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DOSSIER GREEN HYDROGEN THE FUEL OF THE FUTURE Is now finally the right time?

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It’s time for green hydrogen

By Marc Bürki, CEO of Swissquote

n the mid-1970s, a famous too expensive for it to truly be com- French advert proclaimed: “On petitive. To overcome this obstacle, n’a pas de pétrole, mais on a des many countries such as Germany, Iidées!” [We don’t have oil, but we do Australia, Japan and China have have ideas!]. The oil crisis hit and an launched programmes to support the alternative to black gold was urgently industry. These strategies should needed. The solution was primarily result in green hydrogen becoming nuclear. Fifty years later, the advert competitive by 2030, or even 2025. stands the test of time. The threat of climate change requires us to move Is it just a pipe dream? It’s true that away from fossil fuels in order to in the past, this technology – which ensure a sustainable future. In Japan, is over a century old – has generated Switzerland and Germany, nuclear is both hope and disillusion in equal no longer the answer, considering the measure. And investors that bet on effects of the Fukushima disaster. Hy- hydrogen in the early 2000s lost big. drogen could be the solution. Accord- But this time, things could be differ- ing to a study by the firm McKinsey, ent. If you need a bit of convincing, just p. 28 hydrogen could be used for 20% of look at some of the big names that global energy consumption by 2050, are working on hydrogen: BP, Total, compared to less than 1% currently. Shell, Engie… all the major oil players p. 48 are investing heavily, and there’s an On paper, hydrogen is very promising. ever-increasing amount of practical If the gas is produced from renewa- applications for hydrogen power. ble energy via electrolysis, hydrogen On the other end of the spectrum, would be carbon neutral, renewable start-ups such as US-based Nikola p. 50 and storable. It can also be used as dream of being the new Tesla. From fuel in applications that cannot easi- start-ups to giants, the ecosystem is ly convert to electric, such as indus- ready: it’s finally time for hydrogen! p. 38 try or heavy transportation. But in practice, producing green hydrogen is Good reading!

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Manager Brigitta Cooper

58 EDITORIAL

Editor-in-chief 62 Ludovic Chappex Associate editor PORTRAIT Bertrand Beauté Design director Natalie Bindelli and Caroline Fischer CANA atelier graphique 26 Route de Jussy 29 – 1226 Thônex www.ateliercana.ch Editorial staff DOSSIER WAREHOUSES Bertrand Beauté, Stanislas Cavalier, Ludovic Chappex, Gérard Duclos, Salomé Kiner, Martin Longet, 72 Angélique Mounier-Kuhn, GREEN HYDROGEN, Grégoire Nicolet, Gaëlle Sinnassamy, Julie Zaugg Layout BIG BROTHER THE FUEL OF Natalie Bindelli, Caroline Fischer, Romain Guerini (CANA atelier graphique) Cover THE FUTURE Getty Images TRAVEL Photography AFP, Keystone, Getty images, iStockphoto, Newscom, Reuters Editing (English version) CONTENTS Ose Ayewoh, Marco Simon Translation Technicis Finance 3. EDITORIAL 21. ANALYSIS 28. DOSSIER : GREEN HYDROGEN, 58. RESEARCH 72. TRAVEL by Marc Bürki Are autonomous The surprising market Tbilisi, PRINTING, BINDING AND DISTRIBUTION THE FUEL OF THE FUTURE Stämpfli Ltd. vehicles finally for “humanised mice” by day and by night Wölflistrasse 1 – 3001 Bern 6. SCANS ready for the road? www.staempfli.com 34. Infographic: 44. A hydrogen town Economic survey The many uses of emerges from 62. E-COMMERCE 76. AUTO 22. PORTRAIT Warehouses, the showpiece Masks off! ADVERTISING green hydrogen Fukushima Infoplus AG 14. TRENDS ObsEva, the of e-commerce Traubenweg 51, CH-8700 Küsnacht hans.otto i-plus.ch Personality, Swiss phama 36. Hydrogen forges 46. On board an 80. TRIED AND TESTED @ country, innovation focused on its path air-purifying SUV 64. COVID-19 Android without Google WEMF women’s medicine Moderna seeks REMP 2019: 53,555 Ex. Print run: 60,000 ex. 16. STORAGE 38. Hydrogen 48. Interview a miracle vaccine Europe takes 26. BIG BROTHER lorries hit with Oliver Bishop, on the cloud Under the watchful the road CEO of Shell Hydrogen 68. SWISSQUOTE eye of office Gold Certificate: SUBSCRIPTION 19. INTERVIEW cameras 40. Forklifts move up 50 These companies gold becomes more . CHF 40 FOR 6 ISSUES The soaring rise with hydrogen are gassed up attractive of COVID bonds www.swissquote.ch/magazine and ready to go / XPO LOGISTIC REUTERS / GENOWAY STUDIO, GETTY / ISTOCK BOBBY YIP, BIWA

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delivery services RANKING UBER EATS GOBBLES UP POSTMATES SCANS TOP 5 BEST UNIVERSITIES (of 1,400 universities in 92 countries)

fitness UNIVERSITY OF OXFORD LULULEMON TAKES UP SMART MIRRORS 1. 2. CALIFORNIA INSTITUTE OF TECHNOLOGY

3. UNIVERSTY OF CAMBRIDGE

4. STANFORD UNIVERSITY “The crisis will sort 5. MASSACHUSETTS INSTITUTE OF TECHNOLOGY out the car Source: Times Higher Education manufac- World University Rankings 2020 turers” TOP 5 MOST LULULEMON VISITED WEBSITES Lululemon, the Canadian king of athletic The company sells a smart mirror, costing Carlos Tavares, CEO of PSA in (number of monthly visits) and yoga apparel, is now resolutely $1,495, that can be used as an interactive an interview with focused on digital fitness. With the home gym. The device, which is linked to Les Echos 1. WIKIPEDIA.ORG pandemic, demand in this industry has a smartphone app, can also act as a large on 28 July. 17.70 BN skyrocketed. For example, the share price screen to display all kinds of information. of Peloton, the US smart indoor bicycle The mirrors are sold at a high price with a 2. GOOGLE.COM company, has doubled in six months. In subscription for training sessions – a lu- 8.62 BN response, Lululemon decided to acquire crative model that also ensures long-term New York start-up Mirror for $500 million. customer loyalty. LULU PTON 3. YOUTUBE.COM 7.15 BN

4. TWITTER.COM autonomous vehicles 6.20 BN AMAZON BETS ON ROBOT TAXIS 5. FACEBOOK.COM 4.74 BN The start-up Zoox, now owned by Amazon, is continu- Source: Rankranger ing its road tests.

Postmates delivery TOP 5 MOST FAVOURABLE robot delivers food ECOSYSTEMS FOR START-UPS to Los Angeles residents. SILICON VALLEY

ISTOCKPHOTO 1.

Uber had to react after the European Uber Eats competitor, Postmates, ZOOX 2. NEW YORK CITY (JOINT) 3 Amazon has acquired an autonomous most expensive acquisition to date. food delivery giant Just Eat Takeaway which it acquired for $2.65 billion. The number of driving expert – and it’s not just any Like Twitch, Zoox will be an independ- beat it to acquire US-based Grubhub Uber described Postmates as comple- Swiss companies company. California start-up Zoox, ent subsidiary of Amazon. For now, the (for $7.3 billion). This merger-acquisi- menting Uber Eats very well, high- 2. LONDON (JOINT) (Nestlé, ABB and whose equipment and software can acquisition aims to help the start-up tion still needs to be approved by the lighting the differences between the Novartis) in the Top convert vehicles into robot taxis, has make its vision of autonomous taxis a regulatory authorities, but once the two companies in terms of geographic 4. BEIJING 50 most innovative already raised more than $1 billion and reality. Zoox isn’t going to immediately agreement is signed, it will create the coverage and demographic targeting. companies in the has 1,000 employees. The amount of focus on package deliveries, but its world’s largest food delivery service DoorDash, the leader in the US market – BOSTON world, according to the acquisition was not disclosed, but base technology could easily be used to outside of China, with 600 million valued at $15 billion – is preparing for 5. a ranking by Boston the Financial Times estimates the fig- serve Amazon’s interests in that sector. orders and 70 million customers each its IPO this autumn. Consulting Group. ure at $1.2 billion, making it Amazon’s AMZN year. And so Uber turned to another JET TKWY UBER GRUB Source: The Global Startup Ecosystem Report 2020 from Startup Genome

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SCANS health STRAUMANN IS SMILING KICKSTARTER

finance BRAZIL STARTS USING WHATSAPP PAYMENTS

“Switzerland is significantly behind when it comes to Straumann Group’s digitalising premises in Basel. LUMOS A WhatsApp KEYSTONE / GEORGIOS KEFALAS payment service the healthcare LUMOS ULTRA presentation. The Basel-based group Straumann, one of the global leaders in service is free for system – some producing instruments and components for dental surgery, THE NEW STANDARD FOR individuals. has acquired a majority stake in DrSmile, the German special- BICYCLE HELMETS

DR doctors are ist in clear aligners. This market has seen average growth of Lumos, the pioneer of smart bike still using fax more than 20% over the last three years, a trend that is set Everyone was expecting it to be India. fees to receive payments. Transactions helmets, is no novice at this. Its to continue, according to the two companies. The exact terms But it’s Brazil that’s leading the way with are made using a six-digit PIN code or machines first model, which raised more of the agreement were not disclosed, but DrSmile will remain WhatsApp payment solutions. Brazilian a fingerprint, and users must also link than $800,000 on Kickstarter, was to share independent and this partnership will allow for significant users are the first in the world to be their WhatsApp account to a credit card named one of the top 50 inven- synergies in the aesthetic dentistry segment. Straumann will able to send and receive money via the (Visa or Mastercard), debit card (Banco information” tions of 2018 by Time and won also benefit from DrSmile’s expertise in consumer marketing. messaging service owned by Facebook, do Brasil, Nubank and Sicredi), or a many awards, including the Dyson by using Facebook Pay, a payment payment processing company like Cielo. Heinz Brand, STMN innovation award. Its new helmet service launched last year. WhatsApp The WhatsApp model aims to be very president of the professional model, called the Lumos Ultra, was says that the service is currently free for open in the hopes of attracting as many association Santésuisse, in financed in less than five minutes consumers, but companies pay 3.99% in partners as possible. FB the newspaper Le Temps. (the goal was $60,000) and, with more than $2 million pledged, it has now become the best-funded product in the history of Kickstarter in the ‘bikes’ category. The first digital model was equipped with several LIFTS CONTROLLED BY A SMARTPHONE LEDs on the front, back and sides of the helmet, and riders used a In a sign of the times, lift manufacturer wireless device on the handlebars $ Schindler is fighting infections and virus- “Time to to make the LEDs blink on the sides es in its own way by launching new con- 36.4% to indicate a turn. The Lumos Ultra tactless lift models. Using a smartphone break up will be lighter (3.7 kg vs. 4.9 kg) app called ElevateMe, riders can call a The percentage of and better ventilated. It will be lift without having to touch any buttons. global electricity Amazon. equipped with a retractable visor Once inside the lift, riders can choose produced from coal and will have fewer LEDs, but they their desired floor using a QR code that Monopolies will be more powerful. Apple Watch in 2019, according appears on a screen. For this technology are wrong!” users will no longer even need the $50.1 BN to work, the lift must be compatible with to the “Statistical wireless device on their handle- the new Schindler ecosystem and be Review of World bars; all they need to do is raise An estimate of the Energy 2020” linked to a mobile network. SCHP Elon Musk, their arm to control the indicators. global revenue from report conducted in a tweet posted apps (Apple Store and by BP, making coal on 4 June. Google Play) in H1 2020 the main source of – a 23.4% increase com- electrical energy in FUNDS RAISED AVAILABLE pared to 2019 – accord- the world. $2,313,923 NOVEMBER ing to the firm 2020

