Everything About Hydrogen

On this episode of EAH, Patrick Molloy, Alicia Eastman, and Chris Jackson are delighted to speak with Arsenio Dominguez, the newly appointed Secretary General of the International Maritime Organization (IMO). Recorded before the highly successful MEPC81, Arsenio describes his vision for the IMO and his confidence in solutions that will reduce emissions from shipping without penalizing member states.

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About SG Arsenio Dominguez:

Arsenio Antonio Dominguez Velasco is the tenth IMO Secretary-General, bringing with him more than three decades of experience serving the global maritime sector, across a spectrum of leadership roles of increasing scope and responsibility.

Initially representing his native Panama, first within the Panama Maritime Authority and in his lattermost appointment as Ambassador of Panama to the IMO, his affinity for building consensus saw him elected by his peers as Chair of several flagship IMO intergovernmental meetings, including: the Marine Environment Protection Committee (MEPC), the Technical Committee of the 29th Assembly, and the Maritime Security, Piracy and Armed Robbery Group, as well as a number of Vice-Chair and Board member roles.

A naval architect at heart and by training, Mr. Dominguez gained his first degree at Veracruzana University, Mexico. Recognizing from the outset of his career the importance of a multi-disciplinary and multi-sectorial approach to the maritime sector, Mr. Dominguez later went on to pursue a Master of Business Administration (MBA) at the University of Hull, as well as an executive qualification in International Law and European Politics at Birkbeck University, both in the United Kingdom.

This agile approach served him well in better understanding the priorities and navigating the needs of the different stakeholders across the maritime sector, and indeed the complexities of a specialized UN agency whose mission it is to support them. In 2017, Mr. Dominguez harnessed this extensive technical and diplomatic knowledge and experience as a delegate for the benefit of IMO. He joined the Organization, first as Chief of Staff, followed by Administrative Director - leading the Organization through the COVID-19 pandemic. Directly prior to his election in July 2023 as Secretary-General, he was the Director of the Marine Environment Division.

His initial term as IMO Secretary-General was approved at the 33rd Assembly in December 2023.

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About the IMO:

The International Maritime Organization (IMO) is the United Nations specialized agency with responsibility for the safety and security of shipping and the prevention of marine and atmospheric pollution by ships. The IMO work supports the UN Sustainable Development Goals (SDGs).

The main role of the IMO is to create a regulatory framework for the shipping industry that is fair and effective, universally adopted and universally implemented.

Shipping is a truly international industry, and it can only operate effectively if the regulations and standards are themselves agreed, adopted and implemented on an international basis.

IMO measures cover all aspects of international shipping – including ship design, construction, equipment, manning, operation and disposal – to ensure that this vital sector for remains safe, environmentally sound, energy efficient and secure.

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Links:

IMO: https://www.imo.org/

This week Chris Jackson and Alicia Eastman interview a rising star in project finance - Patrick Gelstrup Rosenquist, Senior Vice President of the Danish Export and Investment Fund ("EIFO") and Patrick Molloy weighs in on the surprising advantages of Export Credit Agencies (“ECAs”).

About Patrick Gelstrup Rosenquist:

Patrick has worked for Denmark’s Export Credit Agency (EKF) and now EIFO for 15 years with a special focus on wind energy and Power-2-X. He is a renewable energy and infrastructure financing professional with expertise originating, analyzing, negotiating and structuring renewable energy assets. Key focus areas are export credits and international non-recourse finance for P-to-X projects worldwide.

About Export and Investment Fund of Denmark (“EIFO”):

EIFO is the national promotional bank and export credit agency of Denmark combined in one financial institution. It is the merger of three state funds – Vaekstfonden (The Growth Fund), EKF, and the Danish Green Investment Fund who all became subsidiaries under EIFO in January 2023.

