Asia’s richest man to build gigafactory to mass-produce Stiesdal’s new low-cost hydrogen electrolyser. Mukesh Ambani, one of the world’s richest men, makes swift move to snap up wind power pioneer’s latest green technology breakthrough. In a statement issued after the signing of the technology licensing agreement, Reliance managing director Mukesh Ambani — who is said to be Asia’s richest man, with a net worth of $100bn — stated: “In partnership with Stiesdal, we will strive to achieve our stated goal of offering hydrogen energy under $1 per kg in one decade — the 1-1-1 target for green hydrogen.
Recharge 12th Oct 2021 read more »
Steelmaking, which will account for 9% of carbon emissions in 2019 requires coking coal to convert iron ore to pig iron, the early stage of steel. To switch from this method to hydrogen, the cost of the latter would have to be reduced from about $3 per kilogram of hydrogen gas to at least $2. Otherwise, the additional cost makes steel uneconomical. These prices are the so-called gray hydrogen prices. Green hydrogen produced using renewable energy costs more than three times as much. This is before investing in a special steel mill to use hydrogen effectively. More electrolyzers are needed to reduce costs. They use an electric current to separate hydrogen from water. The current world capacity is equivalent to 0.3 gigawatts. Approximately 25GW is required. It may sound like a big leap. However, the capital expenditure required is probably $ 11 billion. It has spread to China, the United States and the EU and seems to be achievable in five years. Already, China is focusing on manufacturing more electrolyzers. The economic feasibility of hydrogen is becoming more and more convincing.
FT 14th Oct 2021 read more »
First-of-its-kind report into steel and iron sector decarbonisation concludes net zero by 2050 is entirely possible for the industry.
Business Green 14th Oct 2021 read more »