Global Pink Hydrogen Market was valued at USD 3.32 Billion in 2022 and is expected to grow a CAGR of 31% during the forecast period (2023-2030).
Swedish nuclear power company, OKG, has signed a contract with Linde Gas to sell pink hydrogen produced at its nuclear plant in Oskarshamn. The hydrogen will be sold to commercial outlets, with any excess hydrogen also being sold to Linde Gas. OKG plans to upgrade its electrolysis plant which currently produces 12kg of pink hydrogen per day.
Hyundai Engineering has signed a Memorandum of Understanding (MoU) with Ultra Safe Nuclear Corporation (USNC) and SK Ecoplant to develop a cost-effective pink hydrogen production system called Hydrogen Micro Hub. Over the next five years, the three companies will work together on joint research. Hyundai will be responsible for engineering, procurement, and construction, while SK Ecoplant will provide Bloom Energy’s solid oxide electrolysis cell technology.
The US Department of Energy and Constellation Energy Group has successfully launched the first pink hydrogen generation system at the Nine Mile Point Nuclear Plant in central New York. The hydrogen system produces 560 kilograms daily and draws 1.25 MW per hour from the 1907 MW output of Nine Mile’s two reactors. In addition, Constellation has plans to begin commercial hydrogen production in 2026.
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Bloom Energy and Xcel Energy will work together to produce pink hydrogen using high-temperature electrolysis at the Prairie Island Nuclear Generating Plant in Minnesota by early 2024. Their goal is to achieve a net-zero future through affordable and accessible clean energy.
Government Subsidies on Pink Hydrogen Production Cost
Subsidized hydrogen produced through electrolysis from renewable (green) or nuclear power (pink) can be produced for under $2/kg in the United States. The levelized cost of hydrogen (LCOH) for pink hydrogen with PEM electrolyzers ranges from $0.83 to $2.83 with subsidies, and from $3.79 to $5.78 without subsidies. Meanwhile, LCOH for pink hydrogen with alkaline electrolyzers ranges from $1.68 to $4.28 with subsidies and $4.77 to $7.37 without subsidies.
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The Australian Renewable Energy Agency (ARENA) recently announced AUD 50 million ($34 million) for two funding rounds targeting research and development for renewable hydrogen and low-emission iron and steel. In addition, according to Lazard’s modeling, electrolyzers powered by nuclear generation capacity could deliver hydrogen more cheaply in the United States than green H2 facilities hooked up to renewable energy. This is because green hydrogen plants were only able to achieve capacity factors of 55%, compared to 95% for pink hydrogen facilities due to the steady baseload power profile of nuclear power compared to the variable and intermittent power supply from renewables. As a result, a pink hydrogen plant would be able to produce around 63% more hydrogen per installed kWh of electrolyzer capacity than a green H2 facility.
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