Australian Startup Mimics Trees to Make Cheaper Green Hydrogen [BNN Bloomberg (Canada)]
BP p.l.c. (BP)
Last bp p.l.c. earnings: 4/29 04:01 pm
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Hysata, based in Wollongong, south of Sydney, has raised $111 million from investors to scale up its technology to produce hydrogen from electricity. The company's advantage is the energy efficiency of its electrolyzer, a machine that separates hydrogen out of water. Read More: Australian Startup Hysata Taps Morgan Stanley for Funding Round Green hydrogen is currently much more expensive than the alternative that's made from polluting fossil fuels, hindering its adoption. But investment is ramping up to try and close that gap, with governments around the world providing hefty subsidies to incentivize its production. Spending on electrolyzers more than tripled last year to $8.7 billion, according to BloombergNEF. Hydrogen, a key input in making ammonia and refining oil, is today mostly made with fossil fuel. That resulted in some 900 million metric tons of CO2 emissions in 2022, according to the IEA. Using renewable electricity to produce the gas, which only produces water when
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BP
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- 5/9/24 - Form 13F-HR
- BP's page on the SEC website