NewHydrogen supports California’s focus on green hydrogen

Rhea-AI Summary

NewHydrogen, a developer of green hydrogen technologies, supports California's SB 1075, aimed at promoting green hydrogen as a climate solution. The bill seeks to reduce emissions in sectors like transportation and agriculture and establishes a Clean Hydrogen Hub account to secure federal funding. The California Air Resources Board will create a roadmap to enhance hydrogen production and integrate it into climate planning. NewHydrogen is focused on reducing costs in green hydrogen production through innovative research at UCLA, targeting a future market valued at $12 trillion.

Positive

• Support for California SB 1075 to promote green hydrogen development.
• Establishment of a Clean Hydrogen Hub account for federal grants.
• Ongoing research at UCLA aimed at reducing electrolyzer costs.

Negative

• None.

SB 1075 provides significant support for efforts to accelerate the production and use of green hydrogen in California

SANTA CLARITA, Calif., March 15, 2022 (GLOBE NEWSWIRE) -- NewHydrogen, Inc. (OTC:NEWH), a developer of breakthrough green hydrogen technologies, today expressed support for California SB 1075, which provides significant support for green hydrogen as a unique climate solution that can help the state meet its climate, clean energy, and clean air goals while preserving well-paid jobs.

As noted in the bill, hydrogen can significantly reduce emissions in several difficult-to-decarbonize sectors, including transportation, thermal power plants, agriculture, mining, shipping, aviation, and production of cement and steel. These industries are especially harmful to communities living near ports and freeways due to exposure to diesel pollution, which can lead to premature death, hospitalizations, and emergency room visits for those with chronic heart and lung disease. Hydrogen fuel cell buses and trucks have zero harmful tailpipe emissions, their only tailpipe emission being water.

SB 1075 supports the development of green hydrogen in California in several ways.

• First, it creates a state Clean Hydrogen Hub account to support a state bid for a federal Hydrogen Hub grant, and establishes state goals for the Hub.
• Second, it directs CARB to develop a roadmap on how to accelerate the production and use of hydrogen, particularly green hydrogen.
• Third, it directs CARB, in conjunction with the CEC and CPUC, to integrate green hydrogen into state climate planning and provide recommendations to the Legislature on definitions for various clean hydrogen production pathways – and the appropriate end uses for that hydrogen.
• And lastly, it directs the CEC to clearly detail how natural gas power plants can be repowered using hydrogen generated from renewable resources.

“Our team is very excited to be part of this effort to establish hydrogen as a key source of energy. Clearly, not all types of hydrogen are compatible with the goals of conserving natural resources and developing alternate sources of power while reducing pollution and harm to the environment. Only green hydrogen, which is produced with electricity from renewable sources, meets these goals,” said Spencer Hall, COO of NewHydrogen.

NewHydrogen previously announced encouraging progress on its ongoing sponsored research at UCLA to lower the cost of green hydrogen by eliminating or drastically reducing the use of precious metals in electrolyzers.

About NewHydrogen, Inc.

NewHydrogen is developing a breakthrough green hydrogen generator that uses renewable energy to produce low-cost green hydrogen. Hydrogen is the cleanest and most abundant fuel in the universe. It produces zero-emission and only produces water vapor when used. Unfortunately, hydrogen does not exist in its pure form on Earth so it must be extracted from a source that contains hydrogen. For centuries, scientists have known how to split water into hydrogen and oxygen using a simple and elegant device called an electrolyzer. Unfortunately, an electrolyzer – the primary component of a hydrogen generator – is still very expensive. NewHydrogen is developing breakthrough technologies to enable the next generation of low cost electrolyzers. Our initial focus is on replacing and reducing expensive rare earth materials, to help usher in the green hydrogen economy that Goldman Sachs estimated to have a future market value of $12 trillion.

To learn more about the company, please visit www.newhydrogen.com

Safe Harbor Statement

Matters discussed in this press release contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. When used in this press release, the words "anticipate," "believe," "estimate," "may," "intend," "expect" and similar expressions identify such forward-looking statements. Actual results, performance or achievements could differ materially from those contemplated, expressed or implied by the forward-looking statements contained herein. These forward-looking statements are based largely on the expectations of the Company and are subject to a number of risks and uncertainties. These include, but are not limited to, risks and uncertainties associated with: the impact of economic, competitive and other factors affecting the Company and its operations and markets; the impact on the national and local economies resulting from terrorist actions; the impact of public health epidemics on the global economy and other factors detailed in reports filed by the Company with the United States Securities and Exchange Commission.

Any forward-looking statement made by us in this press release is based only on information currently available to us and speaks only as of the date on which it is made. We undertake no obligation to publicly update any forward-looking statement, whether written or oral, that may be made from time to time, whether as a result of new information, future developments or otherwise.

Investor Relations Contact:
Tom Becker
NewHydrogen, Inc.
ir@newhydrogen.com
(877) 904-3733

FAQ

What is California SB 1075 about?

California SB 1075 supports the development of green hydrogen, aiming to reduce emissions in hard-to-decarbonize sectors and establish a Clean Hydrogen Hub.

How does SB 1075 benefit NewHydrogen (NEWH)?

SB 1075 aligns with NewHydrogen's mission to advance green hydrogen technologies and boosts funding opportunities through federal grants.

What is the focus of NewHydrogen's research at UCLA?

NewHydrogen's research at UCLA focuses on lowering the cost of green hydrogen production by reducing the use of precious metals in electrolyzers.

What is the projected market value of the green hydrogen economy?

Goldman Sachs estimates the future market value of the green hydrogen economy to be $12 trillion.