A group of companies from various sectors announced a Hydrogen Council on Tuesday, with the aim of advancing the use of the fuel as an alternate energy source.
The council is made up of 13 companies, including five automakers — BMW GROUP, Daimler, Honda, Hyundai and Toyota.
In a statement announcing the council, the companies pledge to “position hydrogen among the key solutions of the energy transition.”
Already, Hyundai and Toyota have hydrogen fuel cell vehicles in their product pipeline, and the Hydrogen Council pledged to accelerate their investments in the development and commercialization of hydrogen fuel cells.
They say that current investments total $1.9 billion (Canadian) a year.
Other members of the council include Air Liquide, Alstom, Anglo American, ENGIE, Kawasaki, Royal Dutch Shell, The Linde Group and Total.
The council is directed by two co-chairs, currently from Air Liquide and Toyota.
The council says it will collaborate with and make recommendations to “policy makers, business and hydrogen players, international agencies and civil society to achieve these goals.”
The council met for the first time Tuesday in Davos, where the World Economic Forum is being held.
The council presented a report, entitled How Hydrogen empowers the energy transition which details the future potential hydrogen is ready to provide. It also establishes the vision of the council and the actions it believes are fundamental for policy makers to implement if hydrogen is to reach its full potential.