We are starting to see evidence of how the Inflation Reduction Act is causing investments by the energy industry.
New Fortress Energy is already building a new Green Hydrogen plant in Beaumont Texas that will take advantage of the $3/kg tax credit made. possible by the Inflation Reduction Act.
Highlights from the New Fortress Energy Q3 conference call:
- Initial focus of clean hydrogen is to be selling to the refining and petrochemicals industry. Big impact on CO2 reduction there.
- Very early days of clean hydrogen.
- First Movers in the industry are being built NOW.
- Beaumont plant to be first of 5 plants. Beaumont to be operational in 2024.
- IRA (Inflation Reduction Act) to spur more than $4 Trillion in investment by industry.
- Inexhaustible demand for green hydrogen.
- Production of Green Hydrogen has currently been a hobby, but the IRA makes it an economically viable market.
These are the three slides on Hydrogen from the Q3 conference call.
