SA platinum miners powered by hydrogen fuel cells – With insights from The Wall Street Journal
Written on 03/25/2021
Platinum has regained its allure as investors bet on growing demand for hydrogen fuel cells, which power electric vehicles, writes The Wall Street Journal.
Earlier this year platinum surged past $1,300 an ounce for the first time in six years. A global drive for faster decarbonisation means many carmakers are shifting focus to electric vehicles. Initially, platinum took a hit as catalytic converters associated with diesel engines saw a drop in demand. Now investors are betting on a surge in demand for hydrogen fuel cells that power electric vehicles. Growth in the hydrogen economy is predicted to lift platinum, too. The use of electric vehicles in public transport is set to expand, with Toyota and Hyundai announcing partnerships and innovation in fuel cells. The Wall Street Journal finds out exactly what boosted the beleaguered metal to record highs this year. – Melani Nathan