electrolyzers, designed to deliver the lowest cost green hydrogen on earth. In a quote from Matt Pirlo, Director of HSBC innovation banking. For more than 150 years, HSBC has been supporting businesses as they scale and transform industries worldwide He says Our focus on financing innovative companies like Electric Hydrogen aligns with our mission of providing best-in-class banking services for our clients at every stage of their growth cycle.
Clean technology and sustainability remain top priorities at HSBC, and we are thrilled to support Electric Hydrogen’s deployment of large-scale electrolyzer plants in its mission to decarbonize critical industries. In a quote from Derek Warneke, the company’s CFO This facility marks a step-change in Electric Hydrogen’s access to capital and overall maturity as a business. With credit backing from some of the world’s largest and most well-known banks, we are well positioned to deliver gigawatts of electrolyzer plants in the coming years and enable our customers to meet their decarbonization goals Electric Hydrogen recently announced $65M in total Department of Energy support and $50M in equipment financing from Trinity Capital to scale its U.S. manufacturing at its Devens, MA gigafactory, one of the largest electrolyzer factories in the country.
The gigafactory’s first electrolyzer stacks will be shipped later this year to a customer-sited project in southeast Texas. Electric Hydrogen also announced a 1GW framework supply agreement with The AES Corporation last year. And in a quote from Eric Cohen, head of green economy banking at JP Morgan commercial banking At J.P. Morgan, we are focused on serving companies who are helping decarbonize industries and building the green economy. We are pleased to support Electric Hydrogen in their next phase of growth, as they bring their 100MW electrolyzer plants to customers worldwide. And lastly, in a quote from Greg Peterson, Managing Director of Hercules capital, Given the growing demand for cost-competitive, zero-carbon green hydrogen, we are excited to partner with Electric Hydrogen’s industry-leading team to help accelerate its manufacturing rollout and support deployment of their 100 MW electrolyzer plants. Okay, so electric hydrogen with a massive influx of cash for scaling their products.
Now, I have some close contacts who have worked on electric hydrogens initial projects. And I have to say that I am very impressed with what they’ve achieved so far. And now that electric hydrogen can leverage the financial backing of some of the largest institutions in the world, I would be willing to bet other operators in the hydrogen space will have more opportunity to showcase technology and project deployment to gain financial buy in so with that said, congrats to electric hydrogen on this win… well deserved. Next, in a press release on May 14, C3 AI and Bloom Energy Team Up to Revolutionize Fuel Cell Performance, Service, and Engineering Analytics. the Enterprise AI application software company, and Bloom Energy (NYSE: BE), a leading provider of clean energy solutions, today announced that the companies are working together to implement innovative AI-based solutions to broaden the scope and precision of Bloom’s product monitoring technology.
With the C3 AI Reliability Suite, Bloom Energy will be able to enhance operational excellence, improve reliability, and maximize energy output of their fuel cell servers. AI-based insights will provide timely recommendations to Bloom’s remote monitoring teams to improve fuel-cell server performance. With a gigawatt of installed capacity, Bloom receives and monitors a billion real-time performance data points daily from its energy systems and has advanced the use of data analytics in the energy sector to both monitor and refine fuel cell performance and support new science, research, and technology innovation.
Now, Bloom’s remote engineering teams will use AI recommendations, alerts, and workflows within the C3 AI Reliability Suite to adjust fuel cell operating parameters that impact cell performance and lifetime, further refining Bloom’s operational excellence. In a quote from Thomas Siebel, Chairman and CEO of C three AIThis collaboration highlights innovation from both C3 AI and Bloom Energy and how we can work toward building the next generation of reliable power.
He continues by saying C3 AI has deep expertise in AI-based reliability applications that help customers improve the overall health and lifetime of advanced equipment. Combining our deep AI application expertise with Bloom’s novel technology stack will enable Bloom to improve operational efficiency and ultimately drive increased customer satisfaction and success. The Bloom Energy platform provides reliable, resilient, and sustainable energy to businesses and communities. Bloom’s fuel cells are based on a proprietary solid oxide technology and operate at high efficiency without combustion allowing for flexible deployment and operating customization based on a combination of cost, resilience, and sustainability considerations.
