The Hydrogen Council, whose 60 members represent total revenues of nearly $2.9 trillion and close to 4.2 million jobs, recently joined forces with European Investment Bank, to finance hydrogen projects. The council thinks it will require $20 to $25 billion in annual investments during the next decade.
The council’s goal is not to diminish the importance of investments in battery operated vehicles technology or lower carbon fuels, but believes large scale capital investments also need to go into developing other ways to power vehicles.
For example, China has made battery operated vehicles development and production a primary objective of its “Made in China 2025” initiative. With the help of the government, it already makes nearly half the world’s electric vehicles today and aims to dominate that sector over the next five years.
The drawback of battery operated vehicles are driving range, lengthy charging time and recycling of spent batteries many of which end up in landfills. Hydrogen fuel cell vehicles, on the other hand, can cover similar distances, but drivers can gas up with hydrogen.
Automakers are investing heavily in hydrogen as well. Hyundai, the South Korean auto giant, already devotes $6.3 billion to fuel cell technology and plans to ramp up production from 3,000 units per year to 40,000 by 2022.
Washington-based truck manufacturer Kenworth is developing 10 zero-emissions Kenworth T680s powered by Toyota hydrogen fuel cell electric powertrains. In April Toyota and Kenworth unveiled the jointly developed fuel cell electric heavy-duty truck, the result of a collaboration with the California Air Resources Board and the Port of Los Angeles. The trucks will be used at the Ports of Los Angeles, throughout the Southern California and Central Coast areas, and in Merced County.
“One of the benefits of FCEVs is that hydrogen uses a fueling infrastructure that’s similar to conventional trucks. This means that FCEVs could be refuelled at existing truck stops across the country and the fueling experience would be similar. A truck can be filled with hydrogen in less than 15 minutes,” Patrick Molloy at Rocky Mountain Institute, Denver wrote.
Nikola Motors, a U.S. maker of hydrogen trucks, claims its vehicles can get up to 15 mpg, well above the average 6.4 mpg for a diesel truck. Nikola Motors, based in Phoenix, just announced, it launched a roadmap for 700 fueling stations across our country.
Now that hydrogen technology is growing in acceptance, it is starting to scale up, reduce production costs, and accelerate infrastructure and research.