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Home > Archive > Alternative Power sources > December 2006 > Re: These boys have been busy, wasting company funds
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Re: These boys have been busy, wasting company funds
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| lkgeo1 2006-12-06, 5:25 pm |
| Norilsk Nickel buys into fuel cells - 12th April '06' Featured News
Norilsk Nickel and Interros will acquire 35% of the shares of a leading
US designer of environmentally clean and reliable energy products, Plug
Power. The deal is being made through Smart Hydrogen, a 50-50% joint
venture of Norilsk Nickel and Interros, formed to participate in the
global hydrogen economy.
"Norilsk Nickel has long been the principal and the only investor in
Russian R&D in the area of hydrogen technology and fuel cells," said
Mikhail Prokhorov, CEO of Norilsk Nickel and one of the largest
shareholders of Interros. "We believe in the potential of the
hydrogen energy industry and look forward to helping Plug Power
continue with their revolutionary advancements in fuel cell
technology."
"Involvement in this project creates a multiplier effect for Norilsk
Nickel. First, it stimulates an increase in demand for palladium, which
is used in hydrogen technology, as well as an increase in price for the
metal in the long term. Second, we are moving into high value-added
high-tech manufacturing, which will enable us to realize value in this
segment of the market as well. Third, such installations will very soon
start enjoying a robust demand in the Northern Territories, which will
help strengthen the energy security of our company with its key
production capacities located above the Arctic Circle," emphasized
Prokhorov.
In November 2003, Norilsk Nickel signed an agreement with the Russian
Academy of Sciences regarding co-operation in the area of hydrogen
technology R&D and fuel cells. As much as $120 million has been
committed to be invested in this project over three years. Already, the
early results have allowed Norilsk Nickel to start commercializing a
number of key technologies and preparing to build hydrogen power plants
based on fuel cells. In early 2005, Norilsk Nickel founded the National
Innovation Company 'New Energy Projects' to co-ordinate such
efforts and manage their commercialization.
CM wrote:
>
> No mention of how expensive the darn thing will be (very, platinum catalyst
> ain't cheap), or how little hydrogen is stored, or how inefficient it is to
> use expensive solar power for electrolysis.
>
> CM
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| > Norilsk Nickel buys into fuel cells - 12th April '06' Featured News
> Norilsk Nickel and Interros will acquire 35% of the shares of a leading
> US designer of environmentally clean and reliable energy products, Plug
> Power. The deal is being made through Smart Hydrogen, a 50-50% joint
> venture of Norilsk Nickel and Interros, formed to participate in the
> global hydrogen economy.
>
> "Norilsk Nickel has long been the principal and the only investor in
> Russian R&D in the area of hydrogen technology and fuel cells," said
> Mikhail Prokhorov, CEO of Norilsk Nickel and one of the largest
> shareholders of Interros. "We believe in the potential of the
> hydrogen energy industry and look forward to helping Plug Power
> continue with their revolutionary advancements in fuel cell
> technology."
>
> "Involvement in this project creates a multiplier effect for Norilsk
> Nickel. First, it stimulates an increase in demand for palladium, which
> is used in hydrogen technology, as well as an increase in price for the
> metal in the long term. Second, we are moving into high value-added
> high-tech manufacturing, which will enable us to realize value in this
> segment of the market as well. Third, such installations will very soon
> start enjoying a robust demand in the Northern Territories, which will
> help strengthen the energy security of our company with its key
> production capacities located above the Arctic Circle," emphasized
> Prokhorov.
Well, you still evaded the point, but no matter....
Norilsk Nickel is hoping to increase the demand (and price) for palladium,
which is a rare and expensive metal that they happen to mine. There aren't
a lot of uses for palladium, but palladium can absorb up to 800 times it's
volume in hydrogen, and a thin sheet of palladium can be used as a "filter"
to purify hydrogen. Low temperature fuel cells are particularly sensitive
to impurities that can cause premature failue.
Norilsk is willing to prop up a failing company just to increase the
palladium needed for the much hyped "hydrogen hiway". It certainly isn't
because they think "Plug Power" will ever be profitable.
CM
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