Topics
late
AI
Amazon
Image Credits:REUTERS/Arnd Wiegmann
Apps
Biotech & Health
mood
Image Credits:REUTERS/Arnd Wiegmann
Cloud Computing
Commerce
Crypto
go-ahead
EVs
Fintech
fund-raise
Gadgets
Gaming
Government & Policy
computer hardware
Layoffs
Media & Entertainment
Meta
Microsoft
Privacy
Robotics
security measure
societal
place
startup
TikTok
Transportation
speculation
More from TechCrunch
Events
Startup Battlefield
StrictlyVC
Podcasts
video
Partner Content
TechCrunch Brand Studio
Crunchboard
Contact Us
tuck inside a 32 - page earnings report , oil and gun giant BP revealed it was killing 18 other - degree hydrogen projection , a move that could have a chilling event on the nascent H industry .
Thedecision , along with the sale of the troupe ’s U.S. onshore wind - power operations , will save BP $ 200 million annually and help boost its bottom line . The hydrogen industriousness , which has trust on rock oil and gas companies both financially andthrough lobbying efforts , is develop for a downhearted effect .
BP has been a supporter of hydrogen . The company ’s venture cap arm has invested in several green hydrogen startups , includingElectric HydrogenandAdvanced Ionics . Earlier this twelvemonth , BP articulate it would develop “ more than 10 ” H projects in the U.S. , Europe , and Australia .
Now BP is scaling back those plans , saying it ’ll develop between five and ten projects . The society is keep quiet about which ace will receive the green light .
Hydrogen has the potential to reduce carbon copy defilement significantly in a compass of industries , let in petrochemical refinement , steelmaking , and long - haul shipping . But infrastructure for hydrogen , especially green hydrogen , which is produce using renewable electricity , remains underbuilt . That ’s in part because unripened atomic number 1 is the most expensive form of the gas to produce , and because transporting atomic number 1 is costly relative to fossil fuels .
The hydrogen industry has await to oil and gun companies as one of the good routes to emergence . Many already make hydrogen at their refineriesfrom innate gas , making them logical customers for startup developing electrolyzers , which can grow H using pee and electrical energy . Plus , oil and gas companies have decade of experience developing with child infrastructure projects of the sort that will be need if atomic number 1 is to make a dent in industrial expelling .
At the same time , oil and gas companies trust on the fossil fuels business for profits , which provides significant incentive to move lento toward alternatives . BP ’s decision to scale back its hydrogen ambitions belike wo n’t be the sector ’s last .
