The initial two core technologies at the Hub that we have embraced are ones that we deem to be leading in the two main paths that hydrogen can help advance energy transition:
Hydrogen that can replace traditional combustible fuels. The March 2023 strategic decisions of European Union institutions, with the substantial push from German automakers who have better understanding and long years of research on it, further justify our decision.
Hydrogen in gaseous form that drives fuel cell technology. We have selected the partners that would enable us to provide a highly competitive, by EU prices, hydrogen, making it even more attractive.
Both of the above have already commercialized and proven their technologies. However New Hydrogen Hub is open for other hydrogen technologies. We want to stress that the New Hydrogen Hub in Cyprus stands up to its name from the outset by supporting the selection and development of other promising NEW HYDROGEN technologies.
To demonstrate how attractive the New Hydrogen Hub in Cyprus is as far as the more mainstream use of hydrogen for fuel cell electric vehicles (FECV) via the technology that we chose, we make a detailed comparison to a project that is being built in the UK, the South West Energy Hub at Science Museum Group’s Science and Innovation Park (S+IP). In brief, what we demonstrate through this comparison is that New Hydrogen Hub in Cyprus can be producing, storing, delivering hydrogen at a total cost at the pump of around € 5.5/kg of hydrogen for our chosen technology. In comparison, the S+IP price at the UK project is budgeted to be a minimum for £6.66/kg, around €7.5/kg without government support. Note that for the more distinct hydrogen content fuel, our cost will be at a discount to that, but further discussions with the Cyprus Government will be held for its implementation.
Satellite Locations Around Cyprus
Production of hydrogen at or close to solar and wind farms, enabling off-grid solutions.
Hydrogen Refueling Stations (HRSs) Custom-made hydrogen solutions in specific industrial applications Hydrogen Refueling Stations (HRSs) The storage and hydrogen refueling stations (HRSs) are an integral part of advancing the EU hydrogen economy. We are targeting selling the hydrogen to the end users at €5.50 - €6.25 per kg, which means that the relative cost per km driven is closer to being competitive with both existing fuel as well as current / projected electricity costs, making hydrogen cars attractive to consumers.
We prefer not to outsource the ownership of the HRSs to third parties as we will not be in a position to control how high they will be charging; effectively they could be charging it low initially and then raise it to current EU market rates of around €10 per kg, thus significantly weakening the whole hydrogen initiative in Cyprus.
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