Company: HYSR
Filing Date: 2025-09-15
Form Type: 10-K
Source: 0001213900-25-087311
Chunk: 14

Company: SUNHYDROGEN, INC.
Filing Date: 2025-09-15
Form: 10-K
Item: Item 1
Chunk 14
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 and may be taken as direct pay for the first five years. Subsequent
legislation in July 2025 set a commence construction deadline of January 1, 2028. Together, these changes aim to provide greater investment
certainty for developers (U.S. Department of the Treasury; KPMG; Cravath; DWT).

Policy-driven momentum is also evident beyond North
America. Under the EU’s REPowerEU plan, the European Commission set indicative targets of 10 million tonnes of domestic renewable
hydrogen production and 10 million tonnes of renewable hydrogen imports by 2030, supported by infrastructure initiatives such as hydrogen
backbone pipelines and import corridors (European Hydrogen Observatory).

Japan’s revised Basic Hydrogen Strategy (June
2023) established a utilization target of approximately 12 million tonnes per year by 2040 (including ammonia) and retains a long-term
ambition around 20 million tonnes by 2050; the strategy is accompanied by multi-year public-private investment commitments (Ministry of
Economy, Trade and Industry, 2023; The Japanese Basic Hydrogen Strategy, 2023).

Countries including Australia, Saudi Arabia, and
the United Arab Emirates are positioning themselves as major producers and exporters. Australia released an updated National Hydrogen
Strategy in 2024 to guide production, use, and export; Saudi Arabia’s NEOM project and the UAE’s National Hydrogen Strategy
2050 highlight large-scale export ambitions backed by infrastructure buildout (Australia’s National Hydrogen Strategy, 2024; Hydrogen-Central,
2025; UAE Government Portal).

Industrial demand remains the most immediate growth
driver—particularly in refining, ammonia, methanol, and steel—where hydrogen is already used and can directly displace fossil-based
feedstocks. As supply chains expand and infrastructure comes online, emerging uses in heavy transport, shipping, and energy storage are
expected to create additional demand pull. These trends are reflected across recent IEA assessments of demand, production, and policy
(IEA).

9

Hydrogen Mobility

Industry is projected to drive most clean hydrogen
uptake through 2030, with mobility’s role expanding toward 2050 across multiple transition scenarios (McKinsey, Global Energy Perspective
2023: Hydrogen Outlook). In these pathways, hydrogen supports long-haul trucking, maritime, and rail where high duty cycles, range, and
quick refueling are critical (McKinsey, Global Energy Perspective 2023: Hydrogen Outlook