In 2020 the global market for hydrogen was already valued at over $120 billion and world governments are determined to make it a viable greener fuel alternative. Between €180 and €470 billion are estimated to be invested into renewable hydrogen by 2050 and as much as €18 into low-carbon (blue) hydrogen. The hydrogen adoption is currently low, but world governments have big plans for it as a greener energy source and it is estimated that by the year 2050 hydrogen could make up nearly a quarter of the world’s energy demand. What is currently available on the market is not sufficient to meet the growing demand for clean energy technologies in the world.
A hydrogen fuel cell company, Alkaline Fuel Cell Power, is developing a prototype of a 4kW system and plans to make them available for purchase in 2024. Similar to other hydrogen fuel cells, those made by Alkaline Fuel Cell Power, can be used as a substitute to the electrical grid or providing backup during down time and replacing it during peak usage times. Alkaline Fuel Cell Power’s micro-CHP systems use alkaline fuel cell technology and take in hydrogen to provide electricity and heat as well as a small amount of water as a by-product. The demand for clean energy technology is always growing in the consumer market, and Alkaline Fuel Cell Power’s developments are designed to meet it. Alkaline Fuel Cell Power’s low component costs make residential adoption more viable compared to competing energy storage solutions and make high volume of production a possibility
Clean energy is becoming increasingly important for Europe, where financial backers and governments are implementing green incentives. The European Union launched a pro-green hydrogen plan in July 2020, investing $150 billion over a decade. The cost of renewable hydrogen, which has zero negative impact on the environment, is predicted to fall by 50% in the US and Europe by 2050. Electricity prices, on the other hand, have been rising continuously in the US and other parts of the world and are predicted to go up by over 16% by 2031 in the US.
