AW-Energy is entering the commercial hydrogen market by introducing a combined WaveRoller and HydrogenHub process for the production of green hydrogen.
‘Wave energy holds the greatest potential to generate constant low-cost green hydrogen’, said Christopher Ridgewell, CEO of AW-Energy Oy.
The growth in green hydrogen production using wave energy is a cost-effective solution in reaching the world’s latest hydrogen goals.
Green hydrogen is produced by using renewable energy to power electrolysis that splits water into its constituent parts. It is regarded as a leading approach in the journey to decarbonize emission-intensive industries and transport sectors.
Widely available analysis suggests a $2/kg price represents a potential tipping point that will make green hydrogen and its derivative fuels the energy source of choice across multiple sectors, which includes steel manufacturing, fertilizer production, power generation, and shipping where vast near-term demand exists across Europe and internationally.
It is estimated that green hydrogen could supply up to 25% of the world’s energy needs by 2050 and become a $10 trillion addressable market by 2050. These projections are underpinned by emerging hydrogen-focused energy strategies of countries across the EU and globally.
Baker McKenzie reports that the low-carbon hydrogen market size could reach $25 billion by 2030. The Hydrogen Council indicates that $70 billion – less than 5% of the annual global energy spend – from private and public sources will enable hydrogen to reach scale.