Japan’s first fund dedicated to the development of low-carbon hydrogen has launched with more than $US400 million.
The website Offshore-Energy.biz reported the Japan Hydrogen Fund was expected to raise about $US1 billion in the future. It was launched by the Japan Hydrogen Association (JH2A).
Significantly, the initial $US400 million included contributions from big players like Toyota Motor Corporation, Iwatani Corporation, Sumitomo Mitsui Banking Corporation and others.
The fund’s focus will be:
- Creating demand for hydrogen;
- Reducing costs through scale-up and technological innovation; and
- Providing funds to businesses in order to build a hydrogen supply chain not only in Japan but also around the world.
Specific activities to fulfill the aim could include, ”the establishment of production facilities of hydrogen and hydrogen derivatives, including for electrolyzation, ammonia conversion and renewable energy generation, establishment of storage facilities, development of technologies such as liquefied hydrogen and metal hydride, establishment of transportation facilities such as pipelines and ships, and exploration of expanded use of hydrogen for facilitating the energy transition, including in industry, transportation, energy storage and power generation.”
Japan has long been committed to development of hydrogen for use in the heavy transport sector, but has not moved quickly in the hunt for natural hydrogen. The fund could leave the door open for moves in that direction.
More detail here.
In other international moves, the French government has granted two exploration licences for natural hydrogen.
One is for 691sq km in Landes and the other for 266sq km in Pyrénées-Atlantiques, to exploration firms Storengy and 45-8.
France is already home to one of the biggest natural hydrogen finds, at Lorraine.
Details here.