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illuminem summarizes for you the essential news of the day. Read the full piece on Forbes or enjoy below:
🗞️ Driving the news: Electric Hydrogen, a startup founded in 2021 by Raffi Garabedian and David Eaglesham, aims to revolutionize the green hydrogen market by building large-scale refineries powered by renewable energy
• Their focus is on creating affordable green hydrogen for industrial decarbonization, challenging the current dominance of costlier fossil fuel-derived hydrogen
🔭 The context: The global hydrogen market is valued over $120 billion, with green hydrogen offering a sustainable alternative to the predominant grey hydrogen produced from natural gas
• Electric Hydrogen's approach includes developing lower-cost electrolyzers and leveraging cheap renewable energy sources, aiming to produce green hydrogen at competitive prices
🌍 Why it matters for the planet: Green hydrogen represents a promising solution for reducing carbon emissions in heavy industries such as chemical production and steel manufacturing
• By providing a cleaner alternative to fossil fuel-derived hydrogen, Electric Hydrogen's technology could significantly contribute to global decarbonization efforts
⏭️ What's next: Electric Hydrogen plans to deliver its first commercial system capable of producing up to 45 tons of green hydrogen daily by late this year
• With over $600 million raised from investors like Bill Gates’ Breakthrough Energy Ventures and Amazon, the company is poised to scale its technology, potentially transforming the green hydrogen market by making it more accessible and affordable
💬 One quote: "It’s green hydrogen for 'industrial decarbonization,' CEO Garabedian told Forbes. To do that, 'you have to have a really cheap (hydrogen-generating) electrolyzer and you have to have cheap renewables.'"
📈 One stat: Electric Hydrogen has raised more than $600 million from investors, indicating strong backing for its innovative approach to green hydrogen production.
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