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Through direct state appropriations and support of the Centers of Economic Excellence program, South Carolina has invested more than $12.2 million in hydrogen over the past 5 years. And by conservative estimates, this has spurred more than $115 million in non-state investments.
Staff Report
Published June 22, 2009
The state’s investment in the hydrogen industry seeing a return on its investment at a 10-to-1 ratio, said House Speaker Bobby Harrell Jr.
Through direct state appropriations and support of the Centers of Economic Excellence program, South Carolina has invested more than $12.2 million in hydrogen over the past 5 years. By conservative estimates, this has spurred more than $115 million in non-state investments.
“When we created the Centers of Economic Excellence to help grow our state’s knowledge-based economy, we did not know for certain what direction this public/private partnership would lead us,” said Harrell, R-Charleston. “Driven by industry investments and world-class scientists, hydrogen research took off and presented itself as a viable industry that could lead to a booming knowledge-based economy for South Carolina.”
The investment in hydrogen has created 229 jobs in South Carolina. With 65% of those jobs being created in the last 5 years, this is proving to be a growing industry, he said.
Pursuing a knowledge-based economy and growing related industries is crucial for the state’s economic future, Harrell said. Unemployment in May was at 12%. Since 2003, the number of unemployed people in South Carolina has increased by more than 100%.
“Our current economic development strategy of inaction needs to end, watching other states successfully attract new jobs and investments while our economic development leaders stand idly by is hurting jobless South Carolinians,” Harrell said. “If we are going to combat this 100% increase in unemployment, we must actively pursue new economic opportunities. Hydrogen has the potential to create the high-paying jobs of tomorrow by becoming the next economic engine driving our state’s knowledge-based economy.”
In 2005, ICF Consulting conducted a thorough statewide analysis of South Carolina’s hydrogen and fuel cell potential. The study determined that “this industry represented a significant knowledge-based market opportunity for the state.”
Most industry experts think the technology for affordable hydrogen-powered vehicles is still far off. This is one of the main reasons that the Obama Administration proposed cutting the federal funding for hydrogen vehicle research. However, many other uses for this technology are viable and are ready for real world application, Harrell said.
Bridgestone Firestone Manufacturing in Aiken is switching over its entire forklift fleet to run on more efficient and cost effective hydrogen fuel cells, the city of Columbia is backing up its emergency broadcast towers with longer lasting fuel cells and is operating a hydrogen fueled city bus and ETV is using cameras that run on hydrogen power.
“The results we are seeing from our state’s investment in hydrogen are significant,” Harrell said. “In just the Midlands alone, we have seen a 60% return on investment. Most importantly, our partnership with over 40 companies means that the pursuit of this knowledge-based industry is being driven by the private sector.”
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