The green hydrogen market is seen surge at a rate of 33.8%, expanding from $0.58 billion in 2020 to reach $0.78 billion by the end of this year and over $2.94 billion in 2025, according to ResearchandMarkets. Competing technologies are alkaline vs. proton exchange membrane vs. solid oxide electrolysers.
Sunrise Power and Xuzhou Construction Machinery Group (XCMG) will build a new clean energy commercial vehicle factory in Ordos City, China. The partners agreed to spend 2.3 billion Remimbi (US$360m) on the new plant, intended to produce H2-based power systems and vehicles. The first 200 H2-fuelled cars are due to roll off the production line in spring 2022.
Germany’s new government struggles to align the financial sector with more stringent emission reduction targets while adhering to European guidelines. The EU taxonomy on sustainable finance is meant to clarify investment standards but implementation is held up as Germany and France disagree of over the sustainability rating of natural gas and nuclear power.
Guangdong Energy Group has ordered two 9HA.01 turbines – built by the GE Harbin Electric joint venture in China – for the Guangdong Huizhou combined-cycle plant. Designed run on 10% hydrogen blended with natural gas, the CCGT will deliver 1.34 GW electricity to the Greater Bay Area and process steam for Huizhou chemical complex, starting from 2023.
Saudi Arabia’s ACWA Power, a leading developer, investor and operator of power and water assets, has signed a cooperation agreement with Natixis Corporate & Investment Banking to advance regional clean energy and hydrogen projects. Natixis CIB’s objective is to finance approximately US$2 billion over two years of ACWA Power’s future project pipeline.