GM targets hydrogen-powered generators in expansion of fuel cell business
Reuters
Published Jan 19, 2022 14:06
Updated Jan 19, 2022 14:37
By Tina Bellon
(Reuters) - General Motors (NYSE:GM) on Wednesday said it plans to expand its hydrogen fuel cell business beyond vehicles by supplying hydrogen-powered generators for uses including at construction sites, music festivals, data centers and the military.
The wider application of hydrogen fuel cells will allow GM to leverage and scale existing hydrogen investments and refine the technology, GM executives said.
"Think of places where you don't have a permanent installation for power generation, but you need clean power sources," Charlie Freese, executive director of GM's Hydrotec business, said on a call with journalists.
The company declined to say what revenue it expects from the new business, and said an availability date and price for the generators would be announced at a later time.
The hydrogen fuel-cell systems will be assembled by GM's joint venture with Honda in Brownstown, Michigan. Utah-based Renewable Innovations will build the generators, with production slated to start next year, GM executives said.
As part of its Hydrotec business, the automaker previously announced hydrogen fuel cell collaborations with truck maker Navistar International Corp, locomotive developer Wabtec Corp and aerospace equipment manufacturer Liebherr Aerospace.
Hydrogen - a fuel obtained by passing electricity through water to split the element from oxygen - has been touted by companies and governments as a way to cut carbon emissions. But most hydrogen is currently produced by electrolyzers powered by natural gas or other fossil fuels, known as "gray hydrogen." It is four times costlier to produce "green hydrogen," which is derived from renewable energy sources.
Freese said GM's goal was to increase the use of green hydrogen and was hopeful that costs would come down. He said the company was also looking to work with infrastructure providers to install more local hydrogen production systems and reduce the need for costly hydrogen transportation.
Get The App
Written By: Reuters
Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.