Model Input

Configure plant assumptions, power pricing, and incentives.

General Assumptions

Defaults

Plant economic life years Cost of capital (WACC) % Tax rate % Depreciation schedule Desired H2 selling price USD/kg

Power Plant

Grid mix

Cost of electricity input USD/MWh Power capacity factor %

Power generation mix

Renewables % Gas % Coal % Oil %

Decarbonization instruments

RECs available MWh RECs price USD/MWh CO2 offsets tCO2 CO2 offset price USD/tCO2

Electrolysis Plant

PEM base case

Capex assumptions

Plant capacity MW AC-DC ratio % Installed capex USD/kWe Total installed capex M USD

Rebuild assumptions

Cell degradation rate % per 1,000 hrs Efficiency degradation % per 1,000 hrs Rebuild cost USD/kWe Annual degradation % per year Stack lifetime hours

Operational assumptions

Fixed O&M USD/kW per year Plant electrical (AC) kWh/kg H2 H2 plant operating hours hours per year % up before rebuild %

Financial incentives for H2

Capex grant % of capex PTC level USD/kg PTC duration years ITC % of capex LCFS credit price USD/ton

Model Output

Current scenario with a 100 MW PEM system and renewable-heavy supply.

Cost of Hydrogen (LCOH)

$3.67 / kg H2

Net present value (NPV)

$19.95 M USD

Internal rate of return (IRR)

14.3%

H2 sell price

$4.00 / kg

Capital expenses

$1.31 / kg H2

Operating expenses

$2.37 / kg H2

Initial investment 30% Stack replacements 6% Fixed O&M 12% Electricity 52%

Initial investment Stack replacements Fixed O&M Electricity

Enough H2 for

49,450 tons ammonia / yr
46,744 tons methanol / yr
208,790 tons steel / yr
20,879 tons syn. crude / yr

Hydrogen Output

1,073 kg per hour

25,741 kg per day

9,396 metric tons per year

Power Use & RECs

56.7 MWe avg

496,254 MWh per year

0 MWh RECs used

H2 Carbon Intensity

0.45 kg CO2e/kg H2

0 tons CO2 offsets

Eligible for $3.00/kg PTC

Sensitivity Analysis

Run multi-variable sensitivities and export charts.

Analyze

Input 1

Input 2

Sensitivity surface

Generate the grid to view combined impact of power capacity factor and capex.

Cash Flow

20-year projected cash flow with depreciation and incentives.

Year	Initial investment	Stack replacement	Electricity cost	Fixed O&M	PTC revenue	EBITDA	Taxes	Net annual cash flow	Cumulative CF
0	($80,000,000)	$0	$0	$0	$0	$0	$0	($80,000,000)	($80,000,000)
1	$0	$0	($17,368,890)	($4,120,000)	$10,250,000	$16,093,229	($1,947,901)	$10,631,547	($69,368,453)
5	$0	$0	($17,368,890)	($4,120,000)	$10,250,000	$14,314,975	($1,070,785)	$13,244,191	($4,132,755)
10	$0	($25,000,000)	($17,368,890)	($4,120,000)	$10,250,000	$16,093,229	($1,649,178)	($12,404,854)	$16,328,767
20	$0	$0	($17,368,890)	($4,120,000)	$0	$15,640,552	($2,246,276)	$13,394,276	$128,021,861

Compare Scenarios

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Current Scenario

Base case

LCOH: $3.67 / kg

$1.10 Initial capex

$0.21 Replacements

$0.45 Fixed O&M

$1.92 Electricity

Hydrogen Output

1,073 kg per hour - 25,741 kg per day - 9,396 t per year

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