45V is causing complications and delays for hydrogen projects by Fortescue and Woodside, due to the tax credit requiring hydrogen projects to use new, additional clean electricity sources within the same power grid and operational timeframe to qualify for subsidies. This stipulation could challenge the companies' plans, as their projects, like Woodside's H2OK in Oklahoma, might not fully comply. Fortescue's Phoenix Hydrogen Hub in Arizona, although using new wind and solar sources, may also face hurdles in meeting the stringent criteria. The uncertainty over the qualifications for this tax credit is causing delays in investment in these projects and slowing the expansion of the U.S. hydrogen economy.
Read more here: https://www.afr.com/companies/energy/fortescue-woodside-hydrogen-hopes-in-doubt-after-us-rule-change-20240103-p5euy9