And a quote from KR Sridhar, founder chairman and CEO of Bloom Energy, We are committed to driving innovation, reducing costs, and maximizing the potential of our fuel cell platform to deliver world class solutions to our customers. This collaboration marks another step towards delivering on our vision to make clean, reliable energy affordable to everyone in the world. With the help of AI, Bloom can further enhance its projects to design for customer needs and continue delivering world class energy solutions. The C3 AI Reliability Suite allows customers like Bloom to leverage AI to achieve higher rates of asset utilization while retaining intellectual property and avoiding pitfalls associated with other AI models. Okay, so bloom leveraging AI for development and deployment of their fuel cell technology. Now, even before this AI application, the bloom fuel cell was one of the best on the market, and now leveraging AI to further refine development.
It’s just one of those factors that, in my opinion separates the companies that will lead the hydrogen economy and be the top tier of in this case, fuel cell development. And lastly, on a press release on May 15. Ohmium Collaborates with HYGRO for 5.4MW Green Hydrogen and Wind Turbine Pilot Project in the Netherlands. Ohmium International, a leading green hydrogen company that designs, manufactures, and deploys advanced Proton Exchange Membrane (PEM) electrolyzers, is launching a collaboration with HYGRO, a Dutch provider of green hydrogen, beginning with a new hydrogen production and distribution project in North Holland. The innovative pilot project will pair Ohmium PEM electrolyzers with HYGRO wind turbines at the EWEF Wind Park in Wieringerwerf, producing green hydrogen for distribution to fueling stations throughout the region.
The wind turbines will also be directly connected to the electricity grid. Co-locating the PEM electrolyzers with the wind turbines enables stable, consistent and reliable electricity supply to the grid, despite fluctuating wind conditions. The pilot project, launching in 2025, is for 5.4MW of PEM Electrolyzers, with potential for future expansion. Ohmium and HYGRO share complementary technologies and synergistic goals. Ohmium’s PEM electrolyzers and electrochemical solutions are designed for industry and transportation applications, while HYGRO aims to develop a competitive integrated hydrogen production and distribution system, leveraging its iBundle and pulsed power technologies for a “wind & solar to wheel” value chain. In a quote from Arne Ballantine Ohmium CEO Ohmium shares HYGRO’s vision for an integrated green hydrogen supply chain to foster a sustainable and fossil free future.
The HYGRO team is very focused on resolving key challenges with green hydrogen distribution, which will be very powerful for the Netherlands and the European Union. They are well down the road toward making this vision a reality and we are excited to play a role in creating that ecosystem. And in a quote from Hugo Groenemans HYGRO CEO, Ohmium’s PEM electrolyzers and cutting-edge power electronics enable integration directly with HYGRO’s wind turbines for streamlined, efficient and affordable green hydrogen production. We are looking forward to working together to build the sustainable energy supply chain throughout the Netherlands. Okay, so Ohmium and HYGRO on a great collaboration in the Netherlands. Now, the Netherlands is slotted to be one of the if not the busiest hydrogen hubs in the world, and dozens of projects are already poised to be in the area. Now, it’s anyone’s guess as to which of these projects will actually be developed.
But the demand in Europe is looking to be heavy enough that all of these sites plus imported hydrogen may not be enough to meet that expected demand. Now, obviously, only time will tell. But the initial 5.4 megawatts of capacity on this project is sure to help.
All right, that’s it for me, everyone. If you have a second, I would really appreciate it. If you could leave a good review on whatever platform it is that you listen to Apple podcasts, Spotify, Google, YouTube, whatever it is, that would be a tremendous help to the show. And as always, if you ever have any feedback, you’re welcome to email me directly at info@thehydrogenpodcast.com. So until next time, keep your eyes up and honor one another. Hey, this is Paul. I hope you liked this podcast. If you did and want to hear more. I’d appreciate it if you would either subscribe to this channel on YouTube, or connect with your favorite platform through my website at www.thehydrogenpodcast.com. Thanks for listening. I very much appreciate it. Have a great day.
