Heartland Hydrogen Hub Selected for U.S. Department of Energy Funding

Rhea-AI Summary

The U.S. Department of Energy has selected the Heartland Hydrogen Hub (HH2H) to advance a regional clean energy project. The funding award is under negotiations for up to $925 million. HH2H aims to reduce CO2 emissions and create clean energy jobs across multiple states.

Positive

• The Heartland Hydrogen Hub (HH2H) has been selected by the U.S. Department of Energy for a regional clean energy project, with funding negotiations for up to $925 million. This could positively impact the stock price of Marathon Petroleum Corporation (MPC), TC Energy, Xcel Energy, and Sumitomo Corporation of Americas involved in HH2H's development.

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The following is a repost of North Dakota's Energy & Environmental Research Center (EERC) press release published on Oct. 13, 2023 at UNDEERC Blog

NORTHAMPTON, MA / ACCESSWIRE / October 23, 2023 / Marathon Petroleum Corporation

The U.S. Department of Energy has selected the Heartland Hydrogen Hub (HH₂H) to advance a regional clean energy project. The funding award is under negotiations for up to $925 million. HH₂H is a collaborative initiative that will produce low-carbon hydrogen, decarbonize regional supply chains, and create clean energy jobs across Minnesota, Montana, North Dakota, South Dakota, and Wisconsin.

The University of North Dakota's Energy & Environmental Research Center (EERC), Marathon Petroleum Corporation (MPC), TC Energy, and Xcel Energy are leading HH₂H's development. MPC and TC Energy are engaged with the Mandan, Hidatsa, and Arikara Nation and Sumitomo Corporation of Americas to establish their meaningful participation in the initiative.

"We thank the Department of Energy for recognizing Heartland Hydrogen Hub's commitment to the federal government's goals for clean hydrogen," said Charles Gorecki, CEO at the EERC. "We look forward to advancing the ‘all-of-the-above' approach that the hydrogen energy transformation enables."

HH₂H aims to reduce CO₂ emissions by integrating technologically diverse clean hydrogen projects. Utilizing various energy sources will deliver clean hydrogen to multiple end-use markets, including industrial operations, ammonia and urea fertilizer production, and natural gas blending for power generation and existing local distribution facilities. In addition to advancing the clean hydrogen market, HH₂H will help reduce carbon emissions-by upwards of 1 million metric tons per year-from multiple sectors in the region, such as agriculture and industrial manufacturing.

"Clean fuels are a critical component of enabling economy-wide decarbonization. The Heartland Hydrogen Hub is game-changing initiative that demonstrates how we're accelerating the development of the next generation of clean energy technology with significant benefits for our customers and the environment," said Bob Frenzel, Xcel Energy Chairman, President and CEO. "The strong partnership with our Upper Midwest states and other energy providers demonstrates our commitment to increasing economic impact while achieving carbon reduction goals for our customers."

HH₂H has engaged with communities, tribes, and other stakeholders to identify strategies and programs to promote shared prosperity in the project region. This work contributes to the federal government's Justice40 goal, which aims to ensure 40% of overall benefits of federal investments flow to disadvantaged communities.

"As we continue challenging ourselves to lead in sustainable energy, we are excited about the possibilities opened up by the Heartland Hydrogen Hub funding," said Dave Heppner, MPC's Senior Vice President of Strategy and Business Development. "We're confident that the future of this region's sustainable energy industry is bright."

"We are committed to being a leader in delivering reliable, low-carbon energy solutions for our customers across North America," said Omar Khayum, TC Energy, Vice President of Energy Origination and Development. "This award for the Heartland Hydrogen Hub provides validity to our partnership group that hydrogen is an important element in the low-carbon energy future."

The Department of Energy's Regional Clean Hydrogen Hubs (H2Hubs) will kick-start a national network of clean hydrogen producers, consumers, and connective infrastructure while supporting the production, storage, delivery, and end use of clean hydrogen. Funded by President Biden's Investing in America agenda, the H2Hubs will accelerate the commercial-scale deployment of clean hydrogen-helping generate clean, dispatchable power; create a new form of energy storage; and decarbonize heavy industry and transportation. Together, they will also reduce 25 million metric tons of carbon dioxide emissions from end uses each year and create tens of thousands of good-paying jobs across the country while supporting healthier communities and strengthening America's energy security.

About the Energy and Environmental Research Center

The Energy & Environmental Research Center (EERC) is a world leader in developing cleaner, more efficient energy to power the world and environmental technologies to protect and clean our air, water, and soil.

About Marathon Petroleum Corporation

Marathon Petroleum Corporation (MPC) is a leading, integrated, downstream energy company headquartered in Findlay, Ohio. The company operates the nation's largest refining system. MPC's marketing system includes branded locations across the United States, including Marathon brand retail outlets. MPC also owns the general partner and majority limited partner interest in MPLX LP, a midstream company that owns and operates gathering, processing, and fractionation assets, as well as crude oil and light product transportation and logistics infrastructure.

About TC Energy

TC Energy Corporation is a major North American energy company, based in Calgary, Alberta, Canada, that develops and operates energy infrastructure in Canada, the United States, and Mexico. The company operates three core businesses: Natural Gas Pipelines, Liquids Pipelines, and Energy Solutions. Energy Solutions aims to leverage the size and scale of our energy network and trading platform to be the most trusted and reliable source of low-carbon energy for the North American industrial, oil, and natural gas sectors.

About Xcel Energy

Xcel Energy is a major U.S. electricity and natural gas company, with operations in eight Western and Midwestern states. Xcel Energy provides a comprehensive portfolio of energy-related products and services to 3.7 million electricity customers and 2.1 million natural gas customers through its regulated operating companies. Company headquarters are located in Minneapolis.

Contact Information: eercinfo@undeerc.org

View additional multimedia and more ESG storytelling from Marathon Petroleum Corporation on 3blmedia.com.

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Spokesperson: Marathon Petroleum Corporation
Website: https://www.3blmedia.com/profiles/marathon-petroleum-corporation
Email: info@3blmedia.com

SOURCE: Marathon Petroleum Corporation

View source version on accesswire.com:
https://www.accesswire.com/795695/heartland-hydrogen-hub-selected-for-us-department-of-energy-funding

FAQ

What is the Heartland Hydrogen Hub (HH2H)?

The Heartland Hydrogen Hub (HH2H) is a collaborative initiative that aims to produce low-carbon hydrogen, decarbonize regional supply chains, and create clean energy jobs across multiple states.

How much funding is HH2H negotiating for?

HH2H is currently negotiating for up to $925 million in funding.

Which companies are leading the development of HH2H?

The University of North Dakota's Energy & Environmental Research Center (EERC), Marathon Petroleum Corporation (MPC), TC Energy, and Xcel Energy are leading HH2H's development.

What are the goals of HH2H?

HH2H aims to reduce CO2 emissions, deliver clean hydrogen to various end-use markets, and help reduce carbon emissions in sectors such as agriculture and industrial manufacturing.

What is the potential impact on stock prices?

The selection of HH2H for a regional clean energy project and the funding negotiations could positively impact the stock prices of Marathon Petroleum Corporation (MPC), TC Energy, Xcel Energy, and Sumitomo Corporation of Americas involved in HH2H's development.