The Hydrogen Boom Is On Track To Hit $11 Trillion Editor OilPrice.com Tue, September 29, 2020, 6:00 PM MDT It's official: The big hydrogen techlash is now history.
For decades, there was an undeniable and growing animus towards anything hydrogen by the investing universe, with the technology relegated to niche corners of the market, such as material handling and emergency power backup. Hydrogen technology was considered too costly and impractical, with Tesla Inc. (NASDAQ:TSLA) CEO Elon Musk famously dismissing hydrogen fuel cells as 'fool cells' and 'mind-bogglingly stupid.'
Bank of America is the latest analyst to chime in with a bullish note.
According to the giant investment bank, hydrogen could supply our vast energy needs, fuel our cars, heat our homes, and also help to fight climate change. BAC says we have reached the tipping point of harnessing this element effectively and economically and predicts the hydrogen marketplace to reach a staggering $11 trillion by 2050.
BAC has likened hydrogen to smartphones pre-2007 and has advised investors to double-down before it goes fully mainstream.
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