Sensor Tower. SCHINDLER

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SCANS automobile gaming TESLA REACHES THE TOP SPOT ZYNGA: BUOYED BY CORONA In 2011, California company Zynga, Toon Blast has been in the top 10 mobile a specialist in social smartphone games for over games, completed the largest IPO for two years. an internet company since Google’s IPO in 2004. Afterwards, Zynga experienced economic difficulties, but targeted acquisitions made it possible for it to get things back on track from 2019. That is, until global quarantine gave the share price a big boost from April. Driven by its $10.9 BN success, Zynga acquired Peak Games, an Istanbul start-up that created Toon The amount that Blast and Toy Blast, games similar to the blockbuster Candy Crush. These German group two games have ranked respectively Bayer, which owns in the top 10 and top 20 most profit- Monsanto, will pay able iPhone games for more than two in the United States years. At $1.8 billion (half in cash, half to end lawsuits with in shares), this is the first acquisition 125,000 plaintiffs A Tesla factory in San Francisco. of a Turkish start-up for more than

regarding glyphosate ISTOCKPHOTO $1 billion. ZNGA – a carcinogenic weedkiller sold In 10 years, Tesla has gone from a start- surpassing the previous leader, Toyota,

under the brand up to the car manufacturer with the at $202.74 billion. This new status ob- DR name Roundup. largest stock valuation in the world. The viously does not coincide with its global California firm has long surpassed the sales volume, but that hasn’t scared capitalisation of Ford or GM. In January, away investors at all. In fact, Tesla has when its market capitalisation reached accelerated production and deliveries, $81.39 billion, Tesla already had the larg- and was able to deliver 367,500 electric est valuation ever for a US automobile vehicles in 2019, which is 50% more manufacturer. But there were still a few than the previous year – a record largely food manufacturers ahead of it until 1 July, supported by sales of the less expensive BELL FOLLOWING IN THE FOOTSTEPS OF BEYOND MEAT when Tesla reached nearly $208 billion Model 3 and Model Y. TSLA Butcher and meat wholesaler Bell, locat- 2013, to which the co-founder of Google, ed in Basel, doesn’t want to miss out on Sergey Brin, contributed funding of the synthetic meat trend. It will invest $330,000. This new funding round will an additional 5 million Swiss francs in allow Mosa Meat to build a production Dutch company Mosa Meat, following location and continue developing its THE FLOP on from the 2 million francs already technology. It is expected to begin in- “IBM no invested in 2018. The Dutch start-up dustrial production in 2022, followed by longer offers Medtronic and insulin pumps $1,500 BN presented its first lab-grown burger in large-scale production in 2025. BELL general Is Medtronic, the creator of the stop selling implantable insulin The cost of the first Pacemaker in 1954, trying pumps in 2017, but the patients United States’ new purpose to get people to hate it? In 2015, who use the pumps were only infrastructure plan IBM facial it transferred its legal regis- told in June. Unfortunately for (The Moving Forward tration from the United States the 350 patients affected, this Act), which calls for recognition to Ireland, even though the pump is the only one of its kind significant invest- or analysis majority of its profits are gene- available on the market. Now, ments in the green rated in the United States. After these patients must go to the economy and aims software” the US tax authorities, people hospital to receive their insulin to drastically reduce with diabetes are next in line injection intravenously, or carbon emissions Arvin Krishna, to pay the price for the pharma consider a pancreas transplant in the United States Synthetic meat from CEO of IBM, in a giant’s attempts at profitability. and all the risks that come Dutch company, to reach a “net zero letter addressed to the Medtronic secretly decided to with it. MDT Mosa Meat, in which US Congress regarding emissions” economy Bell has invested.

racial justice reform. by 2050. MOSA MEAT

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SCANS telecoms GAFAM TARGETS INDIAN TELECOMS

“My message is: spend, spend,

spend. A Jio mobile stand, India’s largest tele- Please, phone operator, on a spend as New Delhi street. NASIR KACHROO / AFP much India has become one of the biggest is currently in the lead, but Microsoft is economic battlegrounds between Silicon considering investing $2 billion. Amazon as you can.” Valley and Chinese companies. Each and Google aren’t sitting idly by either: is eyeing India’s 1.3 billion residents, Amazon is currently in negotiations to Kristalina Georgieva, the majority of which still do not have acquire a 5% share in Bharti Airtel, the International Monetary smartphones or an internet connection. third-largest Indian telecoms company, Fund (IMF) And Indian operators are the first to take for $2 billion, while Google is aiming for managing director. advantage. Jio Platforms, which owns a 5% share in Vodafone Idea, the sec- Jio, the largest mobile operator in the ond-largest Indian operator. country, has raised more than $16 billion FB MSFT AMZN GOOG since April. With $5.7 billion, Facebook BHARTIARTL IDEA 532822

IPO

THE REMARKABLE IPO FROM NESPRESSO’S COMPETITOR

677,000 With €2.25 billion raised, Dutch the pandemic. But that only On Wednesday 6 June company JDE Peet’s (owned partially explains the success of 2020, Twitter’s app by JAB Holding) is the biggest JDE Peet’s: Nestlé’s competitor also reached a new one- European IPO since 2018. Plus, it generated €6.9 billion in revenue day record for global only took 72 hours for the world’s in 2019. The funds raised by JDE second-largest coffee company – Peet’s will first be used to pay off downloads. This boom which owns the brands Jacobs, debt. JAB Holding will continue is associated with the Douwe Egberts and Peet’s Coffee – to manage the group via Acorn death of George Floyd to sell its shares to investors. It Holdings, which holds a 62% stake, and the protests that has to be said that investors have and Mondelez will maintain a stake followed, according been moping around thanks to of between 22.9% and 23.4%. to firm Apptopia. the shortage of IPOs caused by JDEP NESN MDLZ

12 SWISSQUOTE SEPTEMBER 2020 TRENDS SWISSQUOTE SEPTEMBER 2020 TRENDS

The interior of the HONDA Honda Stepwgn (not sold in Europe) with its dirt- resistant seats.

The country EGYPT

A country led by the military After its economy was modernised in the mid-2000s, Egypt experienced record growth rates (+7% from 2005 to 2008). However, the 2008 finan- cial crisis and the political instability The figure that arose after the fall of Mubarak LUCA DE MEO have weakened the economy. With el-Sisi as president since 2014, the A marketing ace country has enjoyed rela- tive stability, but the army to save Renault has become a large-scale Luca de Meo, Renault’s first non- Population employer. Its empire now 100,388,073 French CEO, is going back to his includes 93 companies, (2019) Position roots – he began his career at a third of which have The innovation CEO Renault in 1992 after completing emerged since the start FABRIC MADE FROM FLUORORESIN GDP per capita Manufacturer his studies at Bocconi Universi- $11,014 (2019) of the new presidency. Age ty in Milan. After some time at The military institution Honda 53 Toyota, he joined Fiat, where he Growth isn’t just active in the food Honda creates seats that will never get dirty enjoyed one of his most success- and healthcare industries Available from Nationality +5.6% 2020 ful moments with the triumphant – it also breeds fish, pro- Honda has equipped its new MPV and not to retain any odours. And structure of the Italian (est. 2019/2020) launch of the new generation duces cement and even utility model, “Stepwgn” (not sold so Honda had the idea of developing fabric, which Price Fiat 500 in 2007. Two years later, Main sectors of organises exhibitions. in Europe), with a fabric that never a new material that was resistant is made up of not disclosed he was recruited by Volkswagen and became the the economy gets dirty. The Japanese auto to all types of stains. The solution three different group’s marketing director. He was named CEO of Seat manufacturing, Yet, this frenetic business manufacturer decided to tackle this was found by analysing the proper- resins (each in 2015 and brought the Spanish company out of the property and activity doesn’t seem to project after a market study showed ties of fluororesin, a plastic blend with its own red. At all of these companies, Luca de Meo was well construction, be benefiting Egypt. While that vehicle owners wanted the seat commonly used to produce electrical characteristics) that, when woven known as a leader with a reputation for being close to wholesale and boosting growth, the rise fabric to be easier to clean, with cables and pipes. A series of tests together, stop many liquids and his employees. At Seat, for example, he established retail commerce, in construction and public no stains from food and drink spills, allowed researchers to perfect the oils from soaking into the seat. “Moments with Luca”, where he would meet the compa- agriculture and works also raises borro­ ny’s workers. A speaker of several languages (Italian, fishing, mining wing – Egypt’s IMF debt French, German, English and Spanish), he has a pas- reached 100% of its GDP sion for football (he is a Juve fan) and techno music. before the pandemic. Addi- tionally, the growth has created very few jobs, while the percentage of in- formal jobs has doubled since 2006.

14 15 SWISSQUOTE SEPTEMBER 2020 ANALYSIS SWISSQUOTE SEPTEMBER 2020

French Minister of KEYSTONE ANALYSIS the Economy Bruno SPECIALISTS’ VIEWPOINT Le Maire and his German counterpart Peter Altmaier at Gaia-X’s launch via videoconference (4 June, 2020). FOCUS Europe takes on the cloud Trying to restrain the domination that the GAFAM companies have on data storage, Germany and France have joined forces to create the GAIA-X project. At the same time, a “Swiss Cloud” is on the horizon. The digital sovereignty of Europe is at stake.

BY LUDOVIC CHAPPEX

aintaining control over direct cloud players, such as SAP, But there is a risk concerning the the “Airbus for the cloud” as we’ve will add up to slightly more than digital data: this is the goal Orange, OVH and Deutsche Telekom, GAIA-X: THE FOUNDING confidentiality of this data. By virtue heard here and there, and compete €1.5 million as an upfront invest- that France and Germany as well as industry heavyweights MEMBERS of the CLOUD Act signed in 2018, the with American heavyweights? “This ment. But this amount is laughable Magreed upon during a such as Siemens and BMW. These US government can already request project is still just a statement of compared to the €28 billion that virtual event on 4 June. For minis- companies will cooperate through France the data of US citizens via a warrant, intent,” said Guillaume Plouin, cloud Chinese company Alibaba will invest ters of the economy Peter Altmaier a non-profit structure located in Orange, OVHcloud, Scaleway even if that data is stored outside expert and author of many books on to strengthen its market position. and Bruno Le Maire, who took turns Belgium, starting in September. (Iliad), Atos, Docaposte, the United States. the subject. “Among the digital com- It’s worth noting that Alibaba is al- championing the concept of digital Outscale, Institut Mines- panies involved in this platform, some ready well positioned in the industry. sovereignty, the conference was a Currently, European companies rely Télécom, CISPE association, “A company like Amazon are happy to manage GAFAM storage chance to present a new communal most often on US giants to host their services for their customers.” EDF, Amadeus, Safran is very far ahead of its LIMITING THE DAMAGE cloud platform dubbed “GAIA-X”. The data. An estimated 80% of companies Perhaps surprisingly, US and Chinese objective is to provide an alternative on the DAX and CAC 40, the primary Germany competitors, particularly It is true that the French-German companies are also invited to par- to the excessive dependence on stock exchanges in Germany and Deutsche Telekom, SAP, due to its long-term project doesn’t scare the American ticipate in the GAIA-X project... But American industry giants. France, use Amazon’s cloud offering German Edge Cloud, DE-CIX, relationship with clients” giants. In practice, GAIA-X will serve in order to do so, they must comply Amazon Web Services to varying PlusServer, Siemens, Bosch, Guillaume Plouin, cloud expert as a marketplace to connect data with the founding principles, such as The consortium includes 22 found- degrees. Amazon and Microsoft alone Beckhoff, BMW, Fraunhofer and author storage providers with European transparency regarding the localisa- ing members, equally split between hold more market share globally than Institute, IDSA, PlusServer companies. French and German com- tion of data, and reversibility, or the France and Germany (see inset all other cloud companies combined So what should we expect from panies taking part in the initiative ability of a client company to change opposite). These companies include (see infographic on p. 18). GAIA-X? Could this platform become plan to spend €75,000 each, which from one cloud offer to another.

16 17 ANALYSIS SWISSQUOTE SEPTEMBER 2020 ANALYSIS SWISSQUOTE SEPTEMBER 2020

This is because currently US giants only one month after GAIA-X was an- the risks of dependence due to are doing all they can to hold their nounced, Deutsche Bank, Germany’s international networking,” said Peter clients captive, particularly through largest bank, announced that it had Fischer, delegate for Switzerland’s INTERVIEW their pricing policy. signed an agreement with Google for Federal IT Steering Unit. “This study the US giant to manage its data in is very timely.” the cloud and develop innovative fi- “We’re going to nancial products. “With this partner- The work has just begun, and is The soaring rise of COVID bonds propose a solution to ship, Deutsche Bank will gain direct currently focused on identifying After green bonds, responsible finance has found a new avenue for growth. access to world-class data science, actual needs and requirements in the Swiss government. BY ANGÉLIQUE MOUNIER-KUHN artificial intelligence and machine collaboration with the cantons, the The goal is to offer a learning,” said the group in a press economy, science and other inter- 100% free email and release. Two days later, Renault ested parties. Swiss companies in storage service based also partnered with Google for cloud the cloud market, such as Swisscom, COVID bonds have been a topic of conversation for Who is issuing COVID bonds? in Switzerland that is services. The French automobile ProtonMail and Infomaniak, will get several weeks. They are the response to an explosion For the time being, the issuing volume is very available to all citizens.” manufacturer signed an agreement to have their say later: “Discussions of financing needs associated with the COVID-19 cri- heavily dominated by supranational agencies, Boris Siegenthaler, CEO of Infomaniak aiming to “use Google’s strengths with potential solution partners will sis. Joséphine Chevallier, Head of ESG Integration (en- such as the World Bank, which plans to raise in storage efficiency, real-time data be the focus of the second phase. vironmental, social and governance criteria) in credit $160 billion to combat the pandemic, and a good sharing, and artificial intelligence,” During this phase, design variations research at Ostrum Asset Management, analyses the portion of that amount will be in COVID bonds. It seems that the primary purpose in order to accelerate the digital for a Swiss Cloud will be evaluated,” excitement for this newcomer in the world of finance. The European Investment Bank, the African of GAIA-X is to establish standards transformation of the group’s said Fischer. Development Bank and several countries have and obtain transparency guarantees 22 factories around the world. COVID bond issues are often lumped together with social also issued bonds of this type. Currently, there are from the companies involved. This is Boris Siegenthaler, CEO of bonds. What are the main characteristics of these bonds? only a few private issuers that are issuing their a way for Europe to limit the damage. THE FEDERAL COUNCIL GETS Infomaniak, who is aware of the pro- Social bonds are bonds that appeared a few years own COVID bonds: examples include Pfizer and “A company like Amazon is very far INVOLVED ject, has more to say: “On our side, ago. These assets only finance projects that Getinge, two companies active in the healthcare ahead of its competitors, particu- In Switzerland as well, a strong- for the past two years we’ve been generate a positive social impact, such as green sector, as well as banks such as BBVA and Bank larly due to its long-term relation- er political commitment to data actively working on developing an al- bonds, which are designed for projects that are of America. ship with clients,” said Plouin. “And sovereignty has emerged in recent ternative to Gmail and Google Drive. beneficial to the environment. These two types of in terms of artificial intelligence, months, with the pandemic. Digital We’re going to propose a solution to bonds are in the impact bond category, which in Can these bonds become a new standard in the world of Google is completely untouchable sovereignty is now being addressed the Swiss government. The goal is to 2019 made up approximately 5% of the total bond sustainable finance? for European companies.” by the Swiss Federal Council, which offer a 100% free email and storage market. Until now, impact bonds were essentially The global economic crisis and its social impact, ordered a feasibility study on 16 April service based in Switzerland that is dominated by green bonds. But since the end of with problems in sectors such as health, food and There are plenty of examples of for a “Swiss Cloud”. The results will be available to all citizens.” The CEO of Q1 2020, social bonds have become a new lever infrastructure, creates a favourable context for Google’s AI prowess in the news, presented by the end of June 2021. Infomaniak, whose data centres are of growth, particularly thanks to the ripple effect this market to grow. The boom is just as present with no shortage of irony: on 7 July, “There is increased awareness of located in Geneva and Wintertour, from COVID bonds. among issuers as it is among investors. The first is surprised that its competitors, issues were a big success, and order books were including the international players, What are these COVID bonds worth? oversubscribed four to seven times more than the are not more active in this domain: With the health crisis, COVID bonds are boom- actual amount available. “We believe there’s a truly strategic ing. The volume has already reached $100 THE OVERWHELMING DOMINATION OF US GIANTS shift here: now, companies need to billion in June. These bonds are designed for These bonds could attract investors who are Market share of the primary cloud infrastructure providers around move away from a storage solution either financing emergency aid to alleviate the sensitive to the social quality of their portfolios, the world (as of Q4 2019) and towards turn-key cloud solu- social impact of the crisis, or to support the such as insurers, for example. But COVID bonds tions. The trend is to no longer have healthcare sector (purchasing medical equip- are still a bond like any other, in which the yield

