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- Stock Symbol: NEWH
250 years ago this week, a group of colonists declared that no outside power should control their fate. The world is still working on one key element of that problem. Hi, I'm Steve Hill, CEO of NewHydrogen with this week's top hydrogen news. First, an update on the nuclear side of our hydrogen story. Energy dependence remains one of the greatest vulnerabilities of the modern economy. Japan imports over 99% of its crude oil.
Germany was sourcing 55% of its natural gas from Russia when the invasion of Ukraine cut that supply off, triggering an energy crisis the country is still paying for. The question every import dependent nation keeps asking is the same. How do we produce affordable, reliable, clean energy without being hostage to someone else's supply chain? Compact advanced nuclear reactors are increasingly part of that answer.
In the United States, the Department of Energy recently published its nuclear progress report, targeting three advanced reactor designs, reaching criticality by July 4th and growing US nuclear capacity from 100 to 400 gigawatt by 2050. NewHydrogen's ThermoLoop is designed to pair with high temperature nuclear reactors to produce clean hydrogen. And the combination can also support hybrid systems that generate both clean electricity and clean hydrogen from a single heat source.
We're already working with new cube energy, a DOE nuclear energy launchpad select to explore exactly that. As the global field of advanced nuclear developers growss, we expect those collaborations to grow with it.
Next, the world's first large-scale green hydrogen steel plant is weeks from opening. Staggraph, formerly H2 Green Steel, is about to begin production in Bowden, Sweden. It's nearly 7 billion in investment, a 690 megigawatt electrolyzer, a steel making process that cuts emissions by up to 95% with Microsoft, Thycrop, and Scania already signed as customers. Steel accounts for roughly 7% of global carbon emissions. So, this is a meaningful milestone. But the process runs on gridscale electrolysis, tying hydrogen costs directly to electricity prices.
Bowden has some of Europe's cheapest renewable power and the plant still needed 7 billion and favorable policy to get built. Replicating this model in markets without those advantages requires fundamentally cheaper hydrogen. That's what Thermal Loop is designed to deliver.
Finally, hydrogen is keeping Europe in space. Air Products just signed a three-year agreement to supply lowcarbon liquid hydrogen to Aron Group, the prime contractor for Europe's Aron 6 rocket for engine testing in Vernon, France. Separately, heirlqueed renewed its own deal to supply liquid hydrogen and oxygen as propellants for Aron 6 launches. Two major industrial gas companies committing to multi-year hydrogen supply agreements in the same week is a clear signal. Liquid hydrogen is the fuel keeping Europe's space program operational right now, not just someday.
As the space economy expands, demand for liquid hydrogen will only grow. Getting it from clean lowcost sources becomes a strategic priority, not just an environmental one. From advanced nuclear reactors to a Swedish steel plant to the rockets carrying Europe into orbit, hydrogen is at the center of the most critical energy and industrial work happening in the world today. All of it gets more viable the moment clean hydrogen becomes truly affordable.
That's what our patent-pending ThermoLoop technology is being designed to solve using heat and water instead of expensive electricity. To follow our progress and watch our short explainer video, visit newhydrogen.com. NewHydrogen trades under the symbol NEWH. Happy 250th anniversary, America, and thanks for watching. We'll see you again next week.