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SHOVEL -READY HYDROGEN?

Alot of people have been buzzing about the U.S. government’s recent passing of the Inflation Reduction Act (IRA) of 2022, specifically the part that dedicates some $374 billion to climate- and energy-related measures. These include everything from expanding tax credits for electric vehicles (both light and heavy duty) to significant support for renewables, aka, wind and solar power generation.

Those last two are considered lynchpins to the development of a “green” hydrogen infrastructure, which relies on renewable energy to power the electrolyzers that do the voodoo to create hydrogen from water. Currently, most hydrogen is produced from natural gas and is labeled “blue” or “gray,” depending on whether or not the carbon atom that is part of methane (officially natural gas is methane, chemically CH4, meaning it’s one molecule of carbon and four of hydrogen) is captured (blue) or nefariously let loose in the atmosphere (gray).

It’s hard to dispute that it’s probably a good idea to expand the renewable energy infrastructure, especially if it does facilitate increased availability of hydrogen. Just don’t hold your breath on how quickly it will actually happen.

Historically, it takes a long time for even torrents of government money to actually make things happen. After the cash is distributed, every wind farm or solar park will go through interminable rounds of land acquisition, environmental reviews, permitting, etc., etc. Those typically add years to just about any project these days. The same will likely be true for electrolyzer installations.

Still, the enthusiasm takes me back to 2008, when at the beginning of the Great Recession, the federal government promised to ride to the rescue with millions of “shovel-ready jobs.” That didn’t quite work out as advertised and I suspect some people are still looking for their shovels.

I hope the IRA does kick-start the growth of a hydrogen infrastructure because the reality is that H2’s first, best destiny could be as a fuel for internal combustion engines.

Nearly all of the world’s engine manufacturers are developing H2 engines and some may reach production as soon as next year. Along with that, as you’ll read elsewhere in this issue, European regulators appear poised to classify H2 engines as “zero emissions,” something that could give a whole new lease on life to engines and give fuel cells a little more time to establish their bona fides to the markets.

For that to happen however, there needs to be hydrogen available and thus the IRA is a good thing. Just don’t expect it to happen by the middle of next year.

And don’t bring any shovels.

Mike Brezonick mike.brezonick@khl.com

THE DIESEL PORTFOLIO

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