AMAZON WEB SERVICES 33% a webmaster, even internally within ment, researching treatments and vaccines). is linked to the quality of the issuer. The majority companies. In the same vein, next of the COVID bonds issued so far have been by MICROSOFT AZURE 18% year we’re going to offer storage of To regulate social bonds, the ICMA (International entities ing good signatures (AA/AAA ratings), objects compatible with Amazon’s Capital Market Association), based in Zurich, but they have low absolute returns, which limits GOOGLE CLOUD 8% offer, in order to facilitate the migra- designed principles and a process that are bench- their appeal. The market will grow if more private tion for companies that wish to use marks in the industry, and the issuers must com- issuers take part, which would diversify the field IBM CLOUD 6% us to store their data.” The battle is ply with the process and principles. The objectives and expand the investor base. far from won when competing with of the new COVID bonds are similar to social ALIBABA CLOUD 5% US giants, but Infomaniak, which bonds, but not every entity that issues bonds SALESFORCE 3% hosts institutions such as the CHUV, adopts the ICMA framework. Sometimes issuers EPFL and RTBF, has an advantage in simply say that they do. Therefore, we can’t com- JOSÉPHINE CHEVALLIER ORACLE CLOUD 2% that all of its servers are located in pletely exclude the risk of “COVID bond washing” HEAD OF ESG INTEGRATION Switzerland. Could Switzerland take from some issuers who may be controversial. OSTRUM ASSET MANAGEMENT TENCENT CLOUD 2% the lead in Europe? SOURCE: STATISTA 18 19 ANALYSIS SWISSQUOTE SEPTEMBER 2020 ANALYSIS SWISSQUOTE SEPTEMBER 2020

INTERVIEW Are autonomous vehicles finally Bosch and Daimler have obtained approval from the ready for the road? authorities in Baden- Wuerttemberg, Germany, for In June, the UN adopted an international standard their automated that is an important milestone for the industry. parking system in the Mercedes-Benz Museum car park BY LUDOVIC CHAPPEX in Stuttgart. BOSCH-MERCREDES-BENZ

A few years ago, we were promised that 100% autono- As we’ve heard many times before, autonomous vehicles framework too restrictive? mous vehicles would be on the road soon. Our expecta- aren’t on our roads just yet. When do you think that we’ll No. The idea is to make progress by gradually tions have since been gradually replaced with realism be able to travel in these vehicles? introducing this technology into road traffic in Regulations in place and even a certain disillusion. While technical difficulties If we’re talking about cars that will drive such a way that safety is an absolute priority. This starting in 2021 still remain, the real issue is the lack of a clear legal themselves from point A to point B, with no regulatory framework is a first step, but it is a very framework that has halted the launch of the latest inno- human intervention, we’re probably a few important one. As sensors and safety standards The UNECE regulation will be vations. Until now. years away still. But entirely autonomous driving become more advanced, the scope of application applicable as of January 2021 isn’t the same thing as automated driving, will be quickly expanded, for example by authorising in Japan, as the country actively An important milestone was reached on 25 June, as which is already happening. The international automated driving at higher speeds and on other participated in drafting the reg- detailed directives were adopted by the World Forum for Society of Automotive Engineers (SAE) de- types of roads. Currently, the biggest challenge re- ulation alongside Germany. But Harmonization of Vehicle Regulations, which is a work- fines five levels of driving assistance, which mains the interaction with pedestrians and cyclists. the European Commission hasn’t ing party of the United Nations Economic Commission range from adaptive speed regulation (level Autonomous vehicles still have trouble correctly in- yet set a date for the law to for Europe (UNECE). This regulation will apply starting 1) up to 100% autonomous driving (level 5). terpreting non-verbal human communication, such come into force in the European in 2021. However, the content of said regulation is so The standard that was adopted by the UNECE as a hand signal. Yet currently 90%–95% of road Union. While the United States restrictive that some wonder if it will lead to the end of pertains to level 3 autonomous driving. At this accidents are due to human error (excessive speed, did not participate in this global autonomous vehicles for good. Among other limitations, level, drivers can turn their attention away fatigue or distraction while behind the wheel, etc.). forum, US manufacturers must assisted driving is limited to 60 km/h (approximately from driving to read a message or watch a Increased automation and cooperative driving comply with the UN standards 35 mph) and reserved solely for roads with a physical video, for example. Using sensors and control between humans and machines should make road if they want to be able to sell separation between the two directions of traffic, i.e. on algorithms, the vehicle is capable of reacting traffic a lot safer in the future. their vehicles in the 53 signatory motorways or expressways. Notably, the UNECE regula- automatically in situations that require imme- countries. tion makes it illegal for drivers to activate the automated diate action. But the driver needs to be ready How are manufacturers reacting to this UN regulation? system on roads that are shared with pedestrians or to intervene quickly if the vehicle reaches the For manufacturers, a clear framework is very good cyclists. Is this the end of the utopia? Or is it the start limits of the system. For a few years now, Te- news. The scope of level 3 automated driving is now of a long-awaited regulatory approval? Markus Deublein, sla claims to meet the requirements for level well defined. And the big brands are already actively an expert in the automated driving sector at the 3 automated driving. Audi is expecting its new preparing for the transition to 100% autonomous Swiss Accident Prevention Bureau (BPA) and author of A8 to be approved at this level as well. vehicles. For example, BMW has an Autonomous a recent report on the subject, shares his perspective. Driving Campus in the Munich suburbs. Daimler is MARKUS DEUBLEIN Under this regulation, the only places where automated also doing advanced research on this topic. Their AUTOMATED DRIVING SECTOR EXPERT driving is allowed are sections of a motorway with no pilot project “Automated Valet Parking” is already SWISS ACCIDENT PREVENTION BUREAU (BPA) cyclists or pedestrians present. Is this United Nations testing level 5 autonomous driving in car parks.

20 21 PORTRAIT SWISSQUOTE SEPTEMBER 2020 PORTRAIT SWISSQUOTE SEPTEMBER 2020

IN NUMBERS 19 M The number of women suffering from fibroids round the world, near- ministered in pill form. It acts on the in the United States ly 200 million women pituitary gland, a gland in the brain suffer from endome- that regulates hormones secreted ObsEva: the Swiss triosis. ­ObsEva, based by other organs, by reducing the in Geneva, has decided amount of oestrogen produced by to make this affliction its hobbyhorse. the ovaries, the main cause of these $34 billion pharmaceutical AEndometriosis occurs when the tissue two conditions. The annual cost of working that lines the uterus starts growing days lost and complications outside the uterus, leading to excessive caused by fibroids in the bleeding, chronic pelvic pain and po- “Symptoms begin United States company focused on tential infertility. “Symptoms begin just after adolescence and last until men- just after adolescence opause, which means that a woman’s and last until women’s medicine quality of life is dramatically reduced menopause” for 30 years,” said Ernest Loumaye, Ernest Loumaye, CEO of ObsEva ObsEva specialises in gynaecological CEO of ObsEva. 300,000 The number of diseases not studied by other companies. hysterectomies performed It has in the pipeline a promising treatment Hoping to remedy the situation, in “Currently, the most common treat- late 2015 ObsEva acquired Linzagolix, ment for endometriosis is the con- each year in the United for endometriosis and fibroids. a treatment under development, from traceptive pill, but it is ineffective in States because of fibroids BY JULIE ZAUGG Japanese company Kissei, and con- approximately one third of cases and tinued a series of clinical trials. With can have significant side effects,” this medication, ObsEva also aims to said Hugh Taylor, an endometriosis treat fibroids, another uterine disease expert at Yale University. There are a 53 that affects 20%-40% of women over few other treatments available, par- The number of employees 30 and causes painful bleeding and ticularly in the United States, such as fertility problems. Linzagolix is ad- Lupron, an injectable medicine that at ObsEva

22 23 PORTRAIT SWISSQUOTE SEPTEMBER 2020 PORTRAIT SWISSQUOTE SEPTEMBER 2020

Ernest Loumaye, than systematically accompanying has been barely any innovation in generated by these trials, ObsEva CEO of ObsEva, this medicine with hormonal sup- this field in the past 20 years in decided to test a higher dosage over at the company’s Geneva plements, as its competitors do (ed. ­Europe, and in the past 40 years in a longer period. In early 2020, it headquarters (2018). note: this is done to avoid the loss of the United States,” Loumaye contin- delegated this task to Chinese com- bone density resulting from the sup- ued. The results of phase 2 clinical pany Yuyuan. If the results of the pression of oestrogen), ObsEva will trials, designed to test the efficacy trials are positive, Yuyuan will be offer a lighter version that can be of a drug on a limited number of pa- able to obtain a patent in China and taken without these supplements.” tients, are expected later this year. ObsEva will be able to sell the med- icine in the rest of the world. There The third treatment that ObsEva are already two similar drugs on CONDITIONS IGNORED BY hopes to advance is Nolasiban, the market, sold by Swiss company which improves the chances of an Ferring. “The advantage of Nolasib- OTHER PHARMACEUTICAL “There has been barely any innovation embryo implantation following in an is that it can be administered COMPANIES in this field in the vitro fertilisation by blocking the orally, rather than via injection,” said secretion of oxytocin, a hormone Laurentiu Craciunas, a Romanian Gynaecological conditions past 20 years in are largely neglected by the that stimulates contractions in the gynaecologist who recently partici- big pharmaceutical groups. Europe, and in the uterus. “Despite promising results pated in a meta-analysis on oxytocin “Some of these afflictions are past 40 years in the in phase 2 and 3 clinical trials, a blockers. “That means patients can treated with drugs devel­ second round of phase 3 trials did take this medication at home without oped over 40 years ago,” United States” Ernest Loumaye, CEO of ObsEva not produce the desired effects,” having to go to the hospital, which is said Ernest Loumaye, CEO said Loumaye. “We were very disap- a real plus in the current situation of ObsEva. “For others, like fibroids, there is no cure.” pointed.” After reviewing the data with COVID-19.” Similarly, despite consider­ able progress made in the ObsEva will be the only company infertility field, the success that offers this “light” version, rate is barely over 30%. There which will allow it to gain an en- are several reasons for this tire segment of the market that is lack of innovation. “For a long time, women were excluded unable to take heavier medications.

