China has been testing Hydrogen Energy Storage Systems (HESS) for many years and began implementing them in large-scale systems last year. However, their 'closed-loop system' does not include oxygen and water. I think this is one of the most important applications of hydrogen, as it is not dependent on hydrogen prices and doesn't face the typical "chicken and egg" problem. Above all, it has the potential to dramatically enhance the capacity of EXISTING renewable energy sources and significantly reduce reliance on fossil fuels. HESS is bound to succeed!
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