Why on earth would BMW build a hydrogen passenger car after Toyota lost millions on the Mirai? Hi, I’m Steve Hill, CEO of NewHydrogen. We’ll get to that in just a minute. At NewHydrogen, our mission is simple: to produce the world’s cheapest clean hydrogen. If you’d like to follow our progress, please subscribe to this channel and visit newhydrogen.com.
First up in the news, the Hydrogen Council’s Global Hydrogen Compass report shows that clean hydrogen capacity has surged 70% to 1.7 million tons, with another 6.9 million tons committed. But the number of buyers who have signed contracts grew just 16%.
Why the gap? Price. Buyers want clean hydrogen, but they won’t sign contracts priced well above the fossil fuels they’re already using. Producers are building capacity, but price-sensitive buyers won’t commit until clean hydrogen costs fall. Here’s what’s getting missed: if buyers saw a workable price, demand could outrun supply overnight. Global hydrogen demand already tops 100 million tons a year and is projected to grow 50% by 2030, driven by ammonia-based fertilizers that feed the world, as well as green steel, industrial refining, and heavy transport. Yet clean hydrogen production worldwide stands at just 1.7 million tons, less than 2% of total market demand. Closing that cost gap is the critical challenge holding back the clean hydrogen economy.
Next up, Viking’s second hydrogen-powered cruise ship just hit the water at a shipyard in Italy. At over 200 meters long and carrying nearly a thousand passengers, its fuel cells generate six megawatts using liquefied hydrogen. It’s scheduled to sail across the Mediterranean and Northern Europe in 2027.
Hydrogen isn’t cheaper than marine fuel. Not even close. So why build a second ship? For Viking, this move isn’t all about fuel savings. It’s about reputation and strategic access. Maritime shipping faces strict emissions cuts by 2030, and key ports increasingly restrict arrivals from ships that aren’t zero-emission. Getting ahead of the mandates secures access to the cleanest ports and appeals to environmentally conscious travelers willing to pay for it. But don’t expect a major industry shift until fuel costs come way down.
Now to our headline story: Why is BMW pushing forward with hydrogen even though Toyota’s Mirai never caught on? BMW is moving its iX5 Hydrogen SUV closer to full production, targeted for 2028. In reality, nobody expects BMW to make a fortune—or even a profit—selling hydrogen passenger cars, just as Toyota didn’t with the Mirai. So why do it? Because passenger cars are the ultimate proving ground. Automakers use these niche programs to stress-test technology, lower fuel-cell stack costs, and build supply chains.
The ultimate prize isn’t your commuter car. It’s heavy transport and logistics, a multibillion-dollar global market where batteries can be too heavy and slow to charge. A quick scan of the news shows companies like BMW, Scania, and Iveco partnering with Toyota to build trucking fleets. These players are positioning for a hydrogen economy that today’s production technology can’t support economically.
Something has to change because electrolyzers can’t produce the volume of cheap, clean hydrogen needed for a wholesale transition. That’s why NewHydrogen is building ThermoLoop®, designed to use cheap, scalable heat instead of limited and expensive electricity to produce massive amounts of clean hydrogen.
To learn what makes ThermoLoop® unique, head to newhydrogen.com and watch our short explainer video. And as a reminder, NewHydrogen is a publicly traded company under the symbol NEWH. Thank you so much for watching, and I’ll see you again next week.