KEYSTONE / SALVATORE DI NOLFI KEYSTONE / SALVATORE from clinical trials, because “Many women cannot take hormonal researchers couldn’t take the supplements because they have risk of harming the foetus contraindications such as obesity if a woman was pregnant or blood clots,” said Taylor. He also and didn’t know it yet,” said notes that 15% of women aged 35 ANALYST OPINIONS Jacques Balayla, a Canadian gynaecologist who has re­ and over smoke in the United States, searched the issue. another contraindication. “Current SUCCESS IN SIGHT induces a sort of early menopause, who received a 100 mg dose reported treatments only treat about half of Founded in 2012 in Geneva, ObsEva is the second and Danazol, a male hormone that that their fibroid symptoms improved. Furthermore, most gynae­ all patients suffering from endome- Swiss start-up created by Belgian gynaecologist can cause excessive hair growth or ObsEva expects to file for a request cological issues are caused triosis,” said Loumaye. “Our solution Ernest Loumaye. In 2006, he started PregLem, a acne, according to Taylor. for approval late this year in Europe by hormonal problems, and is an option for the remaining 50%.” company specialised in treating uterine fibroids, and in early 2021 in the United States, therefore need to be treated which he sold in 2010 for 445 million Swiss francs with hormonal drugs. “These to Hungarian pharmaceutical company Gedeon For fibroids, the situation is even with the drug expected to be on the conditions aren’t really ideal Two other test molecules Richter. Loumaye then began ObsEva, choosing to worse: “Currently there is no treat- market by 2022. in terms of innovation and In addition to Linzagolix, ObsEva has focus on acquiring molecules in the final stages of ment on the market for fibroids,” discovering new revolution­ two other treatments in the pipe- clinical trials. “This approach allows the company to said Loumaye. “The only treatment is The Swiss start-up is also con- ary molecules, which explains line. One of them, OBE022, can stop save on research and development costs,” said Liana either the contraceptive pill, which ducting phase 3 clinical trials for the disinterest from pharma contractions in the event of prema- Moussatos, analyst at Wedbush Securities. is not very effective, or an operation Linzagolix on women suffering from companies,” said Balayla. ture labour. “Premature births are the Another issue is the complex­ As of yet, the company, which has 53 employees and to remove the uterus.” The major endometriosis. However, it is not ity of these conditions. “Some primary cause of mortality in children is listed on the Nasdaq, does not have a product to advantage of Linzagolix is that it the only endometriosis treatment conditions, such as endome­ under the age of 5,” said Loumaye. sell and recorded a loss of $108.8 million in 2019. reduces the size of fibroids without on the market. There are already triosis, cause a vast range of The majority of medications on the But most analysts believe it has a promising future, the need for invasive surgery. In a handful of treatments that symptoms, including painful market for this purpose have serious in particular thanks to the size of the endometriosis early July, ­ObsEva shared promis- function the same way, sold by periods, fatigue and infertil­ side effects, both for the mother and fibroids market and the lack of drugs available ing results from a phase 3 clinical US group ­AbbVie and British com- ity,” said Balayla. As a result, (cardiovascular issues) and the foe- on the market to treat these two conditions. Mous- it’s not easy to conduct clinical satos estimates that by 2026, sales of Linzagolix will trial – the last step before approv- pany ­Myovant. But ObsEva has an trials. “How can you tell if a tus (kidney problems, premature clo- reach a peak of $1.1 billion for fibroids and $653 al – for fibroids. The study showed advantage over its competitors, drug is effective if the condi­ sure of the blood vessel connecting million for endometriosis in the US alone. Most that 85% of women who received explained Liana Moussatos, analyst tion manifests itself differently the pulmonary artery and the aorta, analysts recommend purchasing or holding shares. a 200 mg dose and 57% of women at Wedbush Securities: “Rather in each patient?” and abdominal thrombosis). “There OBSN

24 25 BIG BROTHER SWISSQUOTE SEPTEMBER 2020 BIG BROTHER SWISSQUOTE SEPTEMBER 2020 GETTY IMAGES Under the watchful eye of office cameras Facial recognition software is now being used in Chinese offices. Employees are under surveillance at all times. BY JULIE ZAUGG, IN HONG KONG

n China, it is now impossible at the entrance of a building, which friends to sign them in using their to walk down the street with- also allow users’ faces to act like staff card,” said Jessica Tan, co-CEO Huawei’s Shenzhen out being filmed by a surveil- a key. The least expensive versions of the group, in the Chinese press. campus. Over 30,000 lance camera. The country has cost $50 each. employees of the Imore than 350 million cameras, or one At some companies, facial recognition company work there. camera for every four residents. “The is used to identify employees who cameras are used to catch fugitives, are slacking off. Most of the oil and to identify pedestrians who cross the Facial recognition gas fields owned by China National is used to identify street at a red light, or even to stop Petroleum are equipped with surveil- CAMERAS IN SCHOOL people from stealing toilet paper,” employees who are lance cameras that use algorithms to Another company, Ningbo Shenyang Surprisingly, these surveillance says Jake Laperruque, a facial recog- determine whether any workers are Logistics, has its new employees measures are met with little resist- AS WELL... nition expert for the US NGO Project slacking off chatting, smoking or looking at their experience simulated work scenes ance from employees. “In China, facial on Government Oversight. mobile phones instead of working – using augmented reality headsets. recognition is already part of every- A university campus in Nanjing and and identify them. “These headsets are equipped with one’s daily lives,” says Noël. “This a secondary school in Hangzhou But this massive system, reminiscent Yitu, a company that develops facial facial recognition cameras that ana­ technology allows people to make have also installed surveillance cameras at the entrance to class- of a panopticon, isn’t limited to just recognition software, has expanded IMPROVING PRODUCTIVITY lyse employees’ facial expressions payments and monitors even their public space. An increasing number of the concept even further: as employ- Facial recognition can also help to determine which scenarios cause smallest actions and movements in rooms in order to determine wheth- er students are actually attending companies are now using these cam- ees walk around, they are tracked by companies manage their teams more the most difficulty, which can be used public.” They are more worried about class or if they are paying someone eras as well. “In many Chinese com- a network of surveillance cameras effectively, according to Steffi Noël, to improve the training programme being replaced by a machine: “Many to attend in their place – a common panies, it has now become normal to installed all over the office, and their an expert on the Chinese manufactur- accordingly,” says Noël. jobs that involve checking compliance practice in China. Equipped with have your face scanned when you get movements – along with their names ing sector at Daxue Consulting. For with safety measures or monitoring smart software that analyses stu- off the lift in order to be able to enter – are displayed on a screen in real example, electricity producer State Cameras can also be installed to the efficiency of company procedures dents’ facial expressions and move- your office,” says Martin Chorzempa, time. Each person appears as a small Grid Zhejiang Electric Power has meet safety requirements. “Surveil- could disappear,” Noël adds. ments, the cameras can also spot if students are not following along in an expert in new Chinese technologies blue dot that can be monitored as equipped its plants with facial recog- lance cameras can be used to detect class or if they fall asleep. at the Peterson Institute for Inter- they move about the office. nition cameras that use algorithms if someone’s hand is too close to What’s more, beyond a company’s national Economics. “This scanning to analyse the micro-expressions a hazard on an assembly line or to own use, questions have emerged The Hangzhou school produces procedure replaces traditional clock- Insurance company Ping An has de- on employees’ faces and calculate spot a tired employee who may fall regarding other uses of the data daily reports on all of its students ing-in systems and allows companies ployed a facial recognition system at their body temperature. “This type of asleep at the wheel of a construction employers gather on their employees. that indicate how many times they to closely monitor the comings and the entrance of its offices to ensure system can detect peaks in stress, vehicle,” says Noël. “This can prevent “If the state requests it, companies raised their hands, the number of minutes they spent distracted, and goings of their employees.” that its 1.4 million insurance agents fatigue or confusion,” says Noël. many accidents.” Since the COVID-19 must hand over this information,” says whether or not they experienced all attend the daily morning meeting. “The management can use this data pandemic, some Chinese factories Laperruque. He fears that in time, this stress or confusion during the day. On Chinese e-commerce site Alibaba, “Before we introduced facial recogni- to resolve the underlying problems have also been using cameras to data will be fed into the social credit This information is then sent to there are dozens of facial recognition tion, some agents who didn’t attend causing these emotional states and verify that workers are complying system that China is currently devel- their parents. devices available that can be installed the morning briefing would ask their in turn improve workers’ productivity.” with social distancing measures. oping on a national level.

26 27 HYDROGEN SWISSQUOTE SEPTEMBER 2020 HYDROGEN SWISSQUOTE SEPTEMBER 2020

DOSSIER GREEN HYDROGEN: THE FUEL OF THE FUTURE With the technology on its way to becoming mature, clean hydrogen investment projects are booming. And share prices of companies active in this industry are skyrocketing. BY BERTRAND BEAUTÉ

34. Infographic: The many uses of green hydrogen ill this time finally be it? 36. Hydrogen forges its path Since the 1970s, hydrogen – or more accurately hydro- gen gas (H ) – has been 38. Hydrogen lorries W 2 hit the road presented time and again as the solution to move away from oil and 42. Forklifts move up other fossil fuels. Now may finally with hydrogen be its time to shine. In early June, Germany approved an expansive 44. A hydrogen town €9 billion investment strategy to de- emerges from fukushima velop the industry. One month later, the European Commission unveiled 46. On board an its own hydrogen plan, estimated air-purifying SUV to cost between €180 billion and €470 billion by 2050. 48. Interview with Oliver Bishop, CEO “The announcement of Germany’s of Shell Hydrogen plan has revived excitement about the sector,” says Xavier Regnard, an Dossier prepared by: 50. These companies are analyst for investment bank Bryan Bertrand Beauté and gassed up and ready Garnier & Co. As a result, the share Stanislas Cavalier to go prices of companies in this indus-

28 29 30

JOHN THYS / AFP A century offalse starts A century drogen-related technologiesthatare profitable, buttheyallfocusonhy of thesecompaniesarecurrently (read featuresonp.50to56).None 100%, 265%and540%respectively Energy have seentheirsharesrise Ceres Power, ITMPowerandMcPhy 270%. InEurope,companiessuchas Nikola hasincreasedbymorethan 2020, thesharepriceofUScompany try have skyrocketed.Sinceearly Antoine Lavoisier renames this gas “water creator”, as hydrogencom- British chemistHenryCavendish ble air. In1783,Frenchchemist “hydrogen”, from theGreekfor first time,callingitinflamma- isolates hydrogengasforthe bustion produces water. 1766 - now ofincreasinginteresttogovern saw itsvalueincreasesixfoldbefore covering companiesintheindustry 22 June.Asearlyas2000,theindex pointed outinareportpublishedon hydrogen, asinvestmentbankUBS markets have spikedbecauseof This isn’tthefirsttimethat players, andofcourseinvestors. ments, energycompanies,industry mately 50%hydrogengas,isused to lightstreetlampsincities,and “Coal gas”,composedofapproxi - natural gasfordomestic heating by electricityfor lighting,andby then toheatbuildings.Butfrom 1880, itisgraduallyreplaced from the1930s. 1800 HYDROGEN

- reality ofthesituation.Thereisa the year. Butit’snotimmunetothe performance sincethebeginningof sector hasseenexcellentmarket at Bryan,Garnier&Co.“Yes, the so,” saysXavier Regnard,ananalyst bubble formingnow?“Idon’tthink said UBSanalysts.Isanewhydrogen unable todeliversufficientresults,” hydrogen wasfullofpromisebut dropping sharply.“Fordecades, powered byacombinationofhydro - gen andoxygen.Asweseetoday, combustion engine.Theengine is Swiss inventorFrançoisIsaacde Rivaz designsthefirstinternal meet withgreat successusing this typeofengine wouldlater fossil fuels. 1804 SWISSQUOTE SEPTEMBER2020 SWISSQUOTE recovery plan. recovery of herpost-COVID atthecentre sector of thehydrogen put thedevelopment Angela Merkel has Chancellor German 2020 CNRSInnovationmedallist.In ly cleanway,” saysDanielHissel, a world, ondemand,andinacomplete produce hydrogenanywhereinthe to awatersource,itispossible and iftheprocesstakesplaceclose used intheelectrolysisisrenewable electric current:“Iftheelectricity hydrogen andoxygenviaasimple can splitawatermoleculeinto Water electrolysisisaprocessthat for ourcurrentenvironmentalneeds. gas isverypromising,aperfectfit On paper, thiscolourless,odourless time seemstobeit.” investors weredisappointed.Butthis industry didn’tkeepitspromisesand During thefirstmarketspikes, essary tomovegreenhydrogen. the climatecrisis,itwillbenec starting toreachmaturity,andgiven opportunities. Thesetechnologiesare real demand,projects,and [Hydrogen: thenewoil] Hydrogène, lenouveaupétrole Thierry Lepercq,authorofthebook in allindustries” opportunities there are indeed automobile use, but relegatedbeen to “Hydrogen haslong airship. ButtheLZ129Hindenburg States putastoptotransatlantic begins buildingthefirsthydrogen explosion in1937theUnited Count FerdinandvonZeppelin transportation via airship. 1899

- - ships andaeroplanes.“Likeoil,hy industry, orintofuelforcars,lorries, into methanetosupplyhousesand used forelectricityortransformed form byboatorlorry.Itcanalsobe in gasformviaapipeline,orliquid in largequantitiesandtransported Once created,thegascanbestored February 2020. produced 100%cleanhydrogensince located alongariverinGösgen,has Switzerland, theAlpiqpowerplant, worth $130billion,withanannual available –thehydrogenmarketwas In 2018–themostrecentfigures ment strategies. recent GermanandEuropeaninvest these estimatescamebeforethe according toMcKinsey–though and potentiallyeven$2,500billion $1,000 billion,accordingtoHSBC, market.” By2050,itcouldbe worth in allindustries.It’saphenomenal but thereareindeedopportunities been relegatedtoautomobileuse, industry, energy).Hydrogenhaslong in allapplications(transportation, itable replacementforfossilfuels Direct. “Asaresult,itcanbeprof founder ofthecompanySolaire­ pétrole [Hydrogen:thenewoil]and of thebookHydrogène,lenouveau port,” saidThierryLepercq,author drogen iseasytostoreandtrans TO GREEN HYDROGEN TO GREEN FROM BLACK HYDROGEN the firsttime.Thisfuelisstillused hydrogen-oxygen motors,allowing by thespaceindustry, includingin The spacecraftusedintheApollo humans tolandonthemoonfor 11 spacemissionispoweredby the Arianerocket. 1969 HYDROGEN

- - - - After thefirstoilcrisis,hydrogen is considered tobetheenergysource discharge. capable ofduetovolumeandself- – somethingthatbatteriesarenot hydrogen, andthenusedinwinter for severalmonthsintheformof mulated insummercanbestored in Dübendorf.Solarenergyaccu Powertrain Technologies laboratory director oftheEmpaAutomotive another fuel,” saysChristianBach, form ofelectricity,hydrogenor that energyatalatertimeinthe renewable energy,andthenuse that youcanstorethesurplus “Hydrogen isverypromisingin turning whenthewindisblowing. come acrossturbinesthataren’t This isoneofthereasonsyouoften avoid overloadingthegrid. are forcedtoshutdowninorder day, manyrenewableenergyfarms high, forexampleduringasummer electricity islowandgeneration Conversely, whendemandfor no electricitycanbegenerated. when thereisnowindandsun, doesn’t alwaysblow. Asaresult, shine 24hoursadayandthewind uncontrollable: thesundoesn’t solar energyareintermittentand By theirverynature,windand ofrenewableenergy Hydrogen,thefriend of thefuture.Butmanycountries choose tofocusonnuclear energy instead.

