SANTA BARBARA, CA, May 02, 2023 (GLOBE NEWSWIRE) -- SunHydrogen, Inc. (OTC: HYSR), the developer of a breakthrough technology to produce renewable hydrogen using sunlight and water, today announced its commitment to the Mid-Continent Clean Hydrogen Hub (MCH2) jointly formed by the states of Iowa, Nebraska and Missouri.
The U.S. Department of Energy (DOE) recently announced the selection of 33 public-private teams – picked from a larger list of 79 contenders – as the strongest candidates in the competition for up to $7 billion in federal funding through the Regional Clean Hydrogen Hubs program. MCH2 was among this shortlist of selected teams.
SunHydrogen will be supporting MCH2’s application for the Regional Clean Hydrogen Hubs grant as the Company has been deemed vital to MCH2. Specifically, SunHydrogen has been designated as having peripheral activities that contribute to the success of MCH2 and impact the overall emissions or economics of the proposed hub.
Funded through the 2021 Infrastructure Investment and Jobs Act, the Regional Clean Hydrogen Hubs program is designed to create networks of hydrogen producers, consumers and local connective infrastructure to accelerate the use of hydrogen as a clean energy carrier that can deliver or store tremendous amounts of energy, the DOE states. The Regional Clean Hydrogen Hubs program is also part of the DOE’s larger Hydrogen Shot initiative, which seeks to reduce the cost of clean hydrogen by 80% to $1 per 1 kilogram in 1 decade.
By leveraging its expertise in solar hydrogen production technologies, SunHydrogen believes it can make a significant contribution to the success of the Mid-Continent Hydrogen Hub.
If MCH2 is funded, SunHydrogen is committed to working closely with key stakeholders in the Mid-Continent region including industry leaders, academic institutions and government agencies to create a regional hydrogen ecosystem that will promote the production, storage and distribution of clean hydrogen. With strong connections to Iowa, SunHydrogen looks forward to working with the Iowa Economic Development Authority, one of the key partners of MCH2.
"We believe this initiative has tremendous potential to drive the adoption of renewable hydrogen across a range of industries including transportation, energy and manufacturing,” said SunHydrogen’s CEO Tim Young. “By working together, we can create a more sustainable and prosperous future for all."
About SunHydrogen, Inc.
SunHydrogen is developing breakthrough technologies to make, store and use green hydrogen in a market that Goldman Sachs estimates to be worth $12 trillion by 2050. Our patented SunHydrogen Panel technology, currently in development, uses sunlight and any source of water to produce low-cost green hydrogen. Similar to solar panels that produce electricity, our SunHydrogen Panels will produce green hydrogen. Our vision is to become a major technology supplier in the new hydrogen economy. By developing, acquiring and partnering with other critical technologies, we intend to enable a future of emission-free vehicles, ships, data centers, aircrafts and more. To learn more about SunHydrogen, please visit our website at www.SunHydrogen.com.
Safe Harbor Statement
Matters discussed in this press release may contain forward-looking statements. When used in this press release, the words "anticipate," "believe," "estimate," "may," "intend," "expect" and similar expressions identify such forward-looking statements. Actual results, performance or achievements could differ materially from those contemplated, expressed or implied by the forward-looking statements contained herein. Forward-looking statements are based largely on the expectations of the Company and are subject to a number of risks and uncertainties and other factors, known and unknown, including the risk factors described from time to time in the Company's reports filed with the Securities and Exchange Commission. Forward-looking statements contained herein are applicable only as of the date on which they are made, and the Company does not assume any obligation to update any forward-looking statements, except as may be required under applicable law.
Press Contact:
info@sunhydrogen.com
