There is an alternative to carbon based power generation. Nuclear. Only joking, no there’s hydrogen power, which actually might make more sense in environmental impact long term than switching to wind turbines and solar panel farms. For insurers, investment in hydrogen also ticks the ESG box. Here’s news from Japan;
JERA Co., Inc. has entered into an investment agreement and shareholders’ agreement with Hydrogenious LOHC Technologies GmbH (“Hydrogenious LOHC”) through its subsidiary, JERA Americas Inc. (“JERA Americas”) to invest in Hydrogenious LOHC. This is a joint investment with Temasek, Chevron Technology Ventures and Pavilion Capital, and JERA Americas is a lead investor with an investment of approximately €15 million.
Because hydrogen does not emit CO2 when combusted, it is expected to be used as a next-generation fuel for thermal power stations replacing fossil fuels, but large-volume seaborne transportation is a challenge, and technology development for hydrogen energy carriers is currently underway. JERA plans to help solve technical challenges and select cost-competitive carriers.
Hydrogenious LOHC, which is headquartered in Erlangen, Germany, has been developing hydrogen storage and transportation technology. It possesses unique technology of Liquid Organic Hydrogen Carrier (“LOHC”) as one of hydrogen energy carriers. Hydrogenious LOHC uses benzyltoluene as carrier medium, and hydrogen is chemically added by hydrogenation process. LOHC is liquid and hydrogen can be transported and stored within ambient conditions. It is hardly flammable and non-explosive, making it easy to handle. The world’s largest LOHC plant is being built by Hydrogenious LOHC in Dormagen, Germany, with commissioning scheduled in 2023.
By investing in the company, JERA will strive to acquire knowledge of LOHC technology, a potential game changer as a hydrogen energy carrier, and will support development of LOHC plants in Europe, North America, Asia etc., thereby contributing to establishing hydrogen supply chains globally.
Under its “JERA Zero CO2 Emissions 2050” objective, JERA has been working to eliminate CO2 emissions from its domestic and overseas businesses by 2050, promoting the adoption of greener fuels and pursuing thermal power that does not emit CO2 during power generation. JERA will continue to contribute to energy industry decarbonization through its own proactive efforts to develop decarbonization technologies while ensuring economic rationality.