1970 SWISSQUOTE SEPTEMBER2020 SWISSQUOTE

- 31 HYDROGEN SWISSQUOTE SEPTEMBER 2020 HYDROGEN SWISSQUOTE SEPTEMBER 2020

production of 74 million tonnes. This For hydrogen, a good price is $1 per Some manufacturers are announc- investment programmes. Germany energy source was primarily used kilo. Beyond that, it’s not competitive ing a price of $1.50 starting in late is planning to produce 5 gigawatts to produce fertilisers and refine enough compared to oil.” 2020.” There are two reasons for this (5,000 MW) of green hydrogen by oil products. But more than 95% of price drop. First, in order to produce 2030, and 10 gigawatts by 2040. hydrogen currently produced is made green hydrogen, you need access “We’re laying the groundwork to THE DIFFERENT SOURCES from hydrocarbons (oil, natural gas to completely clean electricity become the global leader in hydrogen OF HYDROGEN or coal). This highly polluting process from renewable and cheap sourc- technologies,” said Peter Altmeier, Except at the very depths of the oceans in produces as much CO2 as the UK and “Hydrogen is not es. From 2009 to 2019, the cost of minister for Economic Affairs and Indonesia combined, according to the electricity produced in solar power Energy. “Germany will be a pioneer, interplate areas, hydrogen gas does not exist International Energy Agency (IEA). a passing trend” plants decreased ninefold to reach as we were 20 years ago with the in a natural form on Earth. Unlike fossil fuels Hubert Girault, professor of physical and such as oil, hydrogen has to be made – as har­ This type of hydrogen, called grey or $40 per megawatt-hour, and wind promotion of renewable energies.” nessing hydrogen a long way from the coast black hydrogen, is not a solution to analytical electrochemistry at the École energy dropped from $135 to $41 The European Commission is aiming is not economically viable. There are several climate change (see inset on p. 33). polytechnique fédérale de Lausanne (EPFL) per megawatt-hour, according to a for 6 gigawatts by 2024 and 40 giga- techniques to produce hydrogen, but not all study by Lazard Bank published in watts by 2030. of them are clean. To become the promised energy of late 2019. “And prices will contin- the future, hydrogen must go green. ue to fall in coming years, reaching “Hydrogen is not a passing trend,” BLACK HYDROGEN “There are technologies that produce Even just a few years ago, that goal $10 per mega­watt-hour in 2025 says Hubert Girault, professor of Hydrogen is produced using coal or lignite clean hydrogen. But they are more would have been completely unat- with solar, which will automatically physical and analytical electrochem- through a process called gasification. expensive than producing hydrogen tainable. But the tides have turned. reduce the price of green hydrogen,” istry at the École polytechnique This method creates the most pollution, with hydrocarbons,” says author In June 2019, for the first time, the predicts Lepercq. The second reason fédérale de Lausanne (EPFL). “Look but fortunately it is no longer very common. Lepercq. “The challenge now is how International Energy Agency (IEA) is electrolysers – the machines that at what happened in China: two or The hydrogen produced costs between to produce green hydrogen at a com- supported the use of hydrogen in can transform water into hydrogen three years ago, the government $1 and $2 per kilo. petitive price.” In 2018, it cost be- a crucial report named simply “The using electricity. “In recent years, began supporting this energy carrier. tween $3 and $7.50 to produce 1 kilo Future of Hydrogen”. “Hydrogen is the sector has gone from small pilot And when Beijing began supporting of green hydrogen with an electrolys- currently enjoying unprecedented units – demonstrators with less than the industry, the country became the GREY HYDROGEN er, which is two to three times more momentum. The world should not one megawatt of power – to indus- global leader, as we’ve seen with lith- Hydrogen gas is produced from natural gas expensive than production methods miss this unique chance to make trial-scale projects that can reach ium-ion batteries and solar panels.” via a chemical reaction called steam methane that use natural gas (grey hydrogen), hydrogen an important part of our 10, 20, and even several hundred In 2017, Japan also implemented a reformation. This method is the most widely used today because it is inexpensive ($1 to according to the IEA. clean and secure energy future,” said megawatts,” says Xavier Regnard, hydrogen plan, followed by South $3 per kilo), but it produces a lot of CO . Fatih Birol, executive director of IEA, an analyst at investment bank Bryan Korea in 2019. Conglomerates such 2 “Sudden profitability is not a good in- in the report’s foreword. Why the Garnier & Co. “This change in scale as Hyundai, Kawasaki and Toyota dicator,” says Hissel. “If you only look sudden boom? The cost of hydrogen will lead to an industrialisation of the have invested in the industry for at the price at the pump, you lose produced from renewable energy is industry and a drop in prices.” years and offer solutions that are BLUE HYDROGEN sight of the overall societal benefit falling faster than expected and the already on the market. Hydrogen is produced via natural gas re­ of moving beyond fossil fuels.” But IEA estimates that clean hydrogen At the port of Rotterdam, for exam- formation in a similar way to grey hydrogen, but the CO2 produced is captured by filters, Lepercq disagrees: “When it comes will become competitive by 2030. ple, companies BP and Nouryon are Faced with the prospect of green and then either reused or stored and not to raw materials, everything needs to planning to build a 250 MW electro- hydrogen becoming the norm, tra- released back into the atmosphere. Blue hy­ be at the right price. If you need to be “In fact, it will actually be much lyser, which will be ready in 2025. ditional players – that run on grey drogen costs between $1.50 and $3 per kilo. subsidised, you’re not in the market sooner,” says Lepercq. “In five years, Obviously, the sector’s industrialisa- hydrogen – are reacting according- and you’ll get nothing but crumbs. we’re expecting a price of $1 per kilo. tion will be facilitated by government ly. In 2019, Air Liquide acquired an 18.6% stake in Canadian company GREEN HYDROGEN Hydrogenics Corporation, a specialist Hydrogen is produced by water electrolysis, in fuel cells and electrolysis equip- i.e. splitting water molecules (H2O) into hydro­

ment to produce hydrogen. Also in gen gas (H2) and oxygen (O) using an electric 2000 2014 2020 2019, German group Linde purchased current supplied by renewable energy (solar, a stake in UK electrolyser manu- wind, hydroelectric dam). This method has facturer ITM Power. Even oil giants the advantage of not releasing any greenhouse gases, but it is expensive ($3 to $7.50 per kilo). such as BP, Total and Shell (read the Climate change concerns bring Toyota launches the “Mirai”, the first The European Commission adopts interview on p. 48) are getting heavily hydrogen gas back into focus. But hydrogen-powered car designed for a vast programme to support the involved, creating dedicated hydrogen the technology is too expensive and and sold to the general public. Sales hydrogen industry. But what will power subsidiaries. “The fact that not mature enough. It fails to live are low. In late 2018, according to be the outcome? giants such as Linde and Air Liquide up to its promises and the hydrogen the International Energy Agency, are taking positions in the industry is bubble bursts. only 11,200 hydrogen-powered cars a good sign,” says Regnard. “It shows were used around the world across that these companies also believe in all brands. the potential of green hydrogen.”

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Exports By 2050, hydrogen could cover In liquid form, hydrogen can be 18%–20% of the world’s energy transported by boat, lorry or train THE MANY USES OF consumption. This could be across the world, just like oil. possible because the gas can be used in a wide variety of domains, GREEN HYDROGEN all without any CO emissions. 2

Conversion to electricity A fuel cell produces the opposite Source of electricity reaction of electrolysis, i.e. it uses Renewable energy is used hydrogen to produce electricity. to produce green hydrogen. The current can be fed into the To do so, an electrical electrical network, particularly current from a power to meet energy needs during con- station is injected into sumption peaks. an electrolyser.

PAC Industry Hydrogen can replace fossil fuels in industrial applications. Since 2019, for example, Thyssenkrupp has used hydrogen to partially replace coal in the blast furnaces at its factory in Duisburg, Germany. ELECTRICITY H

HEATING O2 H2 Transport In gas form, hydrogen is transported in pipelines. ELECTRICITY

H2O Buildings Storage In Japan, 400,000 households have The hydrogen that comes out of the fuel cells. The cells use hydrogen to electrolyser can be stored in the form generate electricity and hot water of pressurised gas (up to 700 bars), for heating. liquid (at -252.87°C) or solid in metallic H materials. H N Water electrolysis Inside the electrolyser, the electricity will split H water molecules (H O) to Supply 2 Agriculture Hydrogen is available at dedicated produce dihydrogen (H2) and oxygen (O ) according Hydrogen is used to make filling stations where fuel-cell lorries, 2 ammonia (NH ), a chemical FERTILISER buses and cars can fill their tanks. to this chemical reaction: 3 2H O > 0 + 2H . mole-cule that is the base of Germany currently has 84 hydrogen 2 2 2 many nitrogen fertilisers. pumps, making it the largest network PAC in Europe. Comparatively, Switzerland has two. H

34 35 HYDROGEN SWISSQUOTE SEPTEMBER 2020 HYDROGEN SWISSQUOTE SEPTEMBER 2020 HYDROGEN FORGES ITS PATH

Transporting hydrogen from production sites to consumption locations requires a vast infrastructure. 23,000 km of gas Stockholm pipelines are planned for European soil by 2040. Gothenburg

BY BERTRAND BEAUTÉ

Copenhagen

Hamburg

Amsterdam Hanover n order to reduce costs, green pipelines across Europe by 2040. be linked to France via Oltingue, to Berlin hydrogen power plants will The estimated cost is between €27 Germany via Wallbach and to Italy Cologne have to be built on the very and €64 billion. The report claims via Gries Pass (see infographic). H pipelines by conversion of sites of renewable electricity this amount is actually fairly low, due Beyond that, other possibilities are 2 Brussels Leipzig Igeneration, i.e. in Europe, mainly near in particular to the fact that 75% of in the works, such as import routes existing natural gas pipelines Frankfurt Prague Dutch, Danish or Norwegian offshore the network will be built upon pre- from the North Sea (Norway and the Newly constructed H pipelines Paris wind farms and solar power plants in existing pipelines that are currently United Kingdom), Ukraine, Greece, 2 Stuttgart Spain and even North Africa. used to transport natural gas. The North Africa and Russia. Building Possible additional routes project is based on the hypothesis such infrastructure will “increase The problem is that these generation that demand for natural gas will the production and use of hydrogen”, Munich sites are far away from where the decline between 2020 and 2030 as according to the report. energy is actually being consumed, societies go electric and as a result particularly for German industry – so of the need to fight climate change. Hubert Girault, professor of physical Lyon A Coruña Gijón Bordeaux the hydrogen needs to be transport- and analytical electrochemistry at Milan Venice Bilbao ed over long distances. Currently, “Hydrogen will be transported via École polytechnique fédérale de Europe has only 1,600 km of dedi- existing gas infrastructure,” says Lausanne (EPFL), notes, “We are cated hydrogen pipelines. That’s not Lepercq. “For the companies that living through a revolution. All the enough for hydrogen to fully grow manage that infrastructure, this is a major gas groups are getting on Marseille as an alternative energy source. So godsend. Assets that are currently board. This is proof that hydrogen is what is the solution? not in use could even come back to no longer a pipe dream.” And Girault Madrid Zaragoza life.” In reality, the development of adds that the pipelines aren’t the Barcelona Rome “All the major gas groups this European hydrogen road will only way to transport hydrogen: be gradual. Between now and 2030, “The gas also exists in liquid form. Puertollano Valencia are getting on board. This the first 6,800 km of the pipeline As a liquid, it can be transported is proof that hydrogen is no (on which construction is expected via existing rail networks or motor- Huelva longer a pipe dream.” to begin in 2020) will connect the ways in tankers, which can access Hubert Girault, professor at École first movers of Hydrogen Valleys, places pipelines cannot. It can also Tarifa Almería Palermo polytechnique fédérale de Lausanne i.e. the primary hydrogen produc- be transported by ship.” The latter (EPFL) tion and consumption sites in the was the solution chosen by Japan: Netherlands, Belgium and northern in 2020, Kawasaki Heavy Industries In July 2020, eleven European gas Germany. In 2035, a longer network announced it was building a hydro- The “European Hydrogen Backbone” project infrastructure companies presented will connect the south of France gen liquefaction plant and a loading was developed by 11 European companies: their “European Hydrogen Back- to Germany. Finally, in 2040, ten terminal in the Australian state Enagás, Energinet, Fluxys Belgium, Gasunie, GRTgaz, NET4GAS, OGE, ONTRAS, Snam, bone” plan, which aims to develop European countries will be connect- of Victoria to export hydrogen to Swedegas and Teréga, with additional sup- a 23,000 km network of hydrogen ed, including Switzerland, which will Japan by ship. port from consultancy firm Guidehouse.

