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17 Oct 2023 | 23:00 UTC
Geologic hydrogen’s potential as a decarbonization fuel has spurred millions in investment and no fewer than 10 exploration companies looking to monetize its tantalizing prospects, but significant challenges remain before the prospective low-carbon fuel can achieve widespread use.
Exploration and production companies see it as a potential revenue stream as there is a growing market for hydrogen. Global demand for the gas is projected to rise from the current 97 million mt/year, which is primarily used in the industrial sector, to 119 million mt/year in 2030 and 265 million mt/year in 2050, according to S&P Global data.
Read more: Geologic hydrogen attracts interest as a clean energy source