According to Green Car Congress, Cemvita officials say that they can make use of the trapped or abandoned resources of oil that remain in the old wells, giving them a new life and purpose in the world of energy transition.

The company's researchers managed to achieve a 1$/kg oil to hydrogen conversion with the help of their microbe, which allowed them to take their findings from the lab to a test site.

After the success of the field testing, Cemvita executives were quick to establish a subsidiary called Gold H2 LLC, while also managing to get some funding for the new company.

Chart Industries and 8090 Industries were among the investors who financed the newly founded Gold Hydrogen firm.

Zach Broussard, Director of Gold H2 at Cemvita, stated that "in a very short time frame, we moved our microbes from the lab to the field. The hydrogen production in this trial exceeded our expectations."

"As we continue to use hydrogen producing microbes downhole, we anticipate we can achieve rates that will translate to hydrogen production at $1/kg or less", he added.

Gold Hydrogen production joins the other processes of obtaining hydrogen, such as water electrolysis, which is a very energy intensive operation that is required to obtain green hydrogen.

The global market for green hydrogen is expected to reach some 9.8 billion USD by 2028.

In the meantime, Cemvita and the new subsidiary will be looking at ways to commercialize the production of Gold Hydrogen.