Commercialisation of hydrogen fuel cell trucks in China has revived optimism in the platinum industry. Northam Platinum CEO Paul Dunne highlighted a Chinese company's fleet of over 20,000 trucks, each using 100 grams of platinum. The development was discussed at a recent PGM conference in Johannesburg.
At a PGM conference in Johannesburg, organised by Resources For Africa, Northam Platinum CEO Paul Dunne stated: “Our view before was that there had been an overpromise regarding hydrogen ... we now believe the world is potentially underestimating hydrogen.” He discussed past disillusionment over hydrogen timelines, noting: “We expected hydrogen in the 90s to go commercial in 10 years, and in the noughties in 10 years, and in the 2010s in 10 years.” The optimism stems from China, where Northam executives visited a company operating over 20,000 fuel cell trucks, with plans for 200,000. Each truck contains 100 grams of platinum. The coking coal producer receives catalysts via Mitsubishi, information from a Japanese client. In South Africa, the Department of Mineral and Petroleum Resources is accepting applications for natural hydrogen exploration. H2Au Ltd's two applications for over 3.4 million acres in the Bushveld region have been accepted, subject to final ministerial approval. Valterra Platinum CEO Craig Miller said: “The energy transition will happen, and the outlook for platinum demand from hydrogen fuel cells is promising. If anyone can do it, it’s the Chinese.” This progress contrasts with prior hype about hydrogen driving platinum demand amid the energy transition.