Creating a Secure Hydrogen Supply: The Maritime Industry’s Challenge

We need to create a similar regime for hydrogen,” he said.
Peter Wells, CEO of LH2 Europe, noted that liquid hydrogen is the cheapest option for storing and transporting hydrogen. He also emphasized that the leading challenge in developing hydrogen projects is bankability and financeability, as well as regulations and regimes which ensure security of supply. Wouter den Boer from C-Job Naval Architects stated that for the maritime industry hydrogen is challenging due to storage requirements, but it can play a role in operations which take days.

The CEO of LH2 Europe Peter Wells noted that liquid hydrogen is the cheapest option for storing and transporting hydrogen, but the main challenge of developing projects lies in bankability and financeability. Regulations and regimes are necessary to ensure security of supply, however using existing designs may not be an option due to tank size requirements. The industry needs to collaborate more in order to speed up usage of hydrogen so its benefits can be reaped sooner.

Hydrogen Bankability and Financeability

Hydrogen is becoming increasingly bankable and financeable as a source of energy. According to the International Energy Agency, the global hydrogen market is expected to reach $2.5 trillion by 2050. In addition, the number of projects financed with hydrogen-related investments has grown from just two in 2017 to over 50 in 2020. Furthermore, the European Investment Bank (EIB) has committed €1 billion for hydrogen projects since 2018, and other major banks such as HSBC and ING have also invested in hydrogen-related projects. These investments are helping to drive down costs associated with hydrogen production and storage, making it more attractive for businesses and investors alike.
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Picture source: Sharon Pittaway