Hydrogen as an energy source for mobility and stationary energy applications has been researched and piloted for over 40 years. But only in the last decade did its potential capture global attention. Changes in emission laws in Europe and North America spurred entrepreneurs to tackle the challenge of manufacturing green hydrogen economically.
Optimism and aggressive expansion followed, driven by start-ups and tech innovators in Europe and North America, many of whom raised funds through IPOs or government grants. However, optimism waned as industry funding dropped from $5.7bn in 2022 to much lower in 2023.
The hydrogen winter
Fast forward to 2024 and it seems like we are in some sort of hydrogen winter. However, whilst winter is often fondly associated with freshly fallen snow caressing the base of trees draped in shimmering crystal, this hydrogen winter is more reminiscent of the still, dark quietness of winter, rather than a celebration of the cold.
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