About NZECA: Launched at COP28 in December 2023 the Net-Zero Export Credit Agencies Alliance (“NZECA) was launched by five founding and three affiliate members in partnership with Oxford, Future of Climate Cooperation, and the UN Environment Program Finance Initiative. Founding members include EKN of Sweden, EIFO, Export Development Canada (“EDC”), Svensk Exportkredit (SEK), and UK Export Credit. Affiliate members include Etihad Credit Export Insurance (“ECI”), Spain’s Export Credit Agency (“Cesme”) and KazakhExport. The Alliance unites leading public finance institutions committed to delivering net-zero economies by 2050 by supporting the decarbonisation of trade and facilitating joint action from public and private finance.

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Links

EIFO: eifo.dk/en/

NZECA: https://www.unepfi.org/climate-change/net-zero-export-credit-agencies/

This week on the Everything about Hydrogen podcast we are speaking to Kareem Afzal from PDC Machines. The company is a US based business, with >40yrs of experience in the world of compression. As market leaders in the supply of diaphragm compressors for industrial and mobility based applications in the hydrogen space, PDC Machines have seen the good, the bad and the ugly.

With manufacturing, sales and assets deployed across Europe, Asia and USA, we ask Kareem to talk through how PDC Machines sees the hydrogen project landscape evolving. What opportunities and challenges are PDC machines seeing for projects both under operation and attempting to achieve FID? Finally, Kareem speaks on how PDC Machines is able to maintain quality standards, whilst also accommodating supply chain pressures for local content as governments across the world seek to tie subsidies to new job creation.

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Links 

https://www.pdcmachines.com/about-us/#story

Today on the show we speak to Daniel Hanna, Global Head of Sustainable Finance for the Corporate & Investment Bank at Barclays Plc. On the show we discuss Daniel’s views on COP28 and climate investments globally, as well as his personal background and work in the sector. Finally, he speaks on what Barclays is doing to accelerate decarbonisation efforts and unlock climate financing solutions.

Daniel has long been a pioneer in innovative financing solutions to deliver social & environmental impact, having previously worked at Standard Chartered were he developed some of the first blended finance bond products to address issues such as water access and education, as well as supporting the NEOM project to raise its first financing. At Barclays, Daniel plays a key role in helping the bank to deliver on its ambition to enable $1trillion of Sustainable and Transition Financing between 2023 and the end of 2030. This is supported through several areas including Barclays internal £500mn Principal Investments arm, which provides growth capital to leading innovators in clean energy such as GeoPura, ZeroAvia, Protium, Zedify, Naked energy and many more. Barclays has also designed new products, including an innovative structured debt product that enabled a $300mn facility with EV services provider Einride, as well as helping companies in their corporate financing journey by providing investment banking support for fund raises such as Ohmium’s $200mn capital raise through TPG rise. All this and more we cover in the show as Daniel lays out how he sees Barclays as a leading provider of financing solutions for the clean energy space.

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Links

https://home.barclays/news/press-releases/2022/daniel-hanna-joins-barclays-as-global-head-of-sustainable-financ/

https://www.barclays.co.uk/sustainability/#:~:text=Setting%20a%20target%20to%20facilitate,and%20the%20end%20of%202030

https://trans.info/einride-secures-an-additional-500-million-in-funding-316547

To round off Season 5, the team are taking the podcast to COP28 in Dubai and providing listeners with a bit of texture including what the event was like to attend, as well as sharing a snapshot of some of the varied voices and discussions that took place. Having had a little time for reflection, Alicia, Chris and Patrick also offer their thoughts and takeaways on what this COP might mean for the future.

COP28 was the first in nearly 30 years to feature hydrogen as part of the Presidential Action Agenda with Daria Nochevnik of Hydrogen Council (also former EAH guest) as the Special Hydrogen Advisor to the COP Presidency, H.E. Dr. Sultan Ahmed Al-Jaber.

