CEFC first investment in Australia's future hydrogen industry
The Morrison Government is backing a new venture that aims to help commercialise innovative electrolyser production technology to further accelerate Australia’s clean hydrogen industry by bringing down production costs.
Electrolysis is a critical technology for producing hydrogen from renewable resources and researchers from the University of Wollongong are working to overcome barriers to the process being used more broadly.
The University of Wollongong has successfully developed a new electrolyser with expected improvements to production efficiency and capital costs – two key factors in accelerating the development of a hydrogen industry in Australia.
The Government, through the Clean Energy Finance Corporation (CEFC), is investing $750,000 in Hysata, the company now working to commercialise the innovative electrolyser technology.
This is the CEFC’s first hydrogen-related investment.
Minister for Energy and Emissions Reduction Angus Taylor said Australia’s clean hydrogen industry is continuing to gain momentum.
“The Morrison Government has a vision for Australia to be a major global hydrogen player by 2030,” Minister Taylor said.
“Industry has a key role to play in helping us achieve this, which is why we’re backing research and development, and innovative projects like this one.
“Australian-led research will help to drive down the cost of new hydrogen technologies as we work to ensure that clean hydrogen can achieve cost parity with higher emitting alternatives as soon as possible.”
Hydrogen is a key priority under the Government’s Technology Investment Roadmap. The Government is working with industry to lower the cost of clean hydrogen to under $2 per kilogram. This is the point at which hydrogen becomes competitive with alternatives to allow for large-scale deployment across our energy systems.
An Australian hydrogen industry could generate more than 8,000 jobs, many in regional Australia, and deliver over $11 billion a year in gross domestic product by 2050.
The Government has invested more than $900 million to support Australia’s clean hydrogen industry, including $275.5 million in the 2021/22 Budget to support the development of regional hydrogen hubs.
The Morrison Government is working to build a hydrogen industry in Australia, with a focus on bringing down the cost of production and distribution, reducing emissions and creating jobs.
Minister Taylor's office: 02 6277 7120