Why Recessions Forge Great CEOs Who Think Beyond Cost-Cutting
04/15/2025
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But the CEOs who make history in downturns aren’t the ones with the deepest cuts
July 21, 2022: -On Monday, the U.K.-headquartered firm said it was building an £80 million “gigafactory” which specializes in manufacturing hydrogen fuel cell components, with operations scheduled to start in the initial half of 2024.
P.E.M. fuel cells are created from different materials. Also called polymer electrolyte membrane fuel cells, the U.S. government says P.E.M. fuel cells in automobiles “use hydrogen fuel and oxygen from the air to produce electricity.”
In a statement, London-listed Johnson Matthey added that the facility in Royston, England, would be able to incorrect 3 gigawatts of proton exchange membrane fuel cell components this year.
The plan was that hydrogen vehicles would use the component, with the announcement referencing road freight. The reports regarding J.M.’s plans for a hydrogen gigafactory were published by The Sunday Times in the previous year.
Johnson Matthey’s projects have received backing from the U.K.U.K. government via the Advanced Propulsion Centre’s Automotive Transformation Fund and a funding program focused on large-scale industrialization.
The idea behind fuel cell vehicles is that hydrogen from a tank mixes with oxygen, which delivers electricity. According to the U.S.U.S. Department of Energy’s Alternative Fuels Data Center, fuel cell vehicles emit ” just the water vapor and warm air.”
In its announcement, the Advanced Propulsion Centre said it was forecasting that U.K. demand for fuel cells would be roughly 10 G.W. by 2030, increasing to 14 G.W. by 2035. This would be “equivalent to 140,000 vehicles.”
The A.P.C. said fuel cell vehicles were “as fast to refuel as a standard combustion engine and have power thickness to rival diesel engines.” This made them “perfect for heavy-duty applications” such as heavy goods vehicles or HGVs.
“Decarbonising freight transportation is the key to helping societies and industries meet their ambitious net zero emission is targetting fuel cells will be a crucial part of the energy transition,” Liam Condon, chief executive of Johnson Matthey, said.
J.M. is one of several firms working on technology related to hydrogen fuel cell vehicles. In June, Tevva, one more company based in the U.K., launched a hydrogen-electric heavy goods vehicle.
But the CEOs who make history in downturns aren’t the ones with the deepest cuts
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But the CEOs who make history in downturns aren’t the ones with the deepest cuts
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