NewHydrogen welcomes GM investment in green hydrogen
NewHydrogen, Inc. (OTC:NEWH) has welcomed General Motors' commitment to expand its investment in green hydrogen. This move will enhance the green hydrogen industry's growth, focusing on producing emissions-cutting hydrogen from renewable sources. GM plans to leverage hydrogen fuel cells for applications beyond vehicles, like powering construction sites and military operations. The joint venture with Honda and Renewable Innovations will facilitate the assembly and production of hydrogen systems. NewHydrogen continues its research to lower green hydrogen costs by reducing precious metal use in electrolyzers.
- General Motors expands its green hydrogen investment, enhancing industry growth.
- NewHydrogen's ongoing research aims to reduce costs associated with green hydrogen production.
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General Motors’ new commitment to green hydrogen is a big boost to the industry
SANTA CLARITA, Calif., Jan. 20, 2022 (GLOBE NEWSWIRE) -- NewHydrogen, Inc. (OTC:NEWH), a developer of a breakthrough green hydrogen generator that uses renewable energy to produce low-cost green hydrogen, today welcomed General Motors’ announcement expanding its investment in green hydrogen. This commitment by a major auto maker is a big boost to the green hydrogen industry, which is dedicated to emissions-cutting hydrogen generated with renewable power such as wind and solar energy.
General Motors announced plans Wednesday to expand its hydrogen fuel cell business beyond vehicles by supplying hydrogen-powered generators for uses including construction sites, music festivals, data centers and military operations. The wider application of hydrogen fuel cells will allow GM to leverage and scale existing hydrogen investments and refine the technology, GM executives said.
"Think of places where you don't have a permanent installation for power generation, but you need clean power sources," Charlie Freese, executive director of GM's Hydrotec business, said on a call with journalists, as reported by Reuters.
- The hydrogen fuel-cell systems will be assembled by GM's joint venture with Honda in Brownstown, Michigan. Utah-based Renewable Innovations will build the generators, with production slated to start next year, GM executives said.
- Freese said GM's goal was to increase the use of green hydrogen and was hopeful that costs would come down. He said the company was also looking to work with infrastructure providers to install more local hydrogen production systems and reduce the need for costly hydrogen transportation.
“GM’s clear commitment to green hydrogen couldn’t come at a better time,” said Spencer Hall, COO of NewHydrogen. “The push for green hydrogen is rapidly gaining momentum and commitments by big players, such as GM, Toyota and Honda will bring even more investment capital into the space. We agree with others in the industry that green hydrogen is a critical part of a sustainable energy future and one of the largest business opportunities of our time.”
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 is 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 committed to the development of breakthrough technologies to enable the next generation of low cost electrolyzers. Our initial focus has been on replacing and reducing the expensive rare earth materials, which represent a significant cost factor. We have widened our focus to develop other breakthrough electrolyzer technologies to help usher in the green hydrogen economy that Goldman Sachs estimated to have a future market value of
To learn more about the Company, please visit www.newhydrogen.com
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Investor Relations Contact:
Tom Becker
NewHydrogen, Inc.
ir@newhydrogen.com
(877) 904-3733
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