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Several models of heavy goods vehicles equipped with fuel cells have been driving across Switzerland since July. If the tests are successful, there will that don’t emit pollution,” explains ning a testing and approval period Christian Bach, director of the EMPA in Geneva. The hydrogen used to be several thousand of these lorries on our roads Automotive Powertrain Technologies power the lorry will be produced by by 2025. laboratory. “As a result, the cost per Services industriels de Genève (SIG), BY BERTRAND BEAUTÉ kilometre of a hydrogen-powered using electricity generated from solar lorry – while much more expensive or hydraulic energy – green hydrogen, to purchase – becomes comparable then. If the trials are successful, t is Monday 20 July in July. “It’s incredible to drive,” said the Korean company, which plans to to that of a traditional diesel lorry.” further lorries will be ordered, and Hunzenschwil (AG), in the the driver. “Compared to a traditional export 50 hydrogen-powered lorries not just by Migros. middle of the afternoon. A diesel HGV, the acceleration is much to Switzerland by the end of the year, While Hyundai has been investing in lorry with its radiator grille better. I feel like I’m driving the lorry and 1,600 by 2025. hydrogen for years (read about our In France, GreenGT has already signed Icovered enters the Coop fuel station. of the future.” test drive of the Nexo SUV on p. 46) a contract with retail giant Carrefour An everyday scene. Except that the and is the first manufacturer to send to convert another 44-tonne lorry into 15 to 20 heavy goods vehicle (HGV) in ques- Weighing 35 tonnes, equipped with its Fuel Cell lorries to Switzerland, a hydrogen-powered vehicle. Tests for tion is exceptional. It runs without a refrigerated body and able to tow it’s not the only manufacturer in this this will also begin at the end of this million making any noise and only emits a trailer, the XCient Fuel Cell is pow- “It’s incredible to drive. segment. GreenGT, a small Vaud- year, in partnership with Air Liquide. water vapour, rather than exhaust ered by two 95 kW fuel cell stacks. I feel like I’m driving based company which made a name “There is already very high demand The number of lorries that gas. It’s also not at the petrol station Its seven tanks can hold 32.09 kg for itself with race cars (see inset on for hydrogen-powered lorries,” says are expected to be powered to fill up on petrol. It’s ready to fill of hydrogen at a pressure of 350 bar, the lorry of the future.” p. 40), is following closely behind the Jean-François Weber, general manag- by hydrogen around the its seven hydrogen tanks. which gives it a range of 400 km, Korean group. Associated with the er and founder of GreenGT. “Currently, world by 2050, according according to the manufacturer. St. Gallen group LARAG, which spe- we’re drowning in requests from com- to the Hydrogen Council. Despite the tape over the cab, you The system was designed for short- cialises in lorry imports, GreenGT is panies that want these lorries.” The Council also estimates can still see the H logo of the Hyundai distance deliveries between logis- It’s not by chance that Hyundai chose in the process of installing its elec- there will be five million brand underneath. The lorry is one of tics centres and supermarkets. The our country as a starting point for tric-hydrogen propulsion system in This is because compared to battery- hydrogen-powered buses. the 10 units of the XCient Fuel Cell 10 units that arrived in Switzerland its hydrogen journey. “In Switzerland, a 40-tonne HGV as part of the Gen- powered electric lorries, hydrogen model, the very first mass-produc- are currently being tested and are at least for the time being, the eration of Hydrogen (GOH!) project. models have many advantages. “The tion hydrogen cell HGV in the world, expected to begin commercial use in LSVA HGV charge – a tax on lorry The lorry will be delivered to Migros heavier a vehicle becomes, the more which arrived in Switzerland in early September. This is just the start for traffic – doesn’t apply to vehicles by the end of 2020, before begin- clearly traditional lithium-ion batter-

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ies show their limits,” explains Bach. It won’t be enough for hydrogen- and Daimler announced in April “In order to drive a 40-tonne lorry for powered vehicles to be used by in- 2020 that they were creating an a few hundred kilometres, you need dividuals, but it will probably be suf- equal joint-venture to produce several tonnes of batteries that take ficient for HGVs and captive fleets. high-powered fuel cell batteries, up valuable space on-board that “Generally, lorries leave the ware- designed to be used in both brands’ BLUE TRAINS HAVE could be used to transport goods.” house in the morning and return in HGVs. Each has invested the equiva- the evening,” says Bach. “If you have lent of €600 million. For example, we estimate that the sufficient range to make it through Volvo FE Electric lorry, sold since the day and there’s a fuel station But without a doubt, the most talked- A ROSY FUTURE 2020, carries nearly two tonnes of near the depot, then hydrogen power about company at the moment in batteries, and has a maximum range is no problem at all.” the hydrogen lorry field is Nikola. After 18 months of successful testing in Germany, of 200 km and a maximum permit- Founded five years ago in Salt Lake ted driving weight of 27 tonnes. As This situation could also apply City (Utah) and based in Phoenix hydrogen locomotives are generating interest from a comparison, the XCient Fuel Cell to public transport. Belgian con- (Arizona), Nikola is already consid- other countries around the world. has a 400 km range and a permitted structor Van Hool, for example, ered to be the Tesla of hydrogen BY BERTRAND BEAUTÉ weight of 35 tonnes. Another advan- markets a hydrogen-powered bus (read the company feature on p. 50). tage is recharging time. At the Coop that is experiencing growing suc- But the competition doesn’t worry station in Hunzenschwil, it takes cess. They are used in Cologne and Jean-François Weber: “There’s room less than 10 minutes for a Hyundai Wuppertal in Germany and Pau in for everyone,” smiles the GreenGT n its sky-blue paint, the is enormous in the rest of the world. expected to be ready until 2021. lorry to fill up with 30 kg of hydrogen, France. Somewhat behind, Volvo GM. It’s a gigantic market.” train proudly displays In Germany, where 38% of the rail net- Canadian firm Bombardier, whose compared to an hour for the Volvo “HO”, short for “hydro- work, or more than 25,000 km, is not acquisition by Alstom is awaiting FE Electric with a fast charger, and gen zero-emission”. It electrified, nearly 1,600 diesel trains approval from the European Commis- 6.5 hours with a normal charger. Ocould also add a pretentious “PS” are still in service. The UK has slightly sion, is focused on a battery-powered Sport as a means of communication for “planned success”. The Coradia fewer diesel trains, at just under 900, model. But its prototype, dubbed the iLint regional train from Alstom — the and Italy has more than 600. “Talent 3”, only has a range of 40 km, first hydrogen train in the world — whereas the Coradia iLint can travel From 0 to 100 km/h in reliable solution that also would indeed seem to have a bright up to 1,000 km on a full tank of 3.4 seconds, a top speed offers performance,” says future. After 530 days and more hydrogen. of over 300 km/h, and a Jean-François Weber, gen- than 180,000 kilometres travelled in “This technology means “Switzerland will design by none other than eral manager and founder Germany, its testing phase under real countries don’t need At present, only Swiss group Stadler have about 100 pumps the famous Italian firm of GreenGT. While the cars commercial conditions was declared seems capable of competing with the Pininfarina. No, we’re not that usually participate successful in May 2020, opening the to change their rail French giant. In November 2019, right in the next 3 to 5 years” talking about the latest styl- in the Sarthe race guzzle way to more widespread deployment. under the nose of Alstom, Stadler Jean-François Weber, founder of GreenGT networks to go electric” ish Ferrari – we’re talking between 35 and 40 litres Xavier Regnard, analyst at Bryan, signed a contract to deliver a hydro- about another racing car, the of petrol per 100 km and Starting in 2022, Alstom will begin de- Garnier & Co gen train to the United States. Named LMPH2G. This is the ugly emit significant amounts livering the 14 trains ordered by LNVG, “Flirt H2”, this train is expected to name of the hydrogen-pow- of greenhouse gases, the the rail operator for Lower Saxony, enter service in 2024 in Southern ered racing car developed LMPH2G prototype runs as well as 27 trains to Hesse (in the “When looking to replace diesel California. “Hydrogen can be a real player in by Swiss company GreenGT, on hydrogen. Its secret? Frankfurt region). More trains have trains, hydrogen is very competitive,” heavy mobility,” says Xavier Regnard, in partnership with Total A fuel cell battery coupled been purchased in the Netherlands, said Xavier Regnard, analyst at Bryan, an analyst at Bryan, Garnier & Co. The and Symbio (a joint ven- with four electric motors where hydrogen trains were tested Garnier & Co. “This technology means only downside is the lack of infra- ture between Michelin and that can deliver the equi- on the Groningen-Leeuwarden line, countries don’t need to change their structure. In Switzerland, there are Faurecia). The vehicle made valent of 653 hp. “We’re as well as in Italy, France, Spain and rail networks to go electric. They currently only two “pumps” open to headlines in June 2019 when not yet at the level of the the UK. would simply need a hydrogen charg- the public that provide hydrogen: the it took part in the open- petrol models that partici- ing station along the route, which is Coop fuel station in Hunzenschwil ing proceedings of the 87th pate in the 24 Hours of Le The reason hydrogen is so in-demand much cheaper.” According to figures and Avia in St. Gallen, compared to edition of the 24 Hours of Le Mans, but we’re heading in is because the technology has several from Alstom, electrifying a railway 20% more than 3,300 stations with petrol Mans race. It made quite the the right direction,” adds advantages that can help the rail costs €1 million per kilometre, which pumps. “The network will grow quick- impression across hundreds Weber. “We’re working on industry move away from carbon. is cost-prohibitive for underused The percentage of diesel ly,” says Weber. “Switzerland will of televisions. showing people that it’s Indeed, the Coradia iLint, which emits regional lines. trains around the world have about 100 pumps in the next 3 possible, and the goal is to only water vapour, hopes to replace that will be replaced by to 5 years.” By the end of 2020, six “We’re using sport as a compete in the 24 Hours of polluting diesel locomotives. In With its first contracts, Alstom is hydrogen models by 2050, hydrogen fuel stations are expected means of communication, Le Mans in the hydrogen Switzerland, where more than 90% of moving ahead of its competitors. or approximately 28,000 to open on the Lake Constance–Lake rail lines are electrified, the market for Siemens is working on a hydro- locomotives, according to to showcase the idea that category in 2024.” the Hydrogen Council. Geneva route. hydrogen technology is a hydrogen trains is non-existent, but it gen-powered train, but it isn’t

40 41 HYDROGEN SWISSQUOTE SEPTEMBER 2020 HYDROGEN SWISSQUOTE SEPTEMBER 2020

STILL Most companies that have stocks therefore competitive compared of goods, such as Amazon, Ikea, to their battery-powered counter- Walmart and Coca-Cola, are in the parts, because hydrogen power process of adopting hydrogen-pow- allows companies to get rid of their ered forklifts. In Europe, retail giant charging room and avoid short-term Carrefour deployed 137 fuel-cell machine rentals during high levels forklifts in 2018 at its Vendin-le-Vieil of activity (sales, holidays, Black (Pas-de-Calais) location, the largest Friday). Another advantage is that fleet in use in Europe. Hydrogen companies that install a hydrogen technology is becoming more popular recharging station in a warehouse because it has significant advantag- to charge forklifts can also use it es over fuel-powered forklifts and to charge delivery lorries. Carrefour, electric battery forklifts. which will receive its first fuel-cell lorry, hopes to take advantage of this ecosystem.

Most forklift manufacturers, such as Japanese group Toyota, US com- “With hydrogen, pany Crown and German brand STILL charging time is only (a subsidiary of Kion group), now offer hydrogen models. Toyota In- a few minutes” dustries, the primary manufacturer Daniel Hissel, a professor specialising in of forklifts, has even implemented hydrogen at the Belfort FEMTO-ST Institute a complete solution called “Simple- Fuel”. In service since April 2019 at its Motomachi location in Japan, the SimpleFuel system consists of solar panels installed on the roof, A forklift driver fills up with hydro- “In places like warehouses, it is which supply a compact electrolyser gen in a Carrefour becoming increasingly difficult to use that converts water into hydrogen warehouse located in petrol-powered pallet forklifts,” said and compresses it at 350 bar. This Vendin-le-Vieil (Pas de Calais). The fork- Daniel Hissel, a professor specialising system, developed by companies lift in question, man- in hydrogen at the Belfort FEMTO-ST Ivys Energy Solutions, McPhy and ufactured by German Institute and co-founder of the start- PDC Machines, can supply enough company STILL, is up H2SYS. “In fact, due to health con- hydrogen for a fleet of seven to equipped with a fuel cell designed by the cerns, it is no longer acceptable for eight forklifts. American company employees to breathe in fine particles Plug Power. from petrol all day long.”

As a result, companies are gradually converting to electric battery-powered forklifts, which currently make up nearly 50% of the global market. But battery-powered technology is not FORKLIFTS MOVE UP his certainly isn’t the ideal for the intense usage required most attention-grabbing in warehouses. “These forklifts have use of hydrogen. But an approximately eight-hour charging unlike the auto industry time, which requires companies to WITH HYDROGEN T(in which sales of fuel cell vehicles maintain twice as many machines,” remain low), the hydrogen-powered said Hissel. “While half of the ma- $45 BN forklift sector is already highly chines are charging, the other half The value of the global industrialised: more than 25,000 In warehouses, hydrogen-powered forklifts perform are in use. With hydrogen, charging forklift market in 2019. better than their battery-powered counterparts. forklifts are powered by hydrogen time is only a few minutes.” This number is expected Here’s why. and carry goods throughout US to reach $81.39 billion warehouses, compared to approxi- Despite a higher purchase price, by 2027. BY BERTRAND BEAUTÉ mately 300 in Europe. hydrogen-powered forklifts are

42 43 HYDROGEN SWISSQUOTE SEPTEMBER 2020 HYDROGEN SWISSQUOTE SEPTEMBER 2020 A HYDROGEN TOWN EMERGES HOUSES FROM FUKUSHIMA POWERED BY HYDROGEN The largest green hydrogen plant in the world was The Col du Palet mountain refuge in the French Alps opened in March 2020 in a place that experienced the has become energy self-sufficient thanks to hydrogen. most serious nuclear accident in history. The solution is ideal for generating energy in isolated regions, This is not a coincidence. as well as in more populous locations.

