However, according to Dr. Graham Cooley, CEO of ITM Power, while investment into the sector has been accelerating at unprecedented levels, the investment requirement pales compared with figures released earlier this year by the International Energy Agency (IEA).
Cooley cited a May IEA report that expects the world to require 322 million tonnes of hydrogen by 2050 to meet the emissions targets set out by the recent COP26 conference.
The IEA also expects the world to require 3,585GW of electrolyzer capacity by then.
According to the Hydrogen Council’s ‘Hydrogen Insight 2021’ report, global investment in hydrogen projects reached more than $500 billion for 69GW of electrolysis capacity this year.
ITM specializes in producing 2MW and 5MW scalable polymer electrolyte membrane (PEM) electrolysis units that use water in a cell to produce hydrogen gas.
“ITM has the largest capacity…
More than $2 trillion investment needed to meet IEA hydrogen targets
