Letter from Copenhagen: Place your hydrogen bets

The stakes are high for project developers as they choose which hydrogen molecule or derivative with which to target future markets

Green ammonia, e-fuels, gaseous hydrogen, liquid hydrogen, sustainable aviation fuel (SAF) or other derivatives. That is the choice facing many upstream project developers and their financiers in the rapidly growing clean hydrogen space as they try to bet on which products will win out over the coming decades. In terms of capacity, the current project pipeline is weighted towards production of green ammonia, capacities for which tend to be larger. Ammonia can be shipped globally via an established seaborne market for grey ammonia and has some existing direct applications, though cracking it back to hydrogen for other uses at scale presents challenges. “If you want to transport hydrogen