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Speakers Featured (in order of appearance)

•⁠ ⁠Mohamed Jameel Al Ramahi, Masdar CEO

•⁠ ⁠Marie-Anaïs Esprit, Natixis Corporate & Investment Banking

•⁠ ⁠Eng. Nawal Alhanaee, Director of Future Energy at the UAE Ministry of Energy & Infrastructure

•⁠ ⁠Princess Mishel Bint Saud Al Shalan, Public Investment Fund (PIF) of the Kingdom of Saudi Arabia, courtesy of her uncle, Modern Group Chairman HRH Prince Turki bin Abdulrahman bin Abdulaziz Al Saud

•⁠ ⁠Kiruthika Sadagopan, Reliance Industries ‘Intrapreneur’

•⁠ ⁠Ana María Pinto, Inter-American Development Bank (IDB) Transport Division Chief

•⁠ ⁠Jeremy Nixon, ONE Singapore CEO and World Shipping Council Co-Chair

•⁠ ⁠Jean-François Gagné, Clean Energy Ministerial (CEM) Secretariat

•⁠ ⁠David Shukman, Grantham Research Institute on Climate Change Visiting Professor in Practice

•⁠ ⁠Arsenio Dominguez, International Maritime Organization (IMO) Secretary General - Elect

Special thanks to Nelson Mojarro of International Chamber of Shipping (ICS) Decarbonization Innovation Lead and team who organized an incredible two-day shipping event including the inaugural COP28 Presidency High Level Shipping Ministerial.

This week the team meet Mattijs Slee, the CEO of Battolyser. We scratch the surface of how this technology offers something different to others in the market, while also asking Matthias to talk about his own personal experiences in the hydrogen world and why he’s so excited about future opportunities for Battolyser.

About Battolyser

Battolyser is a Netherlands-based, electrochemistry company, who have developed an exciting hybrid electrolyser and battery storage solution. The company already has its first pilot plant in operation in the Netherlands and has recently secured significant funding from the European Investment Bank (EIB). This financing will accelerate the manufacturing scale of its product and introduce its solution to existing and new customers who are seeking innovative ways to incorporate intermittent renewable energy into different green energy storage vectors.

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Links:

https://www.battolysersystems.com/about

The teams sits down with Johannah Christensen to discuss regulatory policies and risk mitigation for vessel owners switching to green fuels and what we can do to encourage that jump as well as ensure a Just Transition.

About Global Maritime Forum (GMF):

GMF is an international not-for-profit organisation committed to shaping the future of global seaborne trade to increase sustainable long-term economic development and human wellbeing.

About the Getting to Zero Coalition (GTZ):

GTZ is a collaboration-based platform committed to fully decarbonising the maritime industry by 2050. The industry-led coalition consists of leading stakeholders from across the maritime and fuels value chains, the financial sector and more. It is managed by the Global Maritime Forum and was founded together with the World Economic Forum and Friends of Ocean Action in 2019.

About Johannah Christensen:

Johannah is the CEO of GMF. In the past, Christensen worked as Head of Development at Danish Maritime Days and was an independent sustainability and partnership development consultant working for clients such as A.P. Møller-Mærsk, Global Reporting Initiative, MCI Group, Wonderful Copenhagen and UN Global Compact.

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Links:

GMF Website - https://www.globalmaritimeforum.org

GMF LinkedIn - https://www.linkedin.com/company/globalmaritimeforum/

Getting to Zero Coalition Website - https://www.globalmaritimeforum.org/getting-to-zero-coalition

International Maritime Organization (IMO) - https://www.imo.org/

On this episode the full team Chris, Alicia and Patrick speak to the incredible Dr. Sunita Satyapal.

About Dr. Satyapal:

Sunita is the Director for the United States Department of Energy (DOE) Hydrogen and Fuel Cell Technologies Office and coordinates activities across DOE offices for the DOE Hydrogen Program, which now includes roughly US$10B (including Bipartisan Infrastructure Law funding).

Dr. Satyapal was also recently named Director of the Hydrogen Interagency Taskforce (HIT) which includes 11 federal agencies.

