Mitchell: Clean hydrogen could mean big investment in Indiana
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As a subscriber you can listen to articles at work, in the car, or while you work out. Subscribe NowThe CEO of Indianapolis-based Energy Systems Network says clean hydrogen production could create a $10 billion opportunity for Indiana over the next decade.
A group of Indiana partners recently joined with a coalition representing Michigan and Illinois in an effort to land a share of $7 billion in funding from the U.S. Department of Energy to create a Midwest Hydrogen Hub, focusing on the production, processing, delivery, storage and end use of clean hydrogen.
As the state works toward a hydrogen hub, Paul Mitchell says ESN will be launching a Hydrogen Industry Alliance support what he calls an economic growth opportunity.
Mitchell discussed the potential impact the clean hydrogen market could have on the Hoosier State in an interview on Inside INdiana Business with Gerry Dick.
The Indiana group, known as the Midwest Hydrogen Corridor Consortium, was led by the Indiana Economic Development Corp. and includes industry partners such as Columbus-based Cummins Inc. (NYSE: CMI), Purdue University and BP.
BP is already looking at big investment in hydrogen production at its refinery in Whiting, the company’s largest refinery in the world.
“That alone is a multi-billion-dollar investment, but with that comes a whole set of other ecosystem investments in transportation, in storage, in vehicle technology that can use fuel cells, whether it’s Cummins, whether it’s Rolls-Royce, or other partners,” Mitchell said.
Mitchell said Indiana’s efforts are also attracting the attention of out-of-state companies that are seeing the state as a proving ground for the growth of the hydrogen economy. That, he said, led to the creation of the Hydrogen Industry Alliance.
“That will allow, really, a neutral environment for companies to collaborate on projects, to do outward education and engagement and awareness, and to make sure we have a good solid public policy and regulatory environment that can support this economic growth opportunity,” he said.
While he is confident the Midwest Hydrogen Hub will happen with a grant from the DOE, Mitchell said the state will continue to move forward with its hydrogen plans even if it doesn’t get federal support.
“This is a multi-year journey that Indiana has gotten started on, and we’ve been involved intimately in the initial investments in EV and electrification maybe a decade ago. And I can say with confidence, what we’re seeing in hydrogen is at least, if not more interest from a diverse set of companies in investing.”
The DOE is expected to announce its selection for the hydrogen hubs until the end of the year. If the Midwest hub is chosen, Mitchell said funding could be awarded starting in 2024.
“I will admit the timeline for hydrogen projects, they don’t happen overnight, when you’re talking about carbon capture and sequestration, when you’re talking about billions of dollars of capital investment. But, there’s a lot of jobs created in construction. There’s a lot of investment that starts at day one to be in a position to produce high volumes of hydrogen for the marketplace.”