ESG Today reports that 2021-founded NovoHydrogen develops on-site and near-site green hydrogen projects for various industrial customers. Despite the fact that around 10 million tons of hydrogen is being manufactured yearly in the US and some 94 million tons worldwide, only a small portion is of the green variety, meaning that the rest is fossil-based.

Before the recent 20 million USD investment, NovoHydrogen also raised 3.5 million dollars and formed a strategic partnership with Ohmium, a manufacturer of Proton Exchange Membrane (PEM).

The interest in the green hydrogen market recently increased significantly, following the announcement of the Biden administration, which promised an investment of 7 billion USD to accelerate the production and deployment of the low-emissions fuel.

Under the new project, the US expects to be able to generate 10 million tons of green hydrogen by the next decade, while by 2050, the amount could be increased to 50 million tons.

At the same time, in early October, Norwegian startup specialized in green hydrogen production Hystar announced plans to construct a completely automated 4GW electrolyzer facility outside of Oslo, which could be completed in 2026.