Honda, GM to end US fuel cell production in 2026

Spanish Market: Hydrogen
21/01/26

Japanese automaker Honda Motor and US car manufacturer General Motors will end production of their fuel-cell battery system in Michigan within 2026, Honda said on 20 January.

Honda and General Motors established the joint venture Fuel Cell System Manufacturing (FCSM) in January 2017 to develop a fuel-cell battery system and optimise parts procurement. FCSM invested $85mn and began production of its fuel-cell battery system in January 2024, supplying the products to Honda's fuel-cell-vehicle (FCV) plant in Ohio.

Honda did not disclose the output capacity of the fuel-cell battery system in Michigan.

Honda did not specify its reasons for ending fuel-cell battery production with General Motors. But General Motors announced its plan to shutter its hydrogen fuel-cell development programme in October 2025 to concentrate resources on electric-vehicle (EV) technology. The company aims to focus capital resources on batteries, charging technology and EVs, "which have clear market traction, rather than on hydrogen, which has yet to fulfill its potential," it said at the time.

Honda also did not announce whether it would dissolve FCSM.

Honda has struggled to sell its FCVs due to limited demand. The company postponed the commercial operations of its fuel-cell battery system plant in the eastern Japanese prefecture of Tochigi and reduced its output capacity. The change in its plan was because the establishment of a global hydrogen market has been slower than expected and because of setbacks in hydrogen supply projects in Japan, the US and Europe, Honda said.

By Nanami Oki

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20/01/26

Ausblick eFuels: Von Mandat zu Markt?

