“How much is the hopium for the people?” Paraphrasing Ostap Bender from the “Golden Calph”, a satirical novel by Ilf and Petrov, about a trickster in post-revolutionary Russia, I wonder at the parallels between this charismatic fictional crook and the modern peddlers of hopium.
Hydrogen seems to be the latest addiction in the investment world. Just look at the data: hydrogen startups have pulled in over $1.4B in equity funding this year alone, with around half of that—$750M—coming straight from U.S. taxpayers, according to Crunchbase.
But when it comes to investors I work with, who have a time horizon of 5-10 years, I advise caution. While hydrogen may be booming, not all bets are worth making. I recommend focusing on green fertilizers and, with caution, new electrolyzer development. Beyond that? It’s better to steer clear.
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