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Produzione di idrogeno verde su larga scala: un fattore abilitante della transizione energetica (Michele Sponchiado)


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Produzione di idrogeno verde su larga scala: un fattore abilitante della transizione energetica (Michele Sponchiado)

  1. 1. GREEN HYDROGEN PRODUCTION Large-scale green hydrogen production: an enabling factor of the energy transition M. Sponchiado, Industrie De Nora S.p.A. 20th October 2022
  2. 2. © 2022 De Nora “Sustainability is at the heart of our values” Introduction to De Nora:
  3. 3. 3 WE ARE DE NORA © 2022 De Nora A global leading player in sustainable technologies W E A R E D E N O R A #1 largest supplier of metal-coated electrodes globally Global leader in solutions for green hydrogen technologies Leading positions in water and waste water treatment technologies Source: Company information, Roland Berger elaboration based on expert interviews. ~€610m 2021E Revenue1 ~10% CAGR 19A-21E ~€120m 2021E EBITDA Adj.1,2 ~20% Margin 14 Manufacturing and assembling facilities globally and 5 R&D centres >300 Patent protected inventions and +90 researchers 99% Revenue Outside Italy3 and >1,600 employees ~38% Revenue from High value added aftermarket services4 1 Reflect Management’s current expectations for 2021 and are subject to change. 2 EBITDA Adjusted for non-recurring items 3 Based on 2020A figures. 4 Average of 2019A – 2021E
  4. 4. 4 WE ARE DE NORA © 2022 De Nora A comprehensive portfolio of mission-critical solutions and high-value added aftermarket services… W E A R E D E N O R A Electrode Technologies Water Technologies Energy Transition Products and Solutions Services Technical assistance and remote support services Electrodes recoating, repair services, and spare parts Performance upgrades and retrofits Engineering design Supply and maintenance agreements Analytic services Anodes, Cathodes, Catalytic Coatings Gas Diffusion Electrodes DSA® Electrodes for AWE, Electrolysis Cells, GDE, Electrodes for Fuel Cells Electro-chlorination Plants, Disinfection and Filtration Technologies, Ballast Water Treatment
  5. 5. 5 WE ARE DE NORA © 2022 De Nora …addressing well-diversified end markets and applications while serving a large customer base W E A R E D E N O R A Electrode Technologies Energy Transition Water Technologies Chlor-alkali Electronics Mining Hydrogen production Hydrogen storage and transportation Fuel cells Swimming pools Municipal and Industrial water & wastewater treatment Power and Marine water & wastewater treatment To come ~30% Top-20 customersrevenues %1 Top-quality customer base across several markets ✓ Low customer concentration ✓ Long term tenure ✓ High revenue visibility based on product life cycle ✓ Customer Base Source: Company information. 1 % of total revenues based on 2020 figures excluding tk nucera.
  6. 6. 6 WE ARE DE NORA © 2022 De Nora State-of-the-art manufacturing footprint to address market opportunities globally Manufacturing and assembling facilities Offices R&D centres >1,600 Employees 144 Countries of presence 14 Manufacturing and assembling facilities 5 R&D centers +90 Researchers 26 Operating companies / branches2 APAC 43% EMEIA 25% APAC 37% Americas 34% EMEIA 29% Revenue by geography1 Source: Company information. 1 Based on 2020 figures. 2 Data as of December 2021. Includes the Parent company Industrie De Nora S.p.A. Employees by geography1 Americas 32%
  7. 7. © 2022 De Nora Green hydrogen production on large scale: an enabling factor for the energy transition “Hydrogen has a central role in helping the world reach net-zero emissions by 2050 and limit global warming to 1.5 degrees Celsius. … (it) offers the only long-term, scalable, and cost-effective option for deep decarbonization in sectors such as steel, maritime, aviation, and ammonia …” (the hydrogen council)
  8. 8. 8 WE ARE DE NORA © 2022 De Nora Hydrogen colors and sources H2 is a versatile energy vector that can be produced through several industrial processes Hydrogen production methods and colors: Coal gasification Reacting coal with oxygen and steam Natural Gas reforming Reacting Methane and Steam (SMR) By product of industrial processes Black Gray Gasification Fossil fuels gasification Brown Electrolysis Water electrolysis powered by Renewables Black / Gray / Brown with Carbon Capture & Storage (CCS) Green Blue Electrolysis Powered by nuclear energy Purple Electrolysis Powered by the GRID Current production methods Low Carbon Hydrogen Low Carbon Hydrogen processes: Blue Hydrogen Green Hydrogen Purple Hydrogen RENEWABLE ELECTRICITY ELECTROLYSIS ELECTROLYSIS NUCLEAR ELECTRICITY STEAM REFORMING CO2 MANAGEMENT (CCS – Carbon Capture and Storage) COAL METHANE + + + +
