SBUG - The Case For PGMs In The Hydrogen Economy

• PGMs like rhodium, platinum and palladium took a hit with the semiconductor shortages reducing demand for catalytic converters.
• However, we see a longer term opportunity for PGMs in the hydrogen economy, where the higher intensity of PGMs in hydrogen fuel cells makes a case for secular growth.
• While we are unsure of the mix of PGMs that will end up in mature fuel cell technology, we think that like with autocatalysts, all are likely to be needed.
• Overall, we think the breadth of the hydrogen opportunity, and PGMs within it, goes beyond what exists now just in automotive, and is an opportunity too good to ignore.

For further details see: