US Energy Department Announces First Funding For Underground Hydrogen Energy
Portfolio Pulse from Piero Cingari
The U.S. Energy Department has established a $20 million fund for the development of underground hydrogen energy, marking its first-ever funding for this form of clean energy. The initiative is part of the Biden Administration's strategy to boost carbon-free energy production. Emerging companies like Koloma, HyTerra, and Natural Hydrogen Energy, which are conducting test drilling operations in Midwestern states, stand to benefit. However, the market performance of hydrogen-related stocks has been poor, with the Global X Hydrogen ETF (NASDAQ:HYDR) losing a third of its value since September 2022.
September 07, 2023 | 9:54 pm
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NEGATIVE IMPACT
The Global X Hydrogen ETF (NASDAQ:HYDR) has lost a third of its value since September 2022. Despite the new funding initiative from the U.S. Energy Department, the poor performance of hydrogen-related stocks may continue in the short term.
The U.S. Energy Department's funding initiative is a positive development for the hydrogen energy sector. However, the Global X Hydrogen ETF (HYDR) has been performing poorly, losing a third of its value since September 2022. This suggests that despite the new funding, the market sentiment towards hydrogen-related stocks remains negative, which could continue to impact HYDR's performance in the short term.
CONFIDENCE 80
IMPORTANCE 75
RELEVANCE 100