  9. 9. 9 WE ARE DE NORA © 2022 De Nora As renewable power prices decrease … … and electrolyzer cost decrease… Iron & Steel Industry Energy Storage Building / Industrial Heat & Power Aviation Rail transport Shipping Heavy & Light Duty Vehicles Refining/ Petrochemical Ammonia/ Methanol/ Chemical … hydrogen end markets will rise e- Water Source: Hydrogen Council 2050 / ETC (Energy Transition Commission Green H2 role in Energy Transition Cement Industry
  10. 10. 10 WE ARE DE NORA © 2022 De Nora Hydrogen demand is expected to grow by c. 6% p.a. between 2020÷50 driven by multiple end markets 1 Roland Berger elaboration based on IEA, Hydrogen Council. Values include hydrogen and hydrogen contained in ammonia and synthetic fuels. 2 Referring to IRENA 1.5°C scenario. Source: IRENA (Geopolitics of the Energy Transformation: The Hydrogen Factor). 3 Referring to Energy Transitions Commission (ETC) Supply-side decarbonization only scenario. 4 Referring to BNEF Green Scenario. 5 Referring to Hydrogen Council scenario. ◼ Several reputable sources are providing estimates of the growing hydrogen market ◼ Central role of Hydrogen in reaching net zero emissions and limiting global warming to 1.5°C ◼ Critical in achieving decarbonization of hard-to- abate sectors ◼ An enabler in the energy system ◼ Potential as an energy vector for a wide range of applications in transport, buildings, and industry Global hydrogen market1 by end market (2020÷2050; Mton) Key highlights 2050 global H2 Market (Mton) ~600 ~800 ~800 ~660 2 3 4 5
  11. 11. 11 WE ARE DE NORA © 2022 De Nora The world is running towards green hydrogen 1 Elaboration of Roland Berger. Values include hydrogen and hydrogen contained in ammonia and synthetic fuel. 2 LCOH = Levelized Cost Of Hydrogen Grey/ Brown hydrogen Coal Natural Gas Biomethane Reforming / Gasification CO2 emitted 2020÷2050 supply mix1 Inputs Most common Process Emission impact Blue hydrogen Natural Gas Biomethane Biomass Reforming CO2 stored / reused Green H2 is expected to achieve the highest share of the supply mix by 2030 supported by reduced LCOH2 and no CO2 emissions 2020 2025 2030 2040 2050 ~89% ~1% ~10% ~2% ~37% ~61% Green Hydrogen Blue Hydrogen Grey Hydrogen Green hydrogen Renewable energy Water Electrolysis NO CO2 EMITTED
  12. 12. 12 WE ARE DE NORA © 2022 De Nora Green hydrogen demand evolution between 2020÷50 Around half of the total green hydrogen is expected to be used in transportation and industrial energy by 2050 ◼ Before 2030 the so-called “existing feedstocks” sector: ammonia, methanol, refining, … present the most rapid demand acceleration ◼ In 2030 existing feedstocks will represent > 85% of the overall green hydrogen demand ◼ Over the years, particularly from 2030 onwards, new markets that use H2 as an energy carrier, rather than as feedstock, are expected to emerge ◼ Main growth in hydrogen demand by 2050 is expected to come from – Transportation – Industrial energy – Building Heat & Power Global green hydrogen market1 by end market (2020÷2050; Mton) 1 Elaboration of Roland Berger Key highlights
  13. 13. 13 WE ARE DE NORA © 2022 De Nora Several hydrogen projects are ongoing or announced sustained growth is expected during the next decade 1 Large scale defined as > 1 MW 2 Giga scale defined as > 1GW ◼ Around 70% of the projects have announced full or partial commissioning before 2030 ◼ The number of giga-scale projects has more than doubled from 17 to 43 in the past years with announcements spanning all regions ◼ Europe accounts for the largest share of announced projects, followed by Asia and North America ◼ Within Asia, China accounts for roughly half the total announcements, with multiple projects emerging to meet growing local demand and government targets Source: Hydrogen Council – Hydrogen for net zero – November 2021
  14. 14. © 2022 De Nora Water electrolysis technologies: “There are four types of water electrolysis technologies; alkaline, polymer electrolyte membrane, anion electrolyte membrane, and solid oxide electrolysis. Alkaline water electrolysis is the most mature technology with high energy conversion efficiency and reliable performance”
