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ATMOSPHERICS | Sanjiv Lamba at Linde ’s Connecticut office. “Carbon capture has happened for decades”—that’s how his gas engineers supply soda bottlers. Now they’ll send CO2 underground.puts the heavy in heavy industry. It furnishes industrial gases to the world’s smokestacks: fertilizer plants, steel mills, glassworks, oil refineries. It spews 38 million tons a year of carbon dioxide into the atmosphere.
The green energy revolution is having a rough patch. In the past three years the Invesco Wilder Hill Clean Energy fund has lost 72% of its investors’ money. Tesla’s unit sales have fallen. The big windmill makers are either barely profitable or losing money. Wall Street is littered with red-ink hydrogen companies.
The numbers don’t look so good for hydrogen made from renewable electricity. That stuff costs $5 to $8 a kilo. A federal credit of $3 isn’t enough to make it economic, at least not now. The killer is the capital outlay. Given the strains on the U.S. electric grid, a big shift into electrolyzing might just force the construction of yet more power plants fueled by natural gas, defeating the purpose. Lamba injects some realism here: “We’re going to be competing with AI data centers for electricity.”Linde is an ancient industrial outfit that has done a nice job keeping up with the times. Alas, investors know this: Shares are priced at 28 times likely 2024 earnings. Now look atanother venerable industrial.
Linde’s first big gas market was for oxygen to be used with acetylene welding, a technology that revolutionized the building of ships and skyscrapers. Soon after, two German engineers found a use for the nitrogen: Combine it with hydrogen to make ammonia and thus nitrate fertilizer. Be thankful for these three inventors. Half the nitrogen in your body came there by way of a chemical plant.
Green Hydrogen Blue Hydrogen Blue Ammonia ITM Power Carbon Sequestration Air Products Hydrogen Renewable Energy Electric Grid
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