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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: H2MOF, a California startup, is innovating in the hydrogen storage space by creating nanomaterial fuel tanks designed to hold hydrogen at low pressure, potentially revolutionizing the hydrogen industry
• The company, co-founded by Nobel laureate Sir Fraser Stoddart and chemistry professor Omar Yaghi, aims to offer a cheaper and more efficient solution for storing and transporting hydrogen
🔭 The context: Hydrogen, while a promising carbon-free energy source, presents challenges in storage and transportation due to its superlight and volatile nature
• Current methods involve costly and energy-intensive processes
🌍 Why it matters for the planet: The startup's technology could significantly reduce the energy expenses associated with operating hydrogen-powered vehicles, such as fuel cell transit buses, and potentially double the range of vehicles like Toyota’s Mirai fuel cell sedan without adding weight
⏭️ What's next: H2MOF plans to commercialize its hydrogen tanks after 2024, targeting heavy-duty vehicle makers and looking to improve the shipping of hydrogen fuel
• The company's approach could unlock real demand and adoption of hydrogen as a clean energy source
💬 One quote: "Hydrogen storage and transportation remains the actual technical bottleneck (...) If we can make a contribution to the storage and transportation issue, it will unlock real demand and it will unlock real adoption of hydrogen" (Samer Taha, CEO)
📈 One stat: The Biden Administration is backing clean hydrogen initiatives, including a $7 billion investment for a network of hydrogen production hubs and a production tax credit worth up to $3 per kilogram for CO2-free hydrogen
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