BY STANISLAS CAVALIER BY BERTRAND BEAUTÉ

onnecting to the energy the Col du Palet hut has become a professor specialising in hydrogen. March 2020. In a highly grid is no easy task at an completely energy self-sufficient “Many locations that lacked electricity symbolic move, the Japa- Japanese Prime altitude of 2,587 metres. and no longer needs the polluting because they were unable to connect nese government opened Minister Shinzo Abe The Col du Palet moun- generator. Before the hydrogen to the grid can now become energy the Fukushima Hydrogen at the inauguration of tain refuge, located in the Vanoise battery was installed, the electric self-sufficient.” Building on the Col du the Hydrogen Energy C Energy Research Field (FH2R) — the National Park, uses solar panels for energy produced by solar panels Palet experience, the same solution 7 Research Field (FH2R) largest green hydrogen plant in the in Namie on 7 March. its energy needs. But while creating could only be stored for three days. was implemented to supply electricity world — almost nine years to the day plenty of energy in the summer, when As a result, more than 50% of the to an isolated hamlet in the Cirque after the Fukushima nuclear disas- demand is low, the panels generate electricity produced annually by the de Mafate area of Réunion Island. ter. The FH2R is located in Namie, less energy in the winter, when solar panels could not be used by In Switzerland, the Dix Hut, located just a few kilometres away from the demand is higher. To supplement Col du Palet. Now, the energy can 2,928 metres above sea level in the Fukushima Daiichi power plant. Once its resources, the refuge, like many be stored for several months. depths of Dix Valley, was hoping to home to more than 20,000 people, high-altitude mountain lodges, used switch to hydrogen in 2017. But the Namie became a ghost town, with a diesel-powered electric generator. project never materialised. residents fleeing in 2011 due to ra- But all that changed in 2015, when, dioactive fallout. Access restrictions in a revolutionary move, a hydrogen In addition to mountains and isolated to the town were lifted in 2017 and production station was installed. locations, hydrogen technology can be residents are starting to return. installed in many buildings, including

The opening of the FH2R is one of KYODO / NEWSCOM Concretely, when the building has in densely populated cities. One such the signs of this renewal. low demand for electricity, photo- city is Tokyo, where an increasing town’s head of industry promotion hydrogen under real conditions. voltaic panels supply energy to an number of new homes are equipped “Namie has suffered due to nuclear in a Wall Street Journal article. “To- The plant can generate 1,200 m3 of electrolyser that produces hydrogen with the ENE-FARM hydrogen system. energy,” said Naka Shimiyu, the day, Namie is using renewable energy hydrogen per hour, or approximately from water. The gas is then stored This system dispenses with the need to get back on its feet.” And so the 100 kg, making it the largest facility in tanks. During certain times of for photovoltaic panels. Instead, hy- atom is replaced by solar and wind of this type in the world according the year when solar energy is low, a drogen is supplied to the building via energy. The prefecture of Fukushima to Toshiba, which is participating in fuel-cell battery converts the stored the city’s gas network. The fuel-cell

expects to meet 65% of its energy the project. hydrogen into the electricity needed. Refuge du Col du Palet batteries used in the ENE-FARM needs via renewable energy in 2030 The entire process is automatic. system, developed by Panasonic, then and 100% by 2040. The problem, Some of the gas produced will With the installation of the system, convert this gas into electricity and particularly with solar panels, is that be stored on site to meet electri- “Hydrogen technology is a very hot water for dwellings. This is a way they are not reliable, as it is impossi- cal demand during consumption appealing solution for truly isolated for Japan to reduce its imports of gas, ble to produce enough electricity on peaks, thus resolving the problem areas, such as high-altitude cabins oil and coal, while simultaneously sunless days. of unpredictable solar panels. The and islands,” explained Daniel Hissel, avoiding the use of nuclear energy. x 56 rest of the gas will be transported The increase in Japan’s This is where the Fukushima Hydro- by truck to the Tokyo area to supply hydrogen market by 2030, gen Energy Research Field comes in. filling stations for hydrogen-powered 2 reaching 3.7 billion Swiss Comprising a 180,000 m solar plant buses, trucks and cars, as well as francs, according to a linked to a 10 megawatt electrolyser, industries. With the FH2R, Japan is The number of Japanese houses equipped with the study conducted in 2019 by the research centre will be able to pursuing its 2017 plan of making the ENE-FARM system, which produces electricity and Fuji Keizai, an information test the mass production of green archipelago a “hydrogen society”. 305,000 heat from hydrogen, as of May 2019. services firm. 44 45 HYDROGEN SWISSQUOTE SEPTEMBER 2020 HYDROGEN SWISSQUOTE SEPTEMBER 2020

of 163 hp, is immediately able to han- drogen-powered vehicle and Hyundai The price was 10 Swiss francs per

HYUNDAI dle our quick accelerations. Settled placed the tanks under the car so that kilo of hydrogen – and one kilo equals into our comfortable “vegan leather” they don’t take up too much room in 100 km. Comparatively, an Audi Q5 ON BOARD AN seats – as the Nexo is environmental- the passenger compartment. uses between 6.3 and 6.9 litres of ly-friendly in all aspects – we get the petrol to travel 100 km according to impression that we’re driving the car the manufacturer, which would come AIR-PURIFYING SUV of the future. out at about 10 francs as well. Three hundred kilometres later, we Filling up with hydrogen To be honest, we still don’t know reach Geneva and are pleasantly sur- requires a special touch what we were doing wrong with the MOTOR: prised: the gauge indicates that we hydrogen pump. But it seems that FRONT ELECTRIC, still have a range of 350 km left. Now that we do not have filling up a hydrogen-powered car POWERED BY A that we know we can make it back to requires a special touch that we do HYDROGEN FUEL CELL Dietlikon, we relax and test the Nexo not have. That said, we were rather POWER: on smaller roads. Unsurprisingly, the But let’s get back to the pump. The won over by the Nexo. Enough to 120 KW (163 HP), 395 NM consumption increases rapidly with a display, which indicates the volume spend 89,900 Swiss francs? No. The ACCELERATION: bit of sporty driving and we can feel of hydrogen supplied in kg, ticks up lack of hydrogen fuel stations makes FROM 0 TO 100 KM/H IN 9.2 S the extreme flexibility of the shock for a few seconds and then stops. this vehicle unusable for the general PRICE: absorbers. The Nexo is not a sports Inside the car, the dashboard gives public. At least for the time being. FROM CHF 89,900.- car and you can tell. You need to us more information: the tanks are To develop the network, Hyundai is drive casually in eco mode. still empty. We tried again and still using a cluster strategy. That means nothing... Despite multiple attempts that every time a company converts If you want to flatter yourself, you and a half-hour of annoyance, we are to hydrogen, it will open a pump that can consult the data available on unable to fill the vehicle. But right can also be used by the public. In With the Nexo, Hyundai sets its sights on using hydrogen to power the dashboard: during the trip, we at the moment where we feel like Geneva, for example, a station will cars designed for the general public. Is that a wise choice? Here are purified more than 150,000 litres of smashing the Nexo with the pump, open in late 2020 to supply the fu- our thoughts after a week of test driving the Nexo on Swiss roads. air rather than polluted them, thanks a Hyundai Xcient Fuel Cell lorry el-cell lorry used by the Migros chain. to the fuel cell filter that eliminates arrives at the filling station. It was BY BERTRAND BEAUTÉ 99.9% of microparticles, according extraordinarily lucky timing: there In the meantime, the Nexo is primarily to the manufacturer. The return to are only about 10 of these lorries used in captive fleets (companies, Dietlikon was quite pleasant. Driving currently driving in Switzerland (see taxis, government) that never travel hich information From the outside, the Nexo’s ex- tarmac. Inside the car, we can hear a green does wonders for your soul. also p. 38). The sympathetic driver far from the few available stations. should we trust: the terior looks like any other car. At low noise. Designed for pedestrians, As we arrive in Solothurn, the dash- gives us a hand. And like magic, he In Zurich, for example, the cantonal on-board computer or 4.67 m long and weighing almost this signature noise disappears when board tells us that a hydrogen filling succeeds on the first try. The tank police have been using two Nexos Wthe technical specs written by the two tonnes, or the equivalent of an the Nexo reaches speeds of over station is nearby and that we should fills up in just a few minutes, com- since May. And the company Airport manufacturer? As we started our Audi Q5, this crossover has the style 30 km/h. Once on the motorway, we fill up. pared to the minimum 15 minutes it Taxi Zurich has 10. In short, Nexo is a test drive of the Hyundai Nexo, this of a modern SUV. But of course, the pick up speed. The permanent-mag- takes to recharge only 270 km of a bit too far ahead of its time. But what was the big question. On a full tank, most interesting part is what is un- net motor, which has the equivalent So we go to the Coop service station Tesla Model Y using a supercharger. a pleasure to drive! the instrument panel said we had der the bonnet. Like Teslas, the main in Hunzenschwil. After quickly reading a range of 570 km. The tech specs component is an electric motor. the instructions, we take the pump said 666 km. The difference may But instead of batteries powering the and plug it into the car. Hydrogen is seem trivial, but it’s actually not. We motor, the power comes from a fuel a voluminous gas: you need 11 m3, had planned a drive from Dietlikon to cell: the electric current is produced or the size of the boot of a utility Geneva and back, which is a 600 km by a chemical reaction between the vehicle, to store 1 kg of hydrogen at trip. With a petrol car, this would be hydrogen in the tanks and oxygen atmospheric pressure. To resolve this no problem. We would just stop at from the air. The car emits zero emis- 400 M problem, hydrogen manufacturers any petrol station. But the Nexo, on sions and the exhaust pipe expels The number of hy- have adopted a standard: high-pres- the market since 2018, is not just any only water. drogen-powered cars on sure storage (700 bars in cars, 350 car. Equipped with a fuel-cell battery, the road by 2050, according for lorries). But even at that pressure, it runs on hydrogen – a fuel that is But let’s get back to our test drive. to the Hydrogen Council. In hydrogen still takes up a lot of room. available at only two public filling sta- We press the start button and... 2019, there were approxi- The Nexo has three reservoirs for a to- tions in Switzerland: one in St. Gallen nothing. The only way to know that mately 7,500 hydrogen tal capacity of 156.6 litres, capable of cars sold globally, including and the other in Hunzenschwil. As we the car is ready to drive is through an storing 6.33 kg of H . Comparatively, 4,818 Hyundai Nexos, 2 set off on our journey, we were very LED, because the engine is so silent. 2,407 Toyota Mirais, and the tank of an Audi Q5 can only hold uncertain: would we make it back to We lightly press the accelerator and 349 Honda Claritys, accor- 75 litres. Luckily, the Nexo was de- Dietlikon? Who knows? the two-tonne vehicle rolls along the ding to figures from EV Sales. signed from the very start to be a hy-

46 47 HYDROGEN SWISSQUOTE SEPTEMBER 2020 HYDROGEN SWISSQUOTE SEPTEMBER 2020

supported for several decades before The chemicals sector, which already OIL COMPANIES ON reaching the point they are at today. uses grey hydrogen produced from THE LOOKOUT I am convinced that 2020 is a turning gas, would also benefit from convert- point for hydrogen. ing to a carbon-free hydrogen. Fertil- Will hydrogen be the perfect iser production is one of the largest wild card for oil groups? If “2020 IS A TURNING POINT you need a little convincing to consumers of fossil-based hydrogen believe it, just look at the list today, so a logical step will be to use of member companies that are renewable hydrogen. part of the Hydrogen Council, the global industrial alliance to FOR HYDROGEN” What is Shell’s strategy with promote hydrogen technology. “The technology regards to hydrogen? BP, Royal Dutch Shell, Total We’re aiming to supply both blue and even Saudi Aramco: all Oil and gas giants are now investing in the growing hydrogen to produce green the big names in black gold are market. We interview Oliver Bishop, general manager of Shell and green hydrogen products in line taking part. Why? The offi­ hydrogen is operational with market demand. We see oppor- cial word is that they want to Hydrogen, a subsidiary of the Anglo-Dutch group. but costs need to tunities across the entire hydrogen promote a gas that can reduce BY BERTRAND BEAUTÉ supply chain, including production, greenhouse gas emissions. continue to fall” storage, and shipping of hydrogen, Unofficially, hydrogen has some serious advantages – Oliver Bishop, general manager as well as sales to end clients. enough to win over the oil and of Shell Hydrogen il giants are breaking Why are oil giants increasingly renewable energy, or in the form gas industry. Firstly, these into the hydrogen indus- interested in hydrogen? of blue hydrogen, produced from Blue hydrogen is controversial companies are well acquainted try. Total and Shell, in At Shell, we think that this type methane with the carbon emissions because it is produced from with hydrogen, which is al­ particular, are opening of energy has enormous potential captured and stored underground Battery-powered electric cars fossil fuels... Why not focus ready used in oil refining. Sec­ charging stations at their respec- and that it will play an increasingly (see inset on p. 33). are a growing success. What can solely on green hydrogen? ondly, unlike battery solutions, O hydrogen would allow these tive petrol stations, and the heavy- important role over the next decade hydrogen bring to the mobility That’s the long-term goal, but tran- giants to ensure the continued weights are also planning to produce in markets such as Germany, the UK, This isn’t the first time that sector? sitioning to green hydrogen via blue existence of their pipeline hydrogen themselves. Oliver Bishop, Benelux, the United States, Japan hydrogen has been heralded as Battery-powered vehicles have a hydrogen will allow the industry networks, which could supply general manager of Shell Hydrogen, and Switzerland. the clean energy of the future. big role to play, but when you need to lower its production costs and hydrogen in gaseous form a subsidiary of the Anglo-Dutch Why do you think this time is high energy density, the size of the ensure green hydrogen can compete to fuel stations. Finally, oil group, answered questions from Why do you think that? different? batteries become a major obstacle with other energies more quickly. companies support a transi­ Swissquote Magazine. The world is in a situation where de- There’s finally a real sense of en- due to their heavy weight. I think that tion period during which blue hydrogen, produced from gas, mand for energy is increasing, but at thusiasm about the industry. Thanks we’ll see hydrogen play an increas- When will green hydrogen become will develop before making the same time, greenhouse gas emis- to political support, scale up and ingly significant role in heavy duty competitive? way for green hydrogen. sions need to be reduced in order substantial cost reduction, hydro- transport such as buses, trucks, Hydrogen as an industry is still in This is a way to preserve their to comply with the objectives of the gen is becoming a viable alternative trains, ships and ferries, and in the its early stages, and even though business against all odds. Paris Agreement. That means that to fossil fuels. In recent weeks, we longer term possibly even aviation. I production costs have dropped we need low-carbon fuel sources. saw the European Union adopt an would also not rule out hydrogen in significantly over the last decade, Given that, I think that hydrogen will enormous bill in favour of hydro- larger passenger vehicles such as the production of green hydrogen is play a major role, whether in the form gen, and many countries, including SUVs or specific fleet applications still relatively expensive compared of green hydrogen, produced using Germany, China and Australia, have where you need short recharge times to existing alternatives (ed. note: done the same. These investment or long ranges. Hydrogen refuelling two to three times more expensive a very large wind farm in the North plans will help hydrogen overcome for passenger cars can be done in 3 than the grey hydrogen usually used Sea that is able to reach a capacity the initial hurdle, in exactly the same minutes, similar to gasoline or diesel by industry). The technology to pro- of approximately 10 gigawatts. The way that solar and wind energy were refuelling. Today, you can buy a hy- duce green hydrogen is operational first turbines are expected in 2027 drogen fuel cell electric car and drive but costs need to continue to fall. and will be used to produce green the length and breadth of Germany According to the latest estimates, hydrogen. If this project comes to – there are almost 90 stations there. green hydrogen will be able to com- fruition, the hydrogen produced by You can see that also in Switzerland pete with methane by the end NortH2 will be used primarily to sup- the industry has opened hydrogen of this decade. ply the industrial sector. This sector stations and more are in the works. already consumes large quantities Do you have landmark projects in of hydrogen, but the hydrogen is And what about in industry? the works for green hydrogen? currently produced from natural gas. Hydrogen is relevant to a wide range In February, we announced the NortH2 could produce approximately of industries. It could, for example, launch of a feasibility study for the 800,000 tonnes per year by 2040, replace coal in the blast furnaces NortH2 project, located in northern which would avoid the release of used to produce steel, or replace the Netherlands, alongside our partners approximately seven megatonnes of

