Canada markets open in 3 hours 43 minutes
  • S&P/TSX

    20,200.65
    +44.29 (+0.22%)
     
  • S&P 500

    4,246.44
    +21.65 (+0.51%)
     
  • DOW

    33,945.58
    +68.61 (+0.20%)
     
  • CAD/USD

    0.8132
    +0.0005 (+0.06%)
     
  • CRUDE OIL

    73.51
    +0.66 (+0.91%)
     
  • BTC-CAD

    41,745.08
    +2,634.91 (+6.74%)
     
  • CMC Crypto 200

    812.49
    +18.17 (+2.29%)
     
  • GOLD FUTURES

    1,783.10
    +5.70 (+0.32%)
     
  • RUSSELL 2000

    2,295.95
    +9.85 (+0.43%)
     
  • 10-Yr Bond

    1.4720
    0.0000 (0.00%)
     
  • NASDAQ futures

    14,266.75
    +8.50 (+0.06%)
     
  • VOLATILITY

    16.51
    -1.38 (-7.71%)
     
  • FTSE

    7,086.66
    -3.35 (-0.05%)
     
  • NIKKEI 225

    28,874.89
    -9.24 (-0.03%)
     
  • CAD/EUR

    0.6810
    +0.0006 (+0.09%)
     

LADWP Joins HyDeal LA, Targets Green Hydrogen at $1.50/kilogram by 2030

·9 min read

Today, the Green Hydrogen Coalition in conjunction with the Los Angeles Department of Water and Power (LADWP) and other key partners, announced the launch of HyDeal LA, an initiative to achieve at-scale green hydrogen procurement at $1.50/kilogram in the Los Angeles Basin by 2030. HyDeal LA is a collaboration of developers, green hydrogen off-takers, integrators, equipment manufacturers, investors, and advisors coalescing to overcome the biggest barrier to the green hydrogen economy—its high cost—by launching a commercial green hydrogen cluster at scale.

This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20210517005210/en/

Architecting the green hydrogen ecosystem at scale for a deeply decarbonized Los Angeles. (Graphic: Business Wire)

Green hydrogen is an abundant, carbon-free, and safe energy carrier that can be produced from renewable electricity and water or organic waste. It can be used as a carbon-free fuel and can provide long-duration seasonal energy storage. When used as an alternative to fossil fuels, green hydrogen can enable deep decarbonization of hard-to-abate sectors, enable the repurposing of valuable existing infrastructure and an affordable, responsible energy transition. Benefits to the economy include stable pricing, energy diversity, and increased economic development by reducing our need to import fossil fuels. Green hydrogen can be used to power anything from a power plant, to a steel mill, to a hydrogen fuel cell vehicle.

"As Governor Newsom said during the release of the May Revise Budget last Friday, we need to focus on green hydrogen in this country, and California needs to compete in this space," said Dee Dee Myers, Senior Advisor to the Governor and Director of the Governor’s Office of Business and Economic Development. "Delivering on the promise of green hydrogen means collaboration and implementation, which are the foundations of the HyDeal LA initiative. Success means clean air, reliable power, zero-emission transportation, and importantly jobs and sustainable economic development."

Independent studies, including the recently completed Los Angeles 100% Renewable Energy Study, point to the need for renewably fueled combustion turbines—available for limited periods—to achieve reliable 100% renewable electricity.

"Green hydrogen is the key to reliably achieving 100% renewable energy," states Martin Adams, General Manager and Chief Engineer at LADWP. "We are pleased to join the HyDeal LA effort, which includes an innovative and expanding vendor and development community, to support and help catalyze the supply chain needed to achieve large-scale, low-cost green hydrogen power supply for our local in basin plants."

Joining HyDeal LA marks another significant initiative around green hydrogen for LADWP, which is leading the conversion of the Intermountain Power Project in Delta, Utah to the world’s first gas turbine intentionally designed and built to operate on 100% carbon free green hydrogen.

HyDeal LA is part of HyDeal North America, a commercialization platform launched by the Green Hydrogen Coalition, which is dedicated to deploying green hydrogen at scale for multi-sectoral decarbonization. HyDeal LA is modeled after HyDeal Ambition, a similar project in Europe committed to producing and purchasing 3.6 million tons of green hydrogen per year for the energy, industry, and mobility sectors at €1.5/kilogram (kg) before 2030.

In addition to LADWP, HyDeal LA leaders include 174 Power Global, Mitsubishi Power, and SoCalGas. Key implementation partners include Clifford Chance, Corporate Value Associates (CVA), Cranmore Partners, Energeia, Marathon Capital, Sheppard Mullin, and Strategen. Phase 1 of HyDeal LA will architect the high value competitive supply chain necessary to achieve $1.50/kg delivered green hydrogen in the LA Basin, and achieve in-principle agreement on the necessary terms and conditions to achieve production, storage, transport and delivery of green hydrogen at scale—all of which will be required to establish the green hydrogen ecosystem and economy in Los Angeles.

Paul Browning, President and CEO of Mitsubishi Power Americas, says, "As a leader in utility scale green hydrogen projects in the Western United States and globally, Mitsubishi Power is dedicated to achieving affordable green hydrogen costs in Los Angeles and around the world. Together with our customers and partners, we are creating a Change in Power."

"Green hydrogen presents a significant opportunity for our gigawatt-scale solar farms to deliver decarbonized energy to multiple sectors," said Dr. Henry Yun, President and CEO of 174 Power Global. "We are thrilled to be part of HyDeal LA and creating the path forward for electrifying our fuel supply."

