Technology will drive 220-billion-euro investment in hydrogen
- In a context of increasingly strict regulations on emissions reduction, hydrogen is one of the key technologies for the energy transition.
- The technology consultancy helps companies to create and develop new business models, identify opportunities and support for the financing of projects in this energy vector.
Cluj-Napoca, May 24th, 2023 - Hydrogen is key to the energy transition in the current context, where socio-economic elements, together with the expectations of countries to move towards a more sustainable model, are shaking up the energy market.
This zero-carbon footprint element has become one of the most sustainable and effective energy options for achieving decarbonisation objectives and is gaining weight as a fuel source among industry and public administrations. The hydrogen market is growing with increased demand from various sectors such as transport and power generation. According to a report by the Hydrogen Council - an initiative launched at the World Economic Forum in Davos - 680 large-scale hydrogen projects have been submitted during 2022, with direct investment expected to reach 220 billion euros ($240 billion in US dollars) by 2030.
In this regard, NTT DATA has prepared the report "Hydrogen: The New Commodity Powering a Greener Economy", which analyses the state of hydrogen as part of the green economy towards which society wants to move. The company is working on projects that promote putting technology at the centre, driving the energy transition under business advice for the development of hydrogen production projects from renewable sources such as solar, wind or hydroelectric energy, known as green hydrogen. All this contributes to accelerate the development of a mature market, aligned with the country-strategy and the EU's restrictive policies on emissions.
According to Hector Pinar, Partner in charge of Gas & Power at NTT DATA, "hydrogen is a key factor for the energy transition and is already becoming a reality at different levels in all organisations. We have extensive experience and can be a reference partner thanks to our expertise in the energy industry, working with the main organisations in the value chain, which allows us to contribute to the transition towards the use of cleaner energy".
Europe is considered a global leader in the development of hydrogen. Strict emission reduction regulations have made this energy vector one of the key technologies for the energy transition. This means the opening of new markets and promising commercial opportunities, which, in turn, attract investments from specialised venture capital funds and established energy companies.
New uses of hydrogen
Until now, hydrogen was mainly used in refineries for cracking and polymer manufacturing operations, the fertiliser industry and steel manufacturing. However, soon it will also be used in power generation and storage, heavy transport, and as one of the most efficient medium-term solutions for moving light transport, where fuel cells already exist to power cars and buses, shipping, and, finally, aviation.
Consultancy to promote this technology
The technology consultancy firm provides its clients with strategic advice, the preparation of roadmaps and the creation of business models for hydrogen and its derivatives. It also provides contract development and execution, intermediation between producers and buyers, and support for financing.
In addition, the consultancy firm's offer also includes the identification of opportunities, the design of operating models, marketing support, risk analysis and back-office process support.
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