Green Hydrogen and Platinum: A Transformative Growth Story
The International Energy Agency (IEA) reports that electrolyser production capacity hit nearly 11 gigawatts in the past year. Projections indicate global electrolysis capacity could hit nearly 3 GW by end-2023, a four-fold increase from 2022. Platinum-based PEM electrolysis constitutes around a third of this growth.
Looking ahead, if all current projects materialize, global electrolysis capacity might range from 170 to 365 GW by 2030, with PEM accounting for 50 to 110 GW. PEM and alkaline electrolysis are the leading commercial technologies.
The rise of green hydrogen holds promise for long-term energy storage, key for decarbonizing transport, heating, and industry. Over 30 countries have hydrogen strategies targeting net-zero goals.
The US is making strides, with a National Clean Hydrogen Strategy and the Infrastructure Investment and Jobs Act (IIJA) providing substantial funding for clean hydrogen initiatives, aiming for $2/kg clean hydrogen by 2026.
Recent developments show accelerated manufacturing and deployment. Plug Power Inc set a record, producing 122 MW of one-megawatt PEM electrolyser stacks in Q1 2023, with plans to ramp up to 100 MW/month. Johnson Matthey and Hystar are collaborating on a multi-gigawatt production line, while Nel plans a major automated electrolyser plant in Michigan.
Although platinum demand from hydrogen remains modest, it's poised for significant growth, potentially becoming the largest demand segment by 2040.
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