A Colorado-based startup, NovoHydrogen, is making significant strides in the development of green hydrogen technology to address the decarbonization challenges faced by industries such as shipping, steel-making, and heavy industrial sectors. The company recently secured a $20 million equity commitment from Modern Energy, a firm dedicated to supporting businesses transitioning from fossil fuels. Recognizing the potential of green hydrogen as an energy source, the U.S. Department of Energy has chosen NovoHydrogen to participate in the Pacific Northwest hub for hydrogen development, one of seven regional hubs established across the country. Although Colorado was not selected to host a regional hub, NovoHydrogen remains committed to advancing its projects in the state. NovoHydrogen, founded in October 2021 by Matt McMonagle, focuses exclusively on producing green hydrogen using renewable energy to power electrolysis. This process involves splitting water into hydrogen and oxygen, with no greenhouse gas emissions. By adopting this clean energy approach, NovoHydrogen aims to address the current environmental challenges associated with hydrogen production, which contributes to approximately 2 to 3% of global greenhouse gas emissions. The importance of green hydrogen is underscored by its potential to decarbonize various sectors where direct electrification is not feasible or challenging. Industries like heavy manufacturing, shipping, and long-distance transportation can benefit significantly from the adoption of green hydrogen. Green hydrogen can also be stored as a gas or liquid for later use, providing a reliable and sustainable supplement to renewable energy sources. While the development of green hydrogen is still in its early stages, government policies, such as the Inflation Reduction Act, which includes tax credits for green hydrogen projects, and the federal infrastructure bill, are set to boost the industry. These economic incentives will make green hydrogen produced from renewable sources more cost-competitive with fossil-fuel-based hydrogen, reducing reliance on commodity price fluctuations. As the industry grows, NovoHydrogen continues to expand, with projects underway in multiple states and a team of 11 employees. The company anticipates further growth and plans to hire two additional team members in the coming months. By spearheading the development of green hydrogen technology, NovoHydrogen is poised to play a crucial role in the energy transition towards a more sustainable future. https://www.energyportal.eu/news/colorado-startup-novohydrogen-secures-20m-commitment-role-in-doe-regional-energy-hub/479108/