CORALVILLE, IA, Sept. 24, 2024 (GLOBE NEWSWIRE) -- SunHydrogen, Inc. (OTCQB: HYSR), the developer of a breakthrough technology to produce renewable hydrogen using sunlight and water, today announced that it has joined the Texas Hydrogen Alliance, a coalition of industry leaders dedicated to advancing the hydrogen economy in Texas.
Founded in 2021, the Texas Hydrogen Alliance is a 501(c)(6) non-profit trade organization that brings together policymakers, regulators, industry leaders and innovators to advocate for policies that expedite hydrogen adoption, promote low-carbon hydrogen production, and develop robust infrastructure for storage and distribution. The Alliance seeks not only to strengthen Texas' position as the energy capital of the world, but also to create new opportunities for economic growth and innovation in the hydrogen sector.
“We believe our business plan is very well-aligned with current plans to expand the hydrogen economy in Texas, including the creation of a hydrogen trucking corridor throughout the state,” said SunHydrogen’s CEO Tim Young.
The innovative solar hydrogen panels SunHydrogen is developing use abundant and low-cost materials, require no external power other than sunlight, and are designed with scalability in mind. The Company intends to install its green hydrogen panel arrays at and near roadside refueling sites along major trucking routes with abundant land and sun, lowering the high costs and hydrogen losses associated with typical long-distance transport.
In January 2024, Texas received a $70 million grant from the Federal Highway Administration supporting the creation of a hydrogen trucking corridor for medium and heavy-duty trucks. The funding will go toward the construction of up to five stations across Dallas-Fort Worth, Houston, Austin and San Antonio, with the eventual goal of building a corridor between Texas and Southern California.
Additionally, Texas is the site of the HyVelocity Hydrogen Hub, one of seven regional clean hydrogen hubs selected by the U.S. Department of Energy to receive up to $1.2 billion in funding. HyVelocity Hub participants Air Liquide, Chevron, ExxonMobil and Sempra Infrastructure are also part of the Texas Hydrogen Alliance.
“Our membership in the Alliance brings tremendous opportunity to make inroads into the Texas hydrogen landscape and beyond,” Mr. Young said. “SunHydrogen greatly looks forward to engaging with prestigious industry leaders and fellow innovators.”
About SunHydrogen, Inc.
SunHydrogen is developing breakthrough technologies to make, store and use green hydrogen in a market that Goldman Sachs estimates to be worth $12 trillion by 2050. Our patented SunHydrogen Panel technology, currently in development, uses sunlight and any source of water to produce low-cost green hydrogen. Like solar panels that produce electricity, our SunHydrogen Panels will produce green hydrogen. Our vision is to become a major technology supplier in the new hydrogen economy. By developing, acquiring and partnering with other critical technologies, we intend to enable a future of emission-free hydrogen production for all industrial applications such as fertilizer and petroleum refining as well as fuel cell applications for mobility and data centers. To learn more about SunHydrogen, please visit our website at www.SunHydrogen.com.
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Matters discussed in this press release may contain forward-looking statements. When used in this press release, the words "anticipate," "believe," "estimate," "may," "intend," "expect" and similar expressions identify such forward-looking statements. Actual results, performance or achievements could differ materially from those contemplated, expressed or implied by the forward-looking statements contained herein. Forward-looking statements are based largely on the expectations of the Company and are subject to a number of risks and uncertainties and other factors, known and unknown, including the risk factors described from time to time in the Company's reports filed with the Securities and Exchange Commission. Forward-looking statements contained herein are applicable only as of the date on which they are made, and the Company does not assume any obligation to update any forward-looking statements, except as may be required under applicable law.
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