  15. 15. 15 WE ARE DE NORA © 2022 De Nora AWE has overall advantages and is the preferred choice for large-scale green hydrogen production Legend: Alkaline Water Electrolysis (AWE), Polymer Electrolyte Membrane (PEM), Solid Oxide Electrolyser Cell (SOEC), Alkaline Anion Exchange Membrane (AEM). 1 Multi-MW PV plants have dynamics of >10 minutes, therefore are perfectly suitable for AWE application. Commercial Technology R&D Phase AWE PEM SOEC AEM Pros ✓ High efficiency ✓ Low CAPEX cost ✓ Cheap construction materials ✓ Multi MW stacks ✓ Synergetic with RE1 ✓ Rapid response (stack) to variable loads ✓ High gas purity ✓ High flexible operations ✓ Higher overall system efficiency ✓ Can recover waste heat /steam ✓ High flexible operations ✓ High gas purity ✓ Rapid response to variable loads ✓ Less corrosive electrolyte ✓ No PGM coating ✓ Cheap construction materials Cons  Lower gas purity  Use of 30% KOH  High CAPEX cost  Noble Metal- based catalyst and protective coatings  Expensive construction materials  Lower durability  Lower efficiency  R&D phase  Low dynamics  Long start-up and shut-down times  High-temperature operations  Materials corrosion  R&D phase  AEM durability  Membrane conductivity Ready for GW scale High cost Limited to Mid/Small size installations R&D In principle very efficient R&D Potentially combines Pros of AWE & PEM
  16. 16. © 2022 De Nora Green hydrogen cost: drivers, trends and role of De Nora’s products “Energy cost represents a key variable for hydrogen total cost of ownership (TCO), but also CAPEX has an impact, especially in case of low utilization factors (direct interface with RE)”
  17. 17. 17 WE ARE DE NORA © 2022 De Nora Energy is the main contribution to the TCO, while CAPEX weights for less than 1/5 of the overall production cost; Stack cost represents about 30 - 35% of the overall CAPEX (EPC), anodes and cathodes counts for < 6 - 8% TCO ~ 2,42 €/kg 450 €/kW CAPEX, 3% WACC, 8600 h/y, 8y electrodes life; 40 €/MWh,1,80V @ 10 KA/m2 Pressure 25 bar (+ compression to 30 bar) CAPEX; 15% OPEX & Maintenance; 6% POWER; 79% Cathode and Anode Bipolar plates Diaphragm Structural components Accessories Frames and pressure rings Assembly Stack; 35% Alkaline (pressurized) System Stack cost breakdown DN typical scope of supply CAPEX impact on TCO – stack and electrodes weight Electrodes and electrode package, despite a modest impact on CAPEX, are the key factors for the power consumption reduction and therefore for decreasing the TCO This % value rise in case of intermittent usage of the plant TCO = Total cost of ownership
  18. 18. 18 WE ARE DE NORA © 2022 De Nora Price trend: Market trend: Today Future Market volume (MW) Large volumes dragged by CARBON TAX application (industrial use) or a ramp up of hydrogen mobility (heavy vehicles) or a reduction of the POWER PRICE 1st Knee point: DEMO projects 2nd Knee point: external factors 200 400 600 800 Today Future AWE System Price (€/kW) Improved AWE System Price: 600 ÷ 700 €/kW (> 20 MW installations) Source: Confidential Future Price: 300 ÷ 350 €/kW (>100 MW size plant) Source: Confidential Today AWE System Price: 800 ÷ 1200 €/kW (> small installations) AWE CAPEX & market trends
  19. 19. 19 WE ARE DE NORA © 2022 De Nora DN AWE Electrodes At the earth of a new generation AWE Technology, reducing power consumption and investment costs, enabling hydrogen sustainability Anode and cathode advanced electrodes coated with proprietary catalytic coatings ◼ Higher current density, thus reducing CAPEX intensity and Stack Footprint ◼ Reduce Power Consumption through Lowering Cell Voltage ◼ Ensure Lifetime stability ◼ Use for Atmospheric & Pressurized Alkaline Water Electrolysis Coating solutions
  20. 20. 20 WE ARE DE NORA © 2022 De Nora AWE 2.0 allows lower hydrogen cost(*), in any possible ENERGY COST scenario Role of De Nora Products Enable higher hydrogen-specific production rate (proportional to Current Density) at outstanding specific energy consumption (proportional to cell voltage), allowing more compact installations (lower CAPEX) and a lower Hydrogen TCO (Hydrogen Total Cost of Ownership) (*) = Total Cost of Ownership
  21. 21. © 2022 De Nora Main project under execution “>2 GW Secured green H2 projects”
  22. 22. 22 WE ARE DE NORA © 2022 De Nora De Nora on leading projects for H2 development Based on publicly available info Camacari Industrial Complex (First industrial-scale green Hydrogen Site in Brazil) I Phase Project Size: 60 MW
  23. 23. 23 WE ARE DE NORA © 2022 De Nora Wrap Up ◼ Green Hydrogen will be a key enabling factor of the future world energy transition thanks to its ability to be not only an energy vector but also fuel and raw material for chemical processes. ◼ It will be key for CO2 footprint reduction of the so-called “hard to abate” sectors. ◼ The hydrogen cost reduction will allow the future to “unlock” its deployment in different industrial segments. ◼ Its production is possible in large quantities. AWE – Alkaline water electrolysis – is favored for this kind of “Giga” scale installation. ◼ Large installations will drug large-scale manufacturing and therefore a considerable CAPEX reduction (economy of scale). ◼ Large-scale green hydrogen installations require low CAPEX, good electrolyzer performances, and high operating Current Densities (that translate into low OPEX and low CAPEX again). These are the main driver De Nora is following in the development of its products for AWE (2.0).