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Recent Trends in the Emerging Hydrogen Economy

Timothy C. Lindsey, Ph.D.

Highlander Innovation Inc.

November 7, 2019

Copyright © 2019 Timothy C. Lindsey. All Rights Reserved.


Hydrogen can be used to supply every energy need in the economy

• Transportation • Central and distributed power• Portable power• Combined heat and power • Carbon free steel

Fuel can be burned

directly or processed through a fuel cell


Fuel Cell Electric Vehicle (FCEV)

4

Hydrogen + Oxygen Electricity + Water Vapor



Interest in Fuel Cell Technology is Growing (Again)

• Significant planning and investment took place in the early 2000s

• Fuel cell technologies failed to deliver satisfactory performance and financial

returns for investors

• Technology developers have continued to work to address shortfalls

• Considerable progress has been made toward improving the technology’s performance and reducing costs


''With a new national commitment, our scientists and engineers will overcome obstacles to taking these cars from laboratory to showroom, so that the first car driven by a child born today could be powered by hydrogen, and pollution-free.’’

…..George W. Bush January 28, 2003


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Advantages of Fuel Cell Electric Vehicles (FCEVs)

• Fewer emissions• Fast fueling• Range• Performance• Scalability• Future innovation



Recent Breakthroughs in Fuel Cells

• Reduced overall costs

• Cheaper and better catalysts

• Higher durability

• Higher gas purity

• Better materials

• Renewable hydrogen

According to Morgan Stanley:

“the cost of hydrogen production by 2030 could drop by 70% from current levels.”



Disadvantages of FCEVs

• Lack of fueling infrastructure - 40 US stations (all in California)• 95% of commercial hydrogen is produced from natural gas and

generates CO2 as a by-product – but that is changing• Fuel cell drive trains are expensive• H2 must be stored at high pressure• Codes and standards for storing and dispensing H2 are

complicated



Efficiency of Various Drive Trains

Internal Combustion Engine 20%Fuel Cell Electric Vehicle 60%Battery Electric Vehicle 70%


Energy Cost per 100 Miles for Small Vehicles

Gas Engine $8.05-13.851

Tesla Model S $2.74-3.202

Fuel Cell $7.89-10.141

1NREL 20192Tesla Motors Club 2019


Battery vs. Fuel cell Semi Trucks

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Tesla Semi Nikola Semi

• Unveiled November, 2017• 300-500 mile range• 650 Pre-Orders• Battery weight challenges

• Unveiled April, 2019• 500-700 mile range• 14,000 Pre-Orders• Fueling station challenges

Nikola plans to install 700 fueling stations across North America by 2028

Recent Developments

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Cummins announces acquisition of Hydrogenics (June 2019)

China announces plans to shift policy from BEVs to FCEVs (June 2019)

Rhein-Main transport authority awards contract to Alstom for

fleet of 27 fuel cell trains (May 2019)

Kenworth & Toyota collaborating on 10 trucks Powered by Toyota fuel cells (Jan 2019)

Nikola unveils first hydrogen fuel cell truck (April 2019)

Recent Developments (continued)

Ford joint venture, JMC, unveils their first semi truck in China (September)

CNH Industrial announces $250 million investment in Nikola (September)

FirstEnergy Solutions, Xcel Energy, & Arizona Public Service announce they will demonstrate hydrogen production at 3 nuclear plants they own starting in 2020 (September)

Carnival to test hydrogen powered cruise ships (October)

USDOE’s H2 @ Scale Approach


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• Japan is leading the way➢Plans to deploy 160 hydrogen fueling stations by

2022➢Will support a fleet of 100 buses and 40,000 FCEVs

• Will be showcased at 2020 Tokyo Olympics• Projects ongoing in EU, US, Canada, South Korea, and

China

Global Deployment of FCEVs is Increasing


Future Prospects for FCEVs & Hydrogen

• Global fuel cell market was $3.2B in 2016➢ Projected to be $12B by 2022 ➢ Projected to be $25B by 2025

• Global Hydrogen market was $130B in 2017 ➢ Projected to be to $200B by 2025➢ Projected to be $2.5 T by 2050

• By 2050: 400M Cars, 15-20M trucks, 5M Buses



Volatility in Hydrogen Markets Since November 2018

Company Recent Developments

Fuel Cell Energy CCS Technology Deployed

Bloom Energy Partnerships with ExxonMobil & Toyota

Plug Power Multiple forklift customers

Powercell Nikola supplier purchased by Bosch

Hydrogenics Purchased by Cummins

Ballard Chinese partnerships


Volatility in Hydrogen Markets Since November 2018

Company Recent DevelopmentsPrice

Change

Fuel Cell Energy CCS Technology Deployed <97%>

Bloom Energy Partnerships with ExxonMobil & Toyota <89%>

Plug Power Multiple forklift customers +46%

Powercell Nikola supplier purchased by Bosch +435%

Hydrogenics Purchased by Cummins +240%

Ballard Chinese partnerships +98%


and always will be?”Anonymous

“Hydrogen is the fuel of the future……..

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