Writing
09/10/2023 at 6:23 p.m.
Bank of America (BofA) issues warning to platinum investors. According to the American bank, the energy transition achieved thanks to hydrogen will greatly impact demand for this precious metal.
A report, published recently by commodity experts at BofA, reveals that the hydrogen economy saw a significant rise in 2022 and that this growth will likely be 3.5 times higher this year.
PEM electrolyzers that consume more platinum
“Electrolysis capacity could reach 205 GW by 2030” encrypts the document. Today, several electrolyzer technologies co-exist. Alkaline electrolyzers containing nickel are those most used industrially. However, proton exchange membrane (PEM) electrolyzers, which contain a large amount of platinum, represent 32% of current international electrolysis projects and 74% of those that will be operational in the next seven years.
« PEM electrolyzers are more efficient, more durable and operate at lower temperatures than alkaline systems » justifies the document. « They are, however, more expensive, because their manufacture requires ultra-resistant materials such as titanium or platinum. »
« If the market share of PEM electrolyzers reaches 70% by 2030, the demand for platinum to produce green hydrogen could rise to 22 tonnes per year ”, states the report. With the IEA’s “Net Zero” objective, which estimates that 560 GWh of capacity is necessary for the sector, it could be tripled and rise to 68 tonnes. tonnes A figure which may seem insignificant but which, compared to the volumes extracted each year, would account for almost 29% of world production.
BofA analysts expect the effects of platinum market deficits to be felt later in the decade, surpassing 1 million ounces in 2030.
Also for fuel cells
Still according to BofA, the demand for platinum for hydrogen vehicle batteries (personal and commercial) could reach 27% (140,000 ounces) by 2030. Under “Net Zero”, this demand could reach 2, 6 million ounces, an average annual growth rate of 92%.
Bank of America is, however, not the first organization to take an interest in the issue of critical materials linked to the emergence of low-carbon hydrogen. In 2022, the Hydrogen Council had published a complete study projecting the needs and challenges related to the consumption of different resources.
Numerous research projects in progress
If Bank of America is in its role when it calls for vigilance on platinum consumption, it is also good to remember that means exist to reduce or even eliminate platinum for batteries and electrolyzers. In South Korea, a team of researchers from the Korea Advanced Institute of Science and Technology (KAIST) recently discovered a new alloy to replace platinum in batteries. All over the world, research projects have multiplied in recent years.
At the same time, the constant improvement of technologies has made it possible to considerably reduce the use of platinum in batteries. According to researchers at the British company Johnson Matthey, the new fuel cells consume 90% less platinum compared to those marketed in the 1990s.
Another potential: that of recycling which, like battery cells, would reduce global tension on the materials market.
2023-09-10 16:23:54
#electrolyzers #harm #global #platinum #reserves
