for clean hydrogen projects was earmarked in the 2021 Infrastructure Law and a tax credit of $3 per kilogram for zero-carbon fuel was included in last year’s Inflation Reduction Act.
Energy expert Michael Webber, a professor of mechanical engineering at the University of Texas at Austin, thinks there are easily trillions of kilograms of hydrogen trapped underground, though how much can be cheaply accessed isn’t yet known. The company expects geologic hydrogen and its production operations it’s planning to qualify for both Infrastructure Law-related funds and clean hydrogen production credits. Cofounder Harraka, a former NASCAR driver who leads Koloma’s business operations and government relations, said geologic hydrogen is finding “broad bipartisan support because it offers the opportunity to produce clean energy from entirely domestic sources, creating jobs and investing in communities.
“The earth gives us wind and solar and waves and hydro; it gives us oil and gas and coal and peat and cow dung. Why wouldn't it give us hydrogen?”He’s researched natural hydrogen for about 15 years, traveling the world on geological missions to Africa, Europe, Australia and other regions to confirm its existence and the conditions most likely to generate it.
It’s “built an incredible intellectual property advantage with their unique technology and AI tools,” said Eric Toone, Breakthrough Energy’s technical lead and former professor of chemistry at Duke University. “There's like $1 trillion of hydrogen out there... It's big enough to be like, ‘Okay, this is exciting.’”“There’s a lot of end-use for hydrogen just to displace the dirtiest ways it’s now made,” he said. “Even if you don't think the hydrogen market is going to grow — although I think it’s going to grow by a factor of 10 in the next 20 years — there's a big market for cleaner hydrogen.”“The only big users of hydrogen are refineries and ammonia plants.
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