Newly passed Infrastructure Investment & Jobs Act commits billions to advance clean hydrogen programs
SANTA CLARITA, Calif., Nov. 19, 2021 (GLOBE NEWSWIRE) -- NewHydrogen, Inc. (OTC:NEWH), a developer of green hydrogen technologies, today commented on the recent passage of the Infrastructure Investment and Jobs Act (IIJA), which includes historic investments in clean hydrogen programs. NewHydrogen anticipates broad industry opportunities for green hydrogen technologies, such as the one the Company is currently developing.
The program establishes a clean energy strategy and roadmap for the United States that includes more than $550 billion in new federal investment in America’s infrastructure. This includes clean energy and climate programs, cutting greenhouse gas pollution, and improving water and air conditions. In particular, the clean hydrogen plan is focused on applications for green hydrogen, which does not use fossil fuels and is produced from domestically available renewable energy sources like wind, solar and geothermal resources.
”This is a watershed moment for the green hydrogen industry where political will and government funding have finally come together to help make the Hydrogen Economy a reality,” said Dr. David Lee, CEO of NewHydrogen. “To quote the famous French poet Victor Hugo, ‘No army can stop an idea whose time has come!’ The time for green hydrogen has come.”
Dr. Lee continued, “Green Hydrogen has the potential to fundamentally change the world economy and usher in a new era of economic prosperity, geopolitical stability, and energy independence to those with access to solar, wind and water - which describes most of the entire world. At the center of this extraordinary opportunity is an electrolyzer that can produce low cost green hydrogen. Applications for green hydrogen go beyond the well-known fuel cell electric vehicles. Green hydrogen can replace fossil fuels in synthetic fuels, fertilizers, steel production, chemical and industrial processes, home heating and more. Green hydrogen is the ultimate true green fuel.”
NewHydrogen is developing a breakthrough electrolyzer technology to lower the cost of green hydrogen. The research and development are performed at UCLA through a sponsored research program. The program is focused on reducing and replacing rare earth materials such as platinum and iridium, literally stardust found only in asteroids. These materials account for nearly 50% of the cost of modern proton exchange membrane electrolyzers.
Part of the Infrastructure Investment and Jobs Act establishes a grant program to strategically deploy publicly accessible hydrogen fueling and electric vehicle infrastructure, including creating designated alternative fuel corridors accessible to all drivers of vehicles powered by clean energy. The plan also establishes regional clean hydrogen hubs to demonstrate new technology and accelerate the commercialization of clean hydrogen.
Dr. Lee concluded, “We look forward to pursuing opportunities to accelerate the adoption of green hydrogen with this significant federal investment in clean energy. With Los Angeles likely emerging as a regional development hub, we expect to work closely with industry and academic partners to implement this ambitious plan for America’s energy future.”
About NewHydrogen, Inc.
NewHydrogen, Inc. is focused on developing a breakthrough electrolyzer technology to lower the cost of green hydrogen production. Hydrogen is the cleanest and most abundant fuel in the universe. It is zero-emission and only produces water vapor when used. However, hydrogen does not exist in its pure form on Earth so it must be extracted. For centuries, scientists have known how to use electricity to split water into hydrogen and oxygen using a device called an electrolyzer. Electrolyzers installed behind a solar farm or wind farm can use renewable electricity to split water, thereby producing green hydrogen. Unfortunately, electrolyzers are expensive and rely on rare earth materials such as platinum and iridium. These very expensive materials account for nearly 50% of the cost of electrolyzers. The company’s technology is aimed at significantly reducing or replacing rare earth materials in electrolyzers with inexpensive earth-abundant materials to help usher in a green hydrogen economy that Goldman Sachs estimates will be worth $12 trillion by 2050.
To learn more about the company, please visit https://www.NewHydrogen.com.
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CONTACT INFORMATION
Investor Relations Contact:
Tom Becker
NewHydrogen, Inc.
ir@newhydrogen.com
(877) 904-3733
