End of Year Review: Thinking Out Loud About the State of Hydrogen

It’s fair to say that 2024 was a bumpy ride for everyone involved in the renewable energy business. But from Hydrogen Mem-Tech’s perspective, the state of hydrogen looks pretty good after all.

December is the time when the days get darker and shorter in Norway, but that also makes holiday decorations look extra bright and shiny. That might be a fitting metaphor for how Hydrogen Mem-Tech sums up the year that has passed.

Hydrogen has faced significant headwinds this year. Ambitious hydrogen projects from major players have been shelved due to insufficient market interest and regulatory hurdles. Similarly, the EU has acknowledged it is unlikely to meet its 2030 green hydrogen targets, underlining the gap between ambition and execution.  

Despite these rough times in the renewable energy business in 2024, Hydrogen Mem-Tech’s CEO, Thomas Reinertsen, and Chief Sales Officer, Jørgen Svare, are still seeing the bright lights. They remain optimistic about the company’s unique technology and how it can be successfully utilised in a market with shifting concerns and priorities.

“First of all, we have been able to secure new investments in our business in a year that has been very dry for most players like us,” says CEO Thomas Reinertsen, referring to the October news that India-based venture capital fund Peak Sustainability Ventures is investing in Hydrogen Mem-Tech.

“We have entered a phase in renewables characterised by a greater focus on sustainable growth and securing profits. That type of shift tends to cool down investors and make them more cautious. In that respect, we have gone against the trends this year. We have secured new investments and further backing from our existing investors. That means they still believe in us and in our technology.”

The core offering of Hydrogen Mem-Tech is our unique separator technology. It can extract high-purity hydrogen from almost any gas mix. This technology is also key to explaining why Hydrogen Mem-Tech, despite the challenges faced by renewables this year, remains positive about the outlook for 2025 and beyond.

“The beauty of our technology is that we can be integrated and scaled into most types of existing industrial setups, typically within oil and gas installations, steel mills, or shipping,” says Chief Sales Officer, Jørgen Svare.

“There will always be demand for solutions to lower emissions and carbon footprints. It’s mostly a question of how, and at what cost. Our technology is scalable and can act as a gear in many types of systems. Clean hydrogen, ammonia, methanol, oil refineries, construction, ships—you name it.”

The renewable energy sector at large has faced difficulties, with wind power projects struggling to secure viable contracts and investors cooling on large-scale renewables. These challenges point to a maturing market where innovation and optimism must now be paired with pragmatic, financially viable solutions. Infrastructure readiness, viable offtake agreements and de-risking investments will be important success factors for all kinds of renewables, and hydrogen in particular. Finally, the recently passed Net Zero Industry Act (NZIA) offers a unique opportunity to strengthen hydrogen value chains in Europe.

“Partnerships with big industrial players, infrastructure developers and other stakeholders are critical to scaling the industry. This isn’t just about technology; it’s about building the systems and frameworks that make hydrogen a practical and attractive choice,” says Thomas Reinertsen. 

Chief Sales Officer Jørgen Svare on the conference circuit together with sales colleague Stephan Laux.

In 2024, Hydrogen Mem-Tech attended several international conferences. Most recently, Jørgen Svare participated in the Chemindix conference in Dhahran, Saudi Arabia. He also visited the ERTC in Lisbon, Portugal, the Hydrogen Technology Expo in Hamburg, Germany, Gastech in Houston, Texas, and the World Hydrogen Summit in Rotterdam, Netherlands. A lot of mileage, but also a lot of valuable input and inspiration, and an opportunity to be part of the current discourse of the hydrogen industry.

One thing is what is discussed in panels and keynote speeches at these conferences. But what about the coffee break chatter? What is the general sentiment about the state of hydrogen and its role in energy diversification and transition these days?

“There’s this saying that the only people who’ve made real money from hydrogen so far are the promoters of hydrogen conferences!” Jørgen Svare quips.

“Joking aside, the sentiment is positive, although perhaps a tad more realistic than the booming optimism of 2020 and 2021,” says Thomas Reinertsen, his latest conference appearance being the Cleantech Forum outside Paris, France in November.

“More realism is probably a good thing because it will force the development of more financially viable solutions.”

Chief Sales Officer Jørgen Svare points out that markets vary greatly across the globe, and this is reflected in what is discussed at these conferences.

“Take Germany as an example: they will face an energy deficit. How will they solve that problem? For geographical reasons, solar and wind are unpredictable sources of energy, so they’ll need to rely on more stable solutions. Ammonia can solve a lot of problems, but they need to figure out how. Should the cracking happen at the port of entry or closer to the customer? In the US, natural gas is very cheap, so how can hydrogen separation fit into their industries? And in India, with its very ambitious plans for lowering emissions, what role can hydrogen play? It’s a lot of food for thought but also very promising prospects for us and our technology.”

“That’s the great thing about Hydrogen Mem-Tech. With our technology, we’re positioned for a lot of different scenarios,” concludes Thomas Reinertsen.

“We’re less vulnerable to the vanity fluctuations in the market, as we can fit our technology into many different industries. We’re not just offering a great solution for future needs, but also for how things stand today. I believe that’s an attractive asset for any investor, and the reason they still believe in us.”