henever there’s a rush of competition into a nascent space, swindlers will find their way to it. Consider green hydrogen, a burgeoning industry with lots of new players and big dreams of powering a more sustainable future. In 2022, a company called Rhino Onward International, or ROI, launched with very big promises, telling investors that it was building a green hydrogen plant in Arizona that would be worth about $530 million within five years.
“It became clear they were just using the money to pay for their extravagant lifestyle and pay off debts,” Sarah Bivens, former director of client services at Croft & Frost, who personally invested about $50,000 in ROI, toldILLUSTRATION BY CECILIA RUNXI ZHANG; PHOTOS BY LPETTET/GETTY; NURPHOTO/GETTY; CHASE SWIFT/GETTYUnder a blazing morning Las Vegas sun, billionaire Wes Edens and Transportation Secretary Pete Buttigieg threw a party last week to mark the start of construction of Brightline...
The grid is 120-plus years old. It’s not built for economic efficiency. It's about 40% economically efficient — or shall we say 60% inefficient. And it's headed to become even more so because of the massive buildout in transmission. Demand is growing. Just residential energy demand is expected to grow by 22% by 2050.It takes five years for the average utility-scale project to become operational.
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