By: GenH2 Staff
Read Time: 2 minutes

Over the past few years, the global hydrogen ecosystem has significantly expanded, increased in value and has gained more attention with new initiatives as the clean energy alternative. With daily announcements being made in the news of new hydrogen projects, collaborations and/or partnerships, hydrogen as the clean energy option is being more widely discussed not only by energy companies and the government, but also amongst the general population. The growing interest in investing and advancing hydrogen technologies are evident, with the government set on expanding the nation’s hydrogen industries through funding initiatives and the selection of 33 teams in 2023 going forward in competition to making Hydrogen Hubs a reality.

The United States Department of Energy (DoE) has recently announced intentions to issue nearly $8 billion in funding to accelerate the development and deployment of hydrogen technologies. While this investment is part of the larger Bipartisan Infrastructure Law enacted in November 2021, the specific areas within the hydrogen industry set to receive this funding have only been recently announced. This funding is being allocated to projects centering around the development of hydrogen storage and distribution technologies, addressing cost barriers, and ensuring commercial-scale hydrogen deployment through the construction of hydrogen hubs across the nation with The Regional Clean Hydrogen Hubs Program [H2Hubs].

The overall goals of these investments involve speeding up hydrogen infrastructure development by minimizing the costs of production for hydrogen technologies and involves diverse teams that include major energy companies, academic, government and tribal groups, and hydrogen companies. The expansion of infrastructure will assist with our nation’s goal of reaching net zero by 2050. This financing also intends on providing resources to the hydrogen industry so it can prevail over the technological and financial hurdles which are currently preventing cost reduction.

Increased government funding and support, with encouraged collaboration will resultingly serve as an incentive for more companies to pursue hydrogen-centered endeavors, which will create more competition but also partnerships, and lead to a further acceleration in the rate at which hydrogen-related technologies will advance.

The combining factors of a growing public interest in sustainable energy, a decrease in financial and technological hurdles, and a projected acceleration in technological development shows that 2023 is set to be an incredible year for hydrogen!