氢能，有的向左，有的向右

Core Insights - The hydrogen energy sector is experiencing significant fluctuations, with major companies like Stellantis halting hydrogen fuel cell technology development, raising concerns about the future of hydrogen initiatives globally [1][2][3] Policy and Project Developments - The hydrogen energy concept has faced ups and downs since its inception in the 1970s, with several companies and countries pausing or terminating their hydrogen projects due to economic and technical challenges [2] - India's SECI terminated a $23.3 million green hydrogen center project due to doubts about subsidy fairness and profitability [2] - Australia's CQ-H2 green hydrogen project was halted due to soaring costs and market uncertainties, leading to significant job cuts at Fortescue [2] - Repsol and Hydric Power's green hydrogen project in Spain was shelved due to economic infeasibility, despite its initial importance to Spain's hydrogen strategy [3] - Major companies like Shell and Equinor withdrew from Norwegian hydrogen projects, resulting in a loss of 10 GW potential capacity due to insufficient market demand [3] - BP suspended its HyGreen and H2Teesside projects, citing policy uncertainties and competitive pricing challenges [3][4] Investment and Economic Viability - ExxonMobil's $330 million clean hydrogen project in Texas was shelved due to the withdrawal of federal funding, impacting its economic viability [4] - Cleveland-Cliffs halted a $500 million hydrogen metallurgy project, finding it economically uncompetitive even with lower hydrogen prices [4] - Air Products canceled plans for a £2 billion hydrogen import terminal due to policy uncertainties and insufficient government support [4] - BNEF data indicates that only 13% of global hydrogen contracts have confirmed buyers, with over 20% of tracked hydrogen-related companies having gone bankrupt or transformed [4] Persistence in Hydrogen Development - Despite setbacks, several countries and companies remain committed to hydrogen energy, with France planning to deploy 4.5 GW of electrolysis capacity by 2030 [5] - China is rapidly growing its hydrogen industry, with a projected production and consumption scale exceeding 36.5 million tons by 2024, supported by strong policy initiatives [6] - Middle Eastern countries like Saudi Arabia and the UAE are prioritizing hydrogen energy, with ambitious local production and export goals [6] Long-term Perspective on Hydrogen - The hydrogen industry is capital-intensive, requiring substantial investment across all stages from R&D to market deployment, which can deter short-term-focused investors [8] - The differing treatment of companies by capital markets contributes to the withdrawal of many European and American firms from hydrogen projects, as traditional energy companies face pressure for immediate profitability [9] - The lack of infrastructure for hydrogen production, storage, and distribution in Europe and the U.S. hampers the growth of hydrogen fuel cell vehicles and overall market demand [10]