All manner of industries are piling into the hydrogen rush

“WE ARE BUILDING the energy company of the future…like Tesla did,” declares Seifi Ghasemi, chairman of Air Products. Comparing yourself to the electric-car darling may seem Napoleonic for a purveyor of industrial gases. But Mr Ghasemi, who has thought about one gas in particular, hydrogen, for 30 years, insists the comparison is apt.

He is not alone. Hydrogen is expected to play a big role in greening hard-to-decarbonise sectors such as cement and steel, as well as in long-term energy storage. Today’s smallish and, because almost all the stuff is made from fossil fuels in a carbon-intensive way, dirtyish hydrogen business is forecast to grow into a much cleaner trillion-dollar industry in a few decades. Governments are spending tens of billions of dollars a year to kickstart a clean-hydrogen revolution. A posse of hydrogen-curious firms are keen for a piece of the action.