ExxonMobil Is Taking a Big Step to Capture This $1.4 Trillion Market Opportunity
Hydrogen has immense promise. The lower-carbon fuel could help address climate change concerns while meeting the world's growing energy needs. While estimates vary, Deloitte believes green hydrogen could become a $1.4 trillion market by 2050. That's the tip of the proverbial iceberg. The potential size of the lower-carbon market for molecules alone could reach $6 trillion by 2050.
ExxonMobil (NYSE: XOM) wants a piece of that massive market opportunity. The oil giant is currently working to develop the world's largest low-carbon hydrogen project. It's one of several steps the oil company is taking to cash in on the potentially lucrative demand for lower-carbon energy.
ExxonMobil recently revealed that Air Liquide is coming on board to support its low-carbon hydrogen and ammonium project at its facility in Baytown, Texas. The agreement will enable Exxon to transport low-carbon hydrogen through Air Liquide's existing pipeline network. In addition, Air Liquide will build and operate four Large Modular Air separation units to supply the company with oxygen and nitrogen for the facility. Those units will primarily use low-carbon electricity to power their operations.
Source Fool.com
