President Biden's $7 billion investment in seven regional hydrogen hubs aims to accelerate clean hydrogen production, reduce carbon emissions, and boost energy security, with the goal of achieving net-zero emissions by 2050.
Last Friday, President Joe Biden announced the locations of seven regional hydrogen hubs that will receive $7 billion from the government as part of the bipartisan infrastructure law. The infrastructure bill passed by Congress in 2021 allocated up to $7B to launch the Regional Clean Hydrogen Hubs program, which will help fund 6-10 regional clean hydrogen hubs across the country.
Dominion Energy NYSED, Empire Diversified Energy OTCPKMPIR, EQT Corporation NYSEEQT, MPLX LP NYSEMPLX and TC Energy Corp. NYSETRP. Plug Power is also part of the Midwestern Hydrogen Hub that straddles Illinois, Indiana, and Michigan that will receive up to $1 billion of the DOE funds. Shares of Ballard Power Systems NASDAQBLDP were up less than 1% while those of FuelCell Energy NASDAQFCEL tumbled 4.6% with both companies not part of any of the seven hubs.
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