NEW YORK, Oct. 09, 2022 (GLOBE NEWSWIRE) — Principals of Hydrogen Technology Ventures, a firm established in 2019 to invest across the clean hydrogen value chain, have launched Avina Clean Hydrogen Inc, a leading pure-play clean hydrogen platform with an advanced portfolio of green ammonia and hydrogen plants that are expected to become operational in 2024.
Avina is a first of a kind green hydrogen platform that was created to build green hydrogen and green fuels plants in the United States. The platform is developing proprietary, modularized solutions to deploy low-cost distributed green hydrogen at scale and is well equipped with industry experts that have decades of experience in green hydrogen, industrial gas and renewable energy sectors.
Renewable energy production costs are already below $30/MWh in several parts of the United States today. Yet, despite these cost reductions, industries such as oil, steel, rail, marine, aviation are unable to use renewable power in a meaningful way to reduce emissions from their production processes.
Avina’s mission is to expand the use cases for renewables and to accelerate the energy transition in hard-to-decarbonize sectors by leveraging low-cost renewable electrons and converting them into higher value green molecules. The platform uses a technology enabled production approach to make distributed green hydrogen cheaper than delivered gray hydrogen today. The team has unparalleled expertise in renewable power, industrial gases, green hydrogen technologies and is developing proprietary deployment solutions to complement the DOE’s stated goal of driving green hydrogen production cost to $1/kg by 2030.
“Today, even though gray hydrogen production costs in the United States are about $1.50/kg, delivered gray hydrogen costs to the end customer in many instances are still a multiple of production costs and this problem is likely to become much larger as new applications for hydrogen get developed in locations where supply is not easily accessible,” stated Vishal Shah, Avina’s Founder and CEO.
“Moreover, intermittency of renewable power and increasing transmission and distribution costs will continue to remain a challenge for the hydrogen industry even as electrolyzer costs continue to decline. Our platform is uniquely positioned to offer proprietary system level solutions to multiple stakeholders – renewable developers that are dealing with the grid congestion problem, hydrogen customers that are dealing with unsustainable distribution costs as well as customers that want to bring production costs down by solving the renewable power intermittency problem”.
Avina has recently concluded multiple strategic partnerships, customer off-takes and investment agreements with leading industry players and is well capitalized to advance development of 250MW of green ammonia and hydrogen plants in multiple locations within the United States. The platform plans to invest $1 billion in green ammonia and hydrogen plants by 2025 and has a pipeline of an additional 1.5GW of renewable energy assets that can be converted into green hydrogen projects under various stages of development. More information on Avina Clean Hydrogen can be found at www.avinah2.com