Companies and investors beginning to favor alternatives to hydrogen
The so called hydrogen economy has been a major focus for those in the fuel cell and hydrogen fuel industry for several years. The concept behind the hydrogen economy is relatively simple: A global distribution of energy through the use of hydrogen fuel. Though the concept itself may be simple, bringing it into reality has proven difficult. Now, the hydrogen economy may be giving way to the “green economy” as more companies and investors back different forms of motive power.
Green economy begins to pull ahead
The popularity of the green economy has been growing for several years and has managed to overcome the interest once held by the hydrogen economy. With more focus being put on other forms of alternative energy apart from hydrogen fuel cells, the hydrogen economy has reached a point of stagnation. The auto industry has proven to be one of the last bastions of support for hydrogen fuel in transportation, despite the growing role fuel cells are playing in public transit. Automakers believe that hydrogen is a viable replacement for fossil-fuels and can overcome the capabilities of other renewable fuels and have been keen to prove this belief.
Auto industry still showing support for hydrogen fuel
The auto industry’s support of the hydrogen economy has created a paradox within the industry itself. Hybrid vehicles, those combining renewable and fossil-fuels, are already widely available and quite popular amongst consumers. Automakers have been developing and producing these vehicles over several years, saturating the commercial market and allowing these vehicles to be sold at lower prices. Electric vehicles are also already available to a large number of consumers and are often exceedingly more affordable than their hydrogen-powered counterparts.
Economics continues to play a large role in the future of a hydrogen economy
The uncertain future of the hydrogen economy is due to a number of factors, including safety and efficiency concerns regarding fuel cells. Economics has begun to play a larger role in efforts to establish the hydrogen economy and has, thus far, proven to be a difficult hurdle to overcome. Automakers are still convinced that hydrogen is a viable fuel, however, and have not wavered in their plans to introduce new hydrogen-powered vehicles in the coming years.