40 Companies Join Race for Natural Hydrogen Exploration

Global interest in natural hydrogen is surging as a promising low-carbon and cost-effective energy source. With exploration activities spreading across countries like Australia, the US, Spain, France, and Canada, the sector has grown from 10 companies in 2020 to 40 by the end of 2023, as estimated by Rystad Energy. Natural hydrogen offers a significant cost advantage, potentially as low as US$0.5/kg, and a low carbon footprint, making it an attractive alternative to grey and green hydrogen. Governments are offering incentives for low-carbon hydrogen production, and Rystad estimates that the first European natural hydrogen production is anticipated by 2029.