Hamburg, 20 January (Argus) — Ab 2026 müssen Inverkehrbringer in Deutschland erstmals eine RFNBO-Quote erfüllen, doch Marktteilnehmer rechnen aufgrund der geringen Produktverfügbarkeit damit, dass die meisten Unternehmen diese Quote nicht erfüllen werden. Langfristig könnten neue Projekte und regulatorische Impulse dennoch Bewegung in den eFuel-Markt bringen. Die Bundesregierung hat am 10. Dezember im Rahmen der RED III neben der Anpassung der THG-Quote auch die Einführung eines Mindestmandats für erneuerbare Kraftstoffe nicht-biogenen Ursprungs (RFNBO) beschlossen, welche durch das Inverkehrbringen von beispielsweise eFuels oder grünem Wasserstoff erfüllt werden kann. Dies bedeutet, dass verpflichtete Unternehmen wie Ölkonzerne und Kraftstoffimporteure einen gewissen Anteil der von ihnen in Verkehr gebrachten Energie durch RFNBOs erbringen müssen. Die zu erfüllende RFNBO-Menge entspricht hierbei zunächst 0,1 % des gesamten in Verkehr gebrachten Energiemixes der jeweiligen Inverkehrbringer und steigt bis 2040 schrittweise auf 8 % an. Gleichzeitig waren RFNBOs bereits vorher Erfüllungsoptionen der THG-Quote und werden wie auch Strom für Elektrofahrzeuge dreifach auf die Erfüllung der Quote angerechnet. Bei Nichterfüllung des RFNBO-Mindestmandats drohen verpflichteten Unternehmen Strafzahlungen in Höhe von 120 €/GJ. Für das Jahr 2026 antizipieren Inverkehrbringer allerdings eine flächendeckende Nichterfüllung dieser Unterquote. Dies ist vor allem auf die geringe Produktverfügbarkeit von RFNBOs in Deutschland zurückzuführen. So berichtet etwa ein verpflichtetes Unternehmen gegenüber Argus im vergangenen Jahr lediglich 3.000 Liter RFNBO in Verkehr gebracht zu haben. Aufgrund dieser geringen physischen Verfügbarkeit hatten sich bereits 2025 mehrere Unternehmen dafür ausgesprochen, den Start der Unterquote frühestens ab 2028 anzusetzen, um die Gefahr von Engpässen zu reduzieren und somit dafür zu sorgen, dass die Erfüllung der Quote überhaupt möglich ist. Langfristig erhoffen sich Inverkehrbringer von der Einführung einer solchen Unterquote, dass die daraus entstehende Nachfrage Investitionen in die Produktion von eFuels anstoßen könnte. Hoffnung für eFuel-Enthusiasten weckt zudem die geplante Anpassung des sogenannten EU-Verbrennerverbots. Neue Regelungen könnten es erlauben, auch nach 2035 weiterhin Fahrzeuge mit Verbrennungsmotor zuzulassen, sofern diese ausschließlich mit erneuerbaren Kraftstoffen betrieben werden. Dies würde das potenzielle Absatzvolumen für eFuels deutlich vergrößern und damit weitere Investitionsanreize schaffen. Aktuell sind jedoch nur wenige Projekte absehbar, die künftig relevante RFNBO-Mengen für den deutschen Straßenverkehr bereitstellen könnten. German eFuel One plant ab 2028 jährlich rund 75 Mio. l synthetisches E10-Benzin in Deutschland herzustellen. Darüber hinaus könnte etwa der französische Hersteller Lhyfe, der 2025 in Schwäbisch Gmünd eine Produktionsanlage für grünen Wasserstoff in Betrieb genommen hat, perspektivisch zusätzliche RFNBO-Mengen für den deutschen Markt bereitstellen. Als weiterer Anwendungsfall zeigt die Partnerschaft von Rheinmetall und Ineratec, dass eFuels auch im Verteidigungsbereich eine Rolle spielen können, etwa um die strategische Unabhängigkeit von internationalen Lieferketten zu verbessern. Eine zentrale Herausforderung für den breiten Markthochlauf bleiben jedoch die hohen Produktionskosten, die vor allem durch vergleichsweise hohe Strompreise in Europa getrieben werden. Aktuell wird synthetisches Benzin beispielsweise an mindestens einer deutschen Tankstelle bei Bremen mit einem Preisaufschlag von rund 60 Cent/l gegenüber konventionellem E10 angeboten. Mit zunehmender Skalierung der Produktion und dadurch wachsender Produktverfügbarkeit rechnen Inverkehrbringer jedoch damit, dass die Kosten pro produziertem Liter eFuel zurückgehen, und somit die Preisdifferenz zu herkömmlichem Benzin schrittweise abnimmt. Von Marcel Pott und Max Steinhau Senden Sie Kommentare und fordern Sie weitere Informationen an feedback@argusmedia.com Copyright © 2026. Argus Media group . Alle Rechte vorbehalten.

IMF warns of major risk to growth from US-EU tensions

19/01/26

IMF warns of major risk to growth from US-EU tensions

London, 19 January (Argus) — The IMF has upgraded its global economic growth forecast for 2026 but warned an escalation in trade tensions between the US and Europe is a "major risk." US president Donald Trump on 17 January threatened tariffs on several European countries in a bid to acquire the Danish territory of Greenland. This has raised concerns about a potential trade war between Europe and the US. "If we were to enter a phase in which there would be escalation and tit-for-tat policies… that would certainly have even more of an adverse effect on the economy, both through direct channels, but also through confidence, investment, and potentially through a repricing by [financial] markets," IMF chief economist Pierre-Olivier Gourinchas said at the launch of the IMF's World Economic Outlook Update (WEO) today. The IMF raised its global growth forecast for 2026 by 0.2 percentage points to 3.3pc, citing improvements in the US and China, and kept its projection for 2027 unchanged at 3.2pc. It puts 2025 economic growth at 3.3pc, from a previous 3.2pc. IMF forecasts are used by many economists to model oil demand projections. The IMF has repeatedly upgraded its growth projections since April 2025 and now sees 2025 and 2026 growth higher than when US-led tariff disruptions started in early 2025. The outlook's economic assumptions are current as of 31 December so do not take into account the US' latest tariff threat against European countries. It assumes an effective tariff rate of 18.5pc for US imports from the rest of the world. Any change to this would be a major risk," Gourinchas said. "This is something that could materially impact growth if we have higher levels of tariffs, if we have higher levels of geopolitical tension." The IMF said the US-led investment boom in AI and strong fiscal stimulus in China and Germany was offsetting economic losses associated with higher tariffs. But Gourinchas warned that debt financing in the AI sector was becoming more prevalent, and this could "amplify shocks if returns failed to materialise." He said any correction in AI stock market valuations would have far reaching negative effects or the global economy. The IMF said fiscal discipline is weakening across the globe, particularly in advanced economies. "The risk here [is] that countries will be unable to face the significant challenges ahead in terms of population aging, climate transition, national security or ability to support the economy, should a large shock occur," Gourinchas said. By Aydin Calik Send comments and request more information at feedback@argusmedia.com Copyright © 2026. Argus Media group . All rights reserved.