"In Southern California, the confluence of geography, visionary climate policies, and public-private partnerships like HyDeal LA mean we are well positioned to develop transformative, pragmatic and globally scalable solutions toward an integrated, and carbon-free energy system," said Scott Drury, SoCalGas CEO. "Hydrogen will play an important part in helping SoCalGas reach our goal of achieving net-zero emissions by 2045, in keeping utility bills affordable for families and businesses, and in keeping energy reliable and resilient as we make the transition."

In addition to the project supporters, diverse advisors are supporting the initiative, including Rachel Fakhry, Senior Policy Analyst at the Natural Resource Defense Council. Says Fakhry, "Green electrolytic hydrogen is a promising resource to help our path towards decarbonization, create a healthier environment, and clean up the air for local communities."

Janice Lin, Founder and President of the Green Hydrogen Coalition, agrees, stating, "Green hydrogen is a game changer in achieving deep decarbonization of multiple sectors, and Los Angeles is the perfect place to launch the first HyDeal North America. LA has all the ingredients for success—visionary municipal leadership, forward-thinking utility partners, major off-takers committed to a low carbon future including power generation, industry, and port refueling operations, and lots of available renewable energy sources for green hydrogen production."

To join HyDeal LA as an off-taker or partner, visit https://www.ghcoalition.org/hydeal/la.

______________________________________

About 174 Power Global

174 Power Global is a leading solar and energy storage project developer focused on North America’s utility and C&I energy markets. The company is wholly owned by the Hanwha Group, and has offices in Houston, Irvine, California and New York City. With deep expertise across the full spectrum of the project development cycle, 174 Power Global works closely with utilities, landowners, local communities, financial investors, and other partners to build highly productive, utility scale and C&I solar power plants throughout North America. Since its formation in 2017, 174 Power Global has signed over 3 gigawatts (GW) of power purchase agreements (PPAs) with more than 8 GW of additional solar projects and 10GWh of ESS projects in the development pipeline. 174 Power Global is uniquely positioned to become a leader in the Green Hydrogen economy by leveraging its core strength in utility-scale PV and ESS generation development and operation to fuel the growth of GreenH2. 174 Power Global also is affiliated with Chariot Energy, a retail energy provider that provides 100% clean, renewable solar energy to the Texas market. Chariot Energy is transforming the energy supply for Texas while modernizing and simplifying the way solar energy is sold and delivered. 174 Power Global’s name was inspired by the 174 petawatts (PW) of power the earth receives from the sun at any moment.

About Green Hydrogen Coalition

The Green Hydrogen Coalition (GHC) is the only organization dedicated to deploying green hydrogen at scale for multi-sectoral decarbonization. GHC is an educational 501(c)3 non-profit organization founded in 2019 whose mission is to facilitate policies and practices to advance the production and use of green hydrogen in all sectors where it will accelerate the transition to a carbon-free energy system. Visit www.ghcoalition.org.

About LADWP

The Los Angeles Department of Water and Power is the nation’s largest municipal utility, with an 8,000 megawatt (MW) electric capacity and serving an average of 436 million gallons of water per day to the more than 4 million residents of the City of Los Angeles, its businesses and visitors. For more than 100 years, LADWP has provided the city with reliable water and power service in a cost effective and environmentally responsible manner.

About Mitsubishi Power Americas, Inc.

Mitsubishi Power Americas, Inc. headquartered in Lake Mary, Florida, employs more than 2,000 power generation, energy storage, and digital solutions experts and professionals. Our employees are focused on empowering customers to affordably and reliably combat climate change while also advancing human prosperity throughout North and South America. Mitsubishi Power’s power generation solutions include gas, steam, and aero-derivative turbines; power trains and power islands; geothermal systems; distributed renewable technologies; environmental controls; and services. Energy storage solutions include green hydrogen and battery energy storage systems. Mitsubishi Power also offers digital solutions that enable autonomous operations and maintenance of power assets. Mitsubishi Power, Ltd. is a wholly owned subsidiary of Mitsubishi Heavy Industries, Ltd. (MHI). Headquartered in Tokyo, Japan, MHI is one of the world’s leading heavy machinery manufacturers with engineering and manufacturing businesses spanning energy, infrastructure, transport, aerospace and defense. For more information, visit the Mitsubishi Power Americas website and follow us on LinkedIn.

About SoCalGas

Headquartered in Los Angeles, SoCalGas® is the largest gas distribution utility in the United States. SoCalGas delivers affordable, reliable, clean and increasingly renewable gas service to 21.8 million consumers across 24,000 square miles of Central and Southern California. Gas delivered through the company's pipelines will continue to play a key role in California’s clean energy transition—providing electric grid reliability and supporting wind and solar energy deployment.

SoCalGas' mission is to build the cleanest, safest and most innovative energy company in America. In support of that mission, SoCalGas is committed to achieving net-zero greenhouse gas emissions in its operations and delivery of energy by 2045 and to replacing 20 percent of its traditional natural gas supply to core customers with renewable natural gas (RNG) by 2030. RNG is made from waste created by dairy farms, landfills and wastewater treatment plants. SoCalGas is also committed to investing in its gas delivery infrastructure while keeping bills affordable for customers. The company has made significant investments to upgrade and modernize its pipeline system to enhance safety and reliability. SoCalGas is a subsidiary of Sempra Energy (NYSE: SRE), an energy services holding company based in San Diego, California. For more information visit socalgas.com/newsroom or connect with SoCalGas on Twitter (@SoCalGas), Instagram (@SoCalGas) and Facebook.

View source version on businesswire.com: https://www.businesswire.com/news/home/20210517005210/en/

Contacts

Maggie Field
Engagement and PR Manager
Green Hydrogen Coalition
Email: mfield@strategen.com
Phone: 630-251-1455

Our goal is to create a safe and engaging place for users to connect over interests and passions. In order to improve our community experience, we are temporarily suspending article commenting