Before you’ve even had the chance to put your foot on the pedal of an electric car, there’s a “new” car on the block with some credible and widespread competition.
There’s a growing demand for fuel cells by Plug Power Inc., and this U.S. based company is in the driver’s seat.
“A hydrogen fuel cell is an electrochemical power generator that combines hydrogen and oxygen to produce electricity, with water and heat as by-products. Simply put, hydrogen fuel cells form energy that can be used to power anything from commercial vehicles to drones.” –Plug Power
“Plug Power Inc. (NASDAQ: PLUG), a leading provider of hydrogen engines and fueling solutions enabling e-mobility, joins other transportation, gas, and utility industry executives to promote the formal launch of the McKinsey study titled ‘Road Map to a US Hydrogen Economy’.” -Plug Power
Five major segments in the McKinsey report have been identified where hydrogen fuel can have a positive impact on the economy including;
-power generation, and
-power grid balancing,
-fuel for industry, feedstock, and
-fuel for residential and commercial buildings.
Believe it or not, PLUG has been innovating for twenty years, the country’s largest user of liquified hydrogen and has more refueling stations than anyone in the world.
This is an industry projected to generate $140 billion in revenue and 700,00 jobs by 2030 and $750 billion, and 3.5 million jobs, and a reduction of CO2 by 14% by 2050.
And it’s 100% domestically produced.
There are currently 35,000 vehicles with over 580 million hours at work resulting in real reductions in CO2 emissions equaling 6.7 million pounds just this year.
Long-haulers travel 180 billion miles a year in the U.S. and there’s an obvious advantage to filling up with hydrogen as opposed to sitting for fours waiting to recharge your batteries.
Bottom Line: Is there a future for fuel cells? At this point in time, the cost of hydrogen-based fuels is expensive. The cost of batteries has been significantly reduced in recent years as money has been pumped into the technology due to a variety of issues most significantly being political and environmental.
It’s worth noting that the first autos were battery-powered, so there’s a wealth of history, compared to the relatively young fuel cell technology. But this play by PLUG is much broader than just the automotive industry.
The BLI Staff