100% Green Hydrogen - Duke Energy Plans New End-to-End System In Florida

Duke Energy Corp DUK plans to build a project in Florida to create clean energy using an end-to-end system to produce, store and combust 100% green hydrogen.

The project is the result of collaboration between Duke Energy, Sargent and Lundy, and General Electric Co's GE business GE Vernova and will be stationed at Duke Energy Florida's DeBary plant in Volusia County, Florida.

The system will begin with the existing 74.5-megawatt (MW) DeBary solar plant, providing clean energy for two 1-MW electrolyzer units that will segregate water molecules into oxygen and hydrogen atoms.

The resulting oxygen will be released into the atmosphere, while the green hydrogen will be delivered for safe storage.

The system will deliver the stored green hydrogen to a combustion turbine (CT) that will be upgraded using GE Vernova technology to run on a natural gas/hydrogen blend or up to 100% hydrogen.

This project is the first CT in the U.S. in operation that will run on a high percentage of hydrogen.

Construction of the demonstration project will start later in 2023, and the company expects the system to be installed and fully functioning in 2024.

"Hydrogen has significant potential for decarbonization across all sectors of the U.S. economy," said Regis Repko, senior vice president of generation and transmission strategy for Duke Energy.

Price Action: DUK shares are trading lower by 1.81% at $87.59 on the last check Friday.