The stock of Toyota Motor Corp (NYSE:TM) closed at $127.32 gaining 2.30% in yesterday’s trading session. Toyota and FuelCell Energy have plans underway to come up with a massive hydrogen fuel project at the Port of Long Beach, California.
If everything goes according to plan, the Tri-Gen plant will be able to produce almost 1.2 tons of hydrogen on a daily basis. This will support new heavy-duty trucks coming through the port and Toyota’s hydrogen-fueled Mirai sedans.
A person familiar with the matter has revealed that the power that will be generated from the project will be sold back to the grid of the state thus serving as another revenue source. He added that it was a great move utilizing the agricultural waste of California towards the generation of hydrogen.
An outlook at investment brings it to the limelight that indeed Toyota is not about to let up on its hydrogen bet. At the moment, the electric-vehicle growth is hitting the highest notches and the other thing that is quite noticeable is the fact that the company’s hydrogen focus is with the passage of time becoming increasing unique.
Sometime back Elon Musk proceeded to refer to the hydrogen car technology as an incredible dumb. According to Toyota, the Tri-gen is a major step forward in its efforts which are targeted at developing a hydrogen society. It also disclosed that there was a hydrogen fueling station Air Liquide onsite at the moment and that it was looking forward to achieve immense business success in years to come.
The group vice president of corporate strategy and planning for Toyota Motor Sales, Doug Murtha, opined “Toyota has been leading the development of fuel cell technology because we understand the tremendous potential to reduce emissions and improve society. Tri-Gen is a major step forward. But even with investment in such a large project, the cards remain stacked against hydrogen.”
The passage of time is witnessing a lot of changes all targeted at enhancing lives. The company seems to be at the frontline and that is quite evident from its willingness to mobilize its resources for the course.