CF, Trafi sign low-carbon ammonia bunkering agreement

16/01/26

CF, Trafi sign low-carbon ammonia bunkering agreement

London, 16 January (Argus) — US fertilizer producer CF Industries, global trading firm Trafigura and marine fuel supplier TFG Marine have signed a memorandum of understanding (MoU) to develop low-carbon ammonia as a marine fuel, targeting future bunkering demand in the US Gulf coast and northwest Europe. The firms will work together to develop a market for ammonia as a marine fuel through stakeholder engagement and bunkering logistics planning, they said. The partners did not disclose any timelines for possible bunkering operations or expected volumes. The agreement builds on CF and Trafigura's previous collaboration in October last year, when the two companies partnered to ship CF's first ‘certified low-carbon' ammonia cargo to Europe. Trafigura already lifts both grey and low-carbon volumes on a contract basis from CF's Donaldsonville plant in Louisiana, which is currently the largest ammonia and nitrogen production facility in the world. CF has also taken a final investment decision on a 1.4mn t /yr ammonia project in Louisiana which could come on line by 2030, where up to 95pc of CO2 emissions will be captured and stored. The fertilizer producer has made various efforts to reduce its own emissions, monetising its greenhouse gas (GHG) abatement efforts through tax and carbon credits . Trafigura will work alongside the fertilizer firm to support market development and logistics. The trading firm currently has four ammonia-fuelled gas carriers (MGCs) on order , which will all be delivered by 2028. TFG Marine, the bunkering joint venture between Trafigura, Frontline and CMB. TECH, of which Trafigura owns 75pc, will focus on last-mile delivery and establishing ammonia bunkering hubs. Ammonia is one of several alternative fuels being considered by shipowners as the sector seeks to cut emissions. Current ammonia trade flows are dominated by fertilizer and industrial demand, with major export hubs in the US Gulf, Middle East and Trinidad supplying Europe, Asia and South America. The development of ammonia as a marine fuel could eventually redirect volumes toward emerging production hubs in the US Gulf and key bunkering ports in northwest Europe. But any shifts in trade flows will depend on the pace of vessel adoption and the development of ammonia bunkering infrastructure, which remains at an early stage. By Lauren Hadeed Send comments and request more information at feedback@argusmedia.com Copyright © 2026. Argus Media group . All rights reserved.

