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OceanBased Perpetual Energy Notes Secretary Granholm Joins John Kerry, Bill Gates For U.S. Department of Energy’s First-Ever Hydrogen Shot Summit

U.S. Department of Energy Earthshot Hydrogen Shot Summit

On Tuesday, August 31, 2021, U.S. Secretary of Energy Jennifer M. Granholm and U.S. Senator Joe Manchin (D-WV) will join Deputy Secretary of Energy David Turk, Special Presidential Envoy for Climate John Kerry and Breakthrough Energy founder Bill Gates for the opening session of the U.S. Department of Energy’s (DOE’s) first ever Hydrogen Shot Summit, a virtual gathering of top leaders from around the world who are meeting to map out strategies for achieving DOE’s goal of driving down the cost of clean hydrogen by 80 percent within the decade.

OceanBased Perpetual Energy, a U.S. clean energy pioneer, is working on creating clean hydrogen by using only the power of ocean current.

Next week’s Hydrogen Shot is the first in a series of DOE’s Energy Earthshots designed to support President Biden’s goals to transition the U.S. economy to clean energy and address the climate crisis. The Energy Earthshots are aimed at driving the major breakthroughs needed to dramatically reduce costs of critical clean energy technologies by 2030, scale deployment to reach the goal of a net-zero economy by 2050, and create clean energy jobs.

What is the U.S. Department of Energy’s Energy Earthshots Initiative?

The DOE’s Energy Earthshots Initiative aims to accelerate breakthroughs of more abundant, affordable, and reliable clean energy solutions within the decade.

Achieving the Energy Earthshots will help America tackle the toughest remaining barriers to addressing the climate crisis, and more quickly reach the Biden–Harris Administration’s goal of net-zero carbon emissions by 2050 while creating good-paying union jobs and growing the economy.

The first Energy Earthshot, launched June 7, 2021—Hydrogen Shot—seeks to reduce the cost of clean hydrogen by 80 percent to $1 per 1 kilogram in 1 decade (“1 1 1“).

The Hydrogen Shot establishes a framework and foundation for clean hydrogen deployment in the American Jobs Plan, which includes support for demonstration projects.  Industries are beginning to implement clean hydrogen to reduce emissions, yet many hurdles remain to deploying it at scale. Currently, hydrogen from renewable energy costs about $5 per kilogram.  Achieving the Hydrogen Shot’s 80 percent cost reduction goal can unlock new markets for hydrogen, including steel manufacturing, clean ammonia, energy storage, and heavy-duty trucks.  This would create more clean energy jobs, reduce greenhouse gas emissions, and position America to compete in the clean energy market on a global scale.  These efforts would ensure that environmental protection and benefits for local communities are a priority.

What Would a Clean Hydrogen Economy Look Like?

If the Hydrogen Shot goals are achieved, scenarios show the opportunity for at least a five-fold increase in clean hydrogen use.  A U.S. industry estimate shows the potential for 16 percent carbon dioxide emission reduction by 2050 as well as $140 billion in revenues and 700,000 jobs by 2030.

Hydrogen Shot would catalyze innovation in any hydrogen pathway with potential for meeting the targets—such as renewables, nuclear, and thermal conversion—providing incentives to diverse regions across the country.

Stakeholder Engagement and Funding

The DOE plans to hold a series of events to engage stakeholders, including next week’s Hydrogen Shot Summit on Tuesday, August 31 and Wednesday, September 1, 2021.

As part of the Hydrogen Shot launch at DOE’s Hydrogen Program Annual Merit Review, the DOE’s Hydrogen Program had issued a Request for Information (RFI) on viable hydrogen demonstrations, including specific locations, that can help lower the cost of hydrogen, reduce carbon emissions and local air pollution, create good-paying jobs, and provide benefits to disadvantaged communities.

Visit the Hydrogen Program news and events page for updates on upcoming Hydrogen Shot events and additional opportunities for engagement.

The DOE’s activities in hydrogen include several offices and a total of approximately $400 million in the President’s Fiscal Year (FY) 2022 Budget Request.  This compares to approximately $285 million related to hydrogen in FY 2021.  Pending appropriations, the DOE anticipates funding opportunities and other activities to help advance progress toward meeting Hydrogen Shot goals.  These efforts are aligned with DOE’s Hydrogen Program Plan.