She has more than two and a half decades of experience across industry, academia, and government, including at United Technologies managing R&D and business development and as a co-Chair on various international hydrogen partnerships. She received her Ph.D. from Columbia University and did postdoctoral work in Applied and Engineering Physics at Cornell University.  She has numerous publications, including in Scientific American, 10 patents, and various recognitions including two Presidential Rank Awards.

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Links

US DOE: https://www.energy.gov/

Hydrogen Hubs Announcement

https://www.energy.gov/articles/biden-harris-administration-announces-7-billion-americas-first-clean-hydrogen-hubs-driving

On this episode of EAH, Patrick Molloy, Alicia Eastman, and Chris Jackson learn a bit more about Pierre-Etienne, one of the original founders of Hydrogen Council, Chairman of 5T Hydrogen, and CEO of Hy24 the world’s largest investment platform solely focused on hydrogen.

About Pierre-Etienne Franc:

Pierre-Etienne spent a quarter century developing Air Liquide's businesses, managing the use, research, and development of hydrogen applications. As the Hydrogen Council’s initiative secretary, Pierre-Etienne and Air Liquide were joined by 12 other founding industry players, advocating for hydrogen to help foster the energy transition.

In 2021, Pierre-Etienne stepped away from Air Liquide to start a pure play hydrogen investment fund known as FiveT Hydrogen of which he is the Chairman. FiveT Hydrogen partnered with Ardian of France and launched a clean hydrogen infrastructure investment platform, dubbed Hy24. With Pierre-Etienne at the helm, Hy24 raised Clean H2 Infra, the largest fund worldwide dedicated solely to clean hydrogen infrastructure deployment.

About Hy24 and Clean H2 Infra:

Boasting over 70 strategic finance and industry limited partners, the Fund offers an ecosystem of opportunity to its various hydrogen portfolio companies. Hy24 has already announced seven investments, some of the most promising entrepreneurial adventures across Europe, Australia, and the Middle East, to support projects which will be among the largest in the world with gigawatts of competitive renewable capacity to decarbonize hard-to-abate established industries. Hy24 is color agnostic, but the hydrogen must qualify under the European taxonomy and Sustainable Finance Disclosure Regulations (SFDR) in a way that it is Article 9 compatible—so whatever process is used needs to reduce emissions by a minimum 70 to 80%.

Fun facts:

- Unlike Article 8 funds under the EU Sustainable Finance Taxonomy, which need only promote environmental or social characteristics and have good governance practices, Article 9 funds should make a positive impact on society or the environment through sustainable investment and have a non-financial objective at the core of their offering.

- The founding 13 members of the Hydrogen Council are Air Liquide, Alstom, Anglo American, BMW Group, Daimler, Engie, Honda, Hyundai, Kawasaki, Shell, Linde, Total and Toyota.

- Hy24 recently announced their investment in InterContinental Energy

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Links

Hy24 Link: www.hy24partners.com

The team interviews Olivier Mussat, the CEO of ATOME, a London-based green hydrogen and ammonia production company with projects in Paraguay, Costa Rica, and Iceland.

About ATOME:

ATOME Energy PLC (AIM:ATOM) is the first and only green hydrogen, ammonia and fertiliser production company listed on the London Stock Exchange.

About Olivier Mussat:

Olivier started his career as a field engineer in the power & water sector with GE-Ecolochem, followed by a move to Oil & Gas with energy engineering company Schlumberger across Europe, the Middle East and Africa. He then shifted to banking with Standard Chartered Bank, where he ended up as co-head of Oil & Gas Project Finance, before joining IFC (the private sector investment arm of the World Bank) where he spent nine years as Chief Investment Officer of Global Energy.  

During his time funding and managing energy infrastructure assets in Oil & Gas, Power & Renewables, he has led over US$500 million of equity investments in early stage companies and over US$30 billion of corporate and structured debt finance transactions across emerging markets and Europe.

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Links:

ATOME Energy PLC Full Investor Video:

The Commodities Of The Future, Today: https://www.atomeplc.com/atome-energy-plc-investor-video-3/