Finnish H2 body targets 60,000 t/yr e-SAF by 2030

14/01/26

Finnish H2 body targets 60,000 t/yr e-SAF by 2030

Paris, 14 January (Argus) — Finnish industry association H2 Cluster Finland is targeting 60,000 t/yr of synthetic aviation fuel (e-SAF) production by 2030 in a wider roadmap for the hydrogen sector. Creation of a "Lead Market Task Force" for e-SAF is "the first concrete initiative" foreseen under the roadmap released today, H2 Cluster Finland said. The group expects that a single e-SAF production site with 250MW electrolysis capacity could allow for the 60,000 t/yr to be met. Several companies have announced plans to build facilities of this scale, but so far no plant has reached a final investment decision. The 60,000 t/yr would represent 10pc of the roughly 600,000 t/yr of e-SAF demand that could be needed across the EU to meet the 1.2pc quota for 2030-31 from the bloc's ReFuelEU Aviation regulation, H2 Cluster Finland said. Finland itself may need around 10,000 t/yr to meet its own share under the regulations, the group estimated. Additional supply could be sold to meet obligations by jet fuel suppliers in other EU countries, especially if the EU implements a book-and-claim mechanism which some industry participants have called for. The system would allow e-SAF to be physically delivered within Finland, while certificates for the sustainability attributes could be sold to companies abroad. Finland's e-SAF production would rise to 250,000 t/yr by 2035 from 4-5 plants, based on H2 Cluster's roadmap. The group said that e-SAF plants may need operational subsidies, for example as contracts-for-difference (CfD), for the targets to be realised. Some e-SAF project developers, such as Norwegian Norsk e-Fuel, recently already secured tax credits from Finland's investment and innovation agency Business Finland. Creating an e-SAF market is "one of the most critical objectives for the Finnish hydrogen economy over the next five years," H2 Cluster Finland said. The group has also set other targets, including for 200,000-300,000 t/yr of "clean hydrogen production capacity" to be under construction by the end of this decade. By 2035, Finland should have 400,000 t/yr of such capacity in operation, H2 Cluster Finland said. This could be used for industrial activities and road mobility, according to the group. The roadmap also includes proposals to upgrade pipeline and port infrastructure, as well as policy recommendations such as introducing CfDs schemes and public procurement for products made from renewable hydrogen such as green steel. By Pamela Machado Send comments and request more information at feedback@argusmedia.com Copyright © 2026. Argus Media group . All rights reserved.

Jera's option to reduce stake in US NH3 project expires

14/01/26

Jera's option to reduce stake in US NH3 project expires

London, 14 January (Argus) — Japanese power producer Jera has not exercised a right to reduce its ownership stake in fertilizer producer CF Industries' planned $4bn carbon capture and storage (CCS) enabled ammonia facility on the US Gulf coast, known as Blue Point. The 1.4mn t/yr plant is a joint venture between CF, Jera and Japanese trading firm Mitsui. CF holds 40pc, Jera 35pc and Mitsui 20pc in the development. Jera had an option to reduce its stake below 35pc to a minimum of 20pc, with CF having to increase its stake by the same amount that Jera reduced its holding. That option expired on 31 December 2025 and can no longer be exercised, according to a report that CF filed with the US Securities and Exchange Commission in January. Jera's decision to retain its 35pc stake comes soon after it was selected to receive subsidies from the Japanese government's hydrogen and ammonia contracts for difference (CfD) scheme on 19 December. Mitsui was also selected for 15-year government subsidies under the CfD scheme's second round. Partners of the Blue Point venture will have offtake rights according to the size of their stake in the project, meaning that Jera will export around 490,000 t/yr from the Louisiana plant to Japan. Most volumes will be used for ammonia co-firing at its 1GW No.4 unit at the Hekinan coal-fired power plant in Japan, which the firm has said is on track to reach a sustained 20pc co-firing rate in 2029. Blue Point's first volumes are also expected in 2029 following a final investment decision in April . Jera retaining its 35pc stake in the project is a positive sign for the developing low-carbon ammonia industry after multiple recent setbacks. Indications that South Korea's new government could push away from ammonia co-firing had undermined some confidence in the future of ammonia co-firing in Asia, while delays to the International Maritime Organisation's net-zero framework has slowed investment decisions in the maritime sector. Funding cuts for low-carbon initiatives, particularly in the US, and slim demand signals, have seen a spate of project cancellations in recent months, with the latest cancellation announced as recently as last week. By Lizzy Lancaster Send comments and request more information at feedback@argusmedia.com Copyright © 2026. Argus Media group . All rights reserved.

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Honda, GM to end US fuel cell production in 2026

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