It’s been hard to catch a breath covering US hydrogen policy developments. Looking back to August 2022 and the unprecedented momentum caused by the Inflation Reduction Act (IRA), it’s hard to believe the position the US hydrogen industry now finds itself in.
The lure of up to $3/kg clean hydrogen production tax credit (PTC) offered by Section 45V within the act saw a groundswell of interest in the market. Electrolyser OEMs and project developers alike jumped on the apparent US opportunity.
New factories, large-scale projects and new US-focused business strategies were announced.
Now, less than 24 months on, hydrogen industry players find themselves rethinking strategies and investments following the US Treasury’s guidance on how 45V will be implemented. And policymakers must decide whether they deliver rules that will pragmatically support hydrogen’s scale up or firmly ensure its green credentials.
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