Facility will accelerate commercialization of company's RuggedCell large-scale Green Hydrogen production systems, targeting an overall Green Hydrogen market forecasted at $10 trillion by 2050
OWEN SOUND, ON / ACCESSWIRE / February 5, 2021 / Hydrogen Optimized Inc. today took a major step toward its goal of becoming a global leader in large-scale Green Hydrogen production systems by securing a new technology and manufacturing centre. The facility is located in Owen Sound, Ontario, Canada, part of the Grey-Bruce Hydrogen Hub.
The company's RuggedCell water electrolysis systems are targeted to major industrial, chemical, utility and energy end users, which represent the largest segment of an overall addressable Green Hydrogen market that Goldman Sachs forecasts could reach over $10 trillion by 2050*. Targets have already been established in Europe: the EU's Hydrogen Strategy aims for at least 40,000 megawatts (MW) of renewable hydrogen electrolyzers by 2030**.
"Today our company has taken a significant step toward achieving our goal of meeting the rapidly developing global demand for large-scale Green Hydrogen technology," said Andrew T.B. Stuart, President and CEO of Hydrogen Optimized. "The facility we have secured is ideal for meeting two key objectives - first, to advance our RuggedCell water electrolysis technology for large-scale project deployment, and secondly, to advance our manufacturing technology and capabilities."
The facility provides the infrastructure necessary to demonstrate the company's high current electrolysis technology and associated electrical systems. This includes the activities outlined in the previously announced MOU with ABB.
Hydrogen Optimized will also refine its RuggedCell water electrolysis technology and manufacturing processes at the site, a former auto parts plant. The lease agreement for the facility allows for expansion over time to almost 200,000 sq. ft. of industrial Class A space.
Major industries and governments have identified the use of green electricity with large-scale water electrolyzers as an essential contributor to achieving net zero carbon emissions by 2050. The manufacture of water electrolysis technology - particularly very large electrolyzers such as those under development by Hydrogen Optimized - will require significant scaling to reach that target.
"We are moving forward as quickly as possible to develop the technology to provide individual Green Hydrogen production plants at our customer sites, each in the hundreds of MW range," Stuart said.
He added, "More immediately, we are developing the capability to manufacture up to 500 MW of RuggedCell electrolyzers annually. Looking farther ahead, we intend to drive costs down to the lowest possible level with manufacturing plants rated at 2,000 MW or more of annual RuggedCell production."
Hydrogen Optimized will also work with partners in other geographies where domestic demand justifies building local manufacturing facilities.
About Hydrogen Optimized
Hydrogen Optimized is a private hydrogen technology company that develops and commercializes large-scale Green Hydrogen production systems. As a sustainable energy conversion company, we enable the conversion of green electricity into Green Hydrogen and the transformation of heavy fossil fuel-use industries into sustainability leaders. Hydrogen Optimized seeks to be the first water electrolysis company to supply an aggregate of 10 GW of hydrogen production equipment. For more information on Hydrogen Optimized, please visit www.hydrogenoptimized.com.
* Goldman Sachs, "Green Hydrogen: The next transformational driver of the Utilities industry", Sept. 22, 2020, p. 9.
** European Commission, "A Hydrogen Strategy for a Climate-Neutral Europe", July 8, 2020, p. 3.
For more information:
Don Hogarth
Phone: 416-565-8920
Email: Don.Hogarth@hydrogenoptimized.com
Hydrogen Optimized Inc.
40 Sandford Fleming Drive
Collingwood ON, Canada L9Y 4V7
SOURCE: Hydrogen Optimized
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