AW-Energy Oy announced yesterday (11th February) that it is entering the commercial hydrogen market by introducing a combined WaveRoller and HydrogenHub process for the production of green hydrogen.
Courtesy of AW-Energy Oy
AW-Energy Oy believes its wave energy device, when combined with other renewable energy sources, can enable significant green hydrogen cost reductions and is a viable solution in the drive to execute the world’s clean energy hydrogen roadmap.
Green hydrogen is produced by using renewable energy (such as combining wave energy with solar) to power electrolysis that splits water into its constituent parts. It is regarded as a leading approach in the journey to decarbonise emission-intensive industries and transport sectors.
A $2/kg price is widely believed to represent 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.
Green ammonia, a derivative of green hydrogen, is also being assessed as a way to displace fossil fuels in thermal power generation, greatly decreasing the emissions intensity of existing energy infrastructure.
“Wave energy holds the greatest potential to generate constant low-cost green hydrogen” said Christopher Ridgewell, CEO of AW-Energy Oy. “Our WaveRoller process enables a green hydrogen plant to achieve much higher production capacities at reduced costs by complimenting wave energy with solar or wind. Achieving carbon neutrality in many sectors will depend upon making vast amounts of renewable hydrogen. Because AW-Energy is the market leader in its field with utility scale technology, proven performance, our partners and industry stakeholders are encouraged by what we can now deliver commercially. We believe the collective ingenuity of our supply chain can deliver green hydrogen at less than US$2 per kilogram. From an industry, technology and political perspective, we see no barriers to achieving this. It is time for energy operators and suppliers to work together with wave energy providers to scale-up to reduce costs. Scaling up of green hydrogen using wave energy will be crucial to reach global climate goals. We believe that our wave energy technology and collaborative working approaches with leading companies in the private and public sector, using expertise, commitment and confidence in hydrogen’s potential, will play an important role in delivering projects to bring green hydrogen costs to the $2/kg tipping point – and potentially much sooner than current expectations predict.”
Green hydrogen could supply up to 25 percent 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 percent of the annual global energy spend – from private and public sources will enable hydrogen to reach scale.
The growth in green hydrogen production using wave energy could potentially be a cost-effective solution in reaching the world’s latest hydrogen goals.