For now, SFC’s success is more exception than rule, but fuel-cell firms are betting that a green hydrogen revolution will soon reverse the entire industry’s fortunes.
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Most recently, Tesla announced it would break ground on a lithium refinery near Corpus Christi, Texas in May, because, as Musk put it on the earnings call, “the choke point is much more on refining capacity than it is on mining.” He continued, “We will have, by far, the most lithium refining capability…in North America, I think.”
But Musk stressed that this is not a business Tesla wants to be in. “Can other people please do this work?” he pleaded. “That would be great. We’re begging you. We don’t want to do it. Can someone please? Like instead of making a picture-sharing app?”