SHELL fossil fuels used to make cement. Gasunie and Groningen Seaports. It’s CO2 per year.

48 49 HYDROGEN SWISSQUOTE SEPTEMBER 2020 HYDROGEN SWISSQUOTE SEPTEMBER 2020

OTHER COMPANIES TO WATCH

NIKOLA A prototype of the Nikola Two hydrogen lorry made its first commercial delivery ALSTOM of Budweiser beer THE RAIL PIONEER in St. Louis in No- In 2016, at the InnoTrans confer- vember 2019. Mass ence in Berlin, Alstom presented These companies production of this HGV is not expected the world’s first hydrogen-powered to begin until 2023. train. Named the Coradia iLint, it began commercial service in Germany in 2018. are gassed up FOUNDED: 1928 HEADQUARTERS: SAINT-OUEN-SUR-SEINE (FR) EMPLOYEES: 35,000 2020 REVENUE: €8.2 BILLION and ready to go ALO PLASTIC OMNIUM THE STORAGE TANK Hydrogen producers, electrolyser and fuel-cell The French automobile manu- manufacturers, energy utilities, automotive facturer has invested more than and rail manufacturers... The hydrogen market 200 million in hydrogen technology is attracting quite a range of companies. over the past four years. Now the results are in: in 2019, the com- Overview. pany won its first order, selling 5,000 hydrogen storage tanks to BY BERTRAND BEAUTÉ a German manufacturer to power their buses. FOUNDED: 1946 FOUNDED 2014 HEADQUARTERS: LYON (FR) EMPLOYEES: 32,000 HEADQUARTERS 2019 REVENUE: €9.2 BILLION PHOENIX (US) POM EMPLOYEES 300 AIR PRODUCTS 2019 REVENUE NIKOLA $0 THE GLOBAL LEADER The largest supplier of hydrogen THE TESLA OF LORRIES NKLA in the world, the US industrial gas specialist Air Products is currently producing what is essentially grey hydrogen. merican engineer Nikola Tesla, IPO, on 9 June Nikola’s capitalisation cles and many observers think it will p. 52). And for the body of its lorries, hydrogen lorries – equating to FOUNDED: 1940 who invented the alternat- exceeded 34 billion, which was more be the future Tesla. However, the Nikola has partnered with Italian approximately $10 billion in revenue. HEADQUARTERS: ALLENTOWN (US) ing current and died in 1943, than Ford's capitalisation (30 billion), Phoenix-based start-up has adopted holding company CNH, which is both US beer giant Anheuser-Busch has or- EMPLOYEES: 17,000 A 2019 REVENUE: $8.92 BILLION certainly could never have imagined before falling to 13 billion currently. a strategy that is very different from a stakeholder in Nikola and the own- dered 800 of them. But these models APD that he would become a market fa- its prestigious competitor. er of the brand Iveco. won't be available until 2023. Nikola’s vourite more than 70 years after his catalogue also includes the Badger, a ABB death. But now his name describes Whereas Tesla and its ebullient CEO Another notable difference is that hydrogen-powered pickup. This could THE SHIPPING ADVENTURE a famous brand of battery-powered Nikola already has Elon Musk have always taken pride in Nikola isn't exclusive. While the irritate Elon Musk, who also has a In April 2020, the Swiss giant signed electric cars. His first name, Nikola, doing everything themselves, Nikola start-up is primarily focused on pickup in the works – the Cybertruck a partnership with Bordeaux group is also quite popular on Wall Street 14,000 pre-orders for works with many partnerships. For hydrogen, it also develops battery- with a futuristic design – and an Hydrogène de France to jointly these days. its hydrogen lorries the fuel cells that will power its powered electric models. The Nikola articulated lorry named "Semi", and produce fuel-cell systems based vehicles, Nikola’s supplier is German Tre, which is actually a re-branded both are battery-powered vehicles. on technology from Canadian group Ballard that could be used to Created only six years ago, US group Bosch, which has been a Iveco lorry, will run on batteries, In June, the Tesla CEO told his teams supply ships. start-up Nikola Corporation develops stakeholder in Nikola since 2019. For while the company’s two other articu- to accelerate the development of FOUNDED: 1988 hydrogen-powered electric lorries. It This valuation is even more impres- electrolysers, which produce the hy- lated lorries (Nikola One and Nikola the Semi, which is expected to be HEADQUARTERS: ZURICH (CH) went public on 4 June via its merger sive considering that the company drogen that will be supplied to filling Two) will be hydrogen-powered. available in 2021. But the competition EMPLOYEES: 144,400 with VectolQ, which has been on has never sold a single lorry. Nikola stations, the start-up announced on doesn't come solely from Tesla: Toyota 2019 REVENUE: $27.98 BILLION the NASDAQ since 2018. It was a is garnering keen interest because it 3 June that it had placed an order The start-up confirmed that it al- and Hyundai, two hydrogen pioneers, ABB stunning debut. Five days after the produces hydrogen-powered vehi- with Norwegian group NEL (see also ready has 14,000 pre-orders for its are ahead of the game.

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FOUNDED THE MICHELIN 1927 MCPHY MAN IS FILLED WITH H2 HEADQUARTERS Leading tyre company Michelin OSLO (NO) NEL HYDROGEN THE FRENCH START-UP announced in November 2019 that EMPLOYEES it was partnering with Faurecia to 273 FOUNDED create Symbio. This co-enterprise 2008 hopes to develop, produce and com-

2019 REVENUE MAC PHY $63.3 MILLION HEADQUARTERS mercialise fuel cells for both light LA MOTTE-FANJAS vehicles and heavy goods lorries. NEL (FR) The ambitious French duo hopes to EMPLOYEES gain 25% of the global market and 98 generate approximately €1.5 billion 2019 REVENUE in revenue in 2030. €11.4 MILLION FOUNDED: 1889 MCPHY HEADQUARTERS: CLERMONT-FERRAND (FR) EMPLOYEES: 121,300 2019 REVENUE: €24.13 BILLION ML

FAURECIA PARTNERING WITH HYUNDAI In February 2020, the French auto- A McPhy motive supplier announced that it electrolyser. had won the bid to supply Hyundai with 10,000 hydrogen tanks. These will be used to equip the 1,600 The Nel hydrogen Created in 2008 and publicly listed be the largest of its kind in Europe lorries that Hyundai will deliver to station manu- Switzerland by 2025 (see also p. 38). facturing plant in since 2014, McPhy Energy is one of and will be used in a factory in the FOUNDED: 1997 Notodden, Norway. France’s hydrogen pioneers. Initially Netherlands. Moreover, the two Dutch HEADQUARTERS: NANTERRE (FR) focused on gas storage systems, the partners are already considering EMPLOYEES: 115,500 company diversified to include elec- expanding the production power to 2019 REVENUE: €17.77 BILLION trolysers (machines that can produce 60 MW. EO hydrogen), by acquiring Italian firm NEL HYDROGEN Piel in 2013, as well as hydrogen This is certainly a big order for PLUG POWER THE EXPLOSIVE NORWEGIAN COMPANY fuelling stations for vehicles. McPhy, which continues to sign new LIFTING UP AMAZON contracts. On 30 July 2020 for exam- Specialising in fuel cells, US com- McPhy installed a 2-megawatt (MW) ple, the company announced that it pany Plug Power is diversifying to control the entire hydrogen value As Tesla once did, US start-up Nikola around the world. The company also drop 20% on the Oslo exchange and electrolyser in Laage, Germany. Inau- will develop hydrogen infrastructure chain. In June 2020, Plug Power wants to develop its own network of sells storage systems and vehicle forced the company to ask its clients gurated in June 2020 and powered by for the city of Dijon, France. Buses announced it was acquiring two hydrogen stations to support sales of charging stations. On 10 June 2019, to close their filling stations during renewable energy, this electrolyser and refuse lorries will soon be companies in the industry: United its fuel-cell lorries (see also p. 50). a Nel filling station in Sandvika, near the investigations, particularly in can produce 300 tonnes of hydrogen hydrogen-powered. A few days later, Hydrogen and Giner ELX. The first produces 6.4 tonnes of hydrogen The plan is an ambitious one: Nikola Oslo, exploded due to faulty assem- Germany and the United States. per year without generating any CO2 on 3 August, a non-disclosed client emissions. The hydrogen will be used purchased two McPhy hydrogen fuel- per day and the second manu- plans to build 700 filling stations bly of a storage tank. factures electrolysers. Plug Power's in the United States and Canada by But that unfortunate period is now to supply electricity and heat to the ling stations and a 1 MW electrolyser. fuel cells power the forklifts for 2028, as well as about 50 in Europe. in the past. Driven by massive pro- headquarters of the company Apex giants such as Carrefour, Walmart To achieve this, the start-up ordered More than 3,500 hydrogen government programmes, Energy and to a shopping area. Certainly enough business to at- and Amazon. 85 electrolysers from Norwegian Nel’s share price has skyrocketed tract investors. Since the start of FOUNDED: 1997 company Nel Hydrogen in June 2020. Nel electrolysers nearly 110% since the start of the But McPhy is thinking even bigger, the year, McPhy's share price has HEADQUARTERS: LATHAM (US) EMPLOYEES: 835 Together, these machines will be able year. “Several European companies hoping to build 20 MW or even increased nearly 490%. “McPhy is are used around 2019 REVENUE: $230.2 MILLION to produce 40,000 kilogrammes of such as Nel Hydrogen, McPhy Energy 100 MW electrolysers that have a one of the best-positioned compa- PLUG hydrogen per year, given that, cur- the world and ITM Power are in the race to be higher capacity and can therefore nies on the market to benefit from rently, a 40-tonne lorry uses between the leader of the electrolyser mar- reduce the costs of producing green the hydrogen paradigm shift,” said 9 and 10 kg of hydrogen to travel ket,” said Xavier Regnard, analyst for hydrogen. In January 2020, chem- Xavier Regnard, analyst at Bryan, 100 kilometres. Currently, more than The incident, which resulted in no the bank Bryan, Garnier & Co. “But for ical company Nouryon (formerly Garnier & Co. “The company can 3,500 Nel electrolysers are used casualties, caused the share price to now, it’s hard to say who will win." AkzoNobel) and gas firm Gasunie also count on support from energy ordered a 20 MW hydrogen produc- giant EDF, which became its primary tion platform from McPhy. This will shareholder in 2018.”

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CUMMINS

BOSCH FOUNDED TOYOTA, 2008 THE CONVERTED MOTORIST HEADQUARTERS Known for its diesel engines, US THE PERSEVERING PIONEER GÖTEBORG (SE) firm Cummins acquired Canadian company Hydrogenics (which EMPLOYEES 48 specialises in electrolysers and fuel Postponed due to the pandemic, focus on hydrogen. In 2014, Toyota Mirai 2, which will be available on the cells) in 2019 for $290 million. In 2019 REVENUE the 2020 Tokyo Olympic Games launched its Mirai (meaning "future" market by late 2020 in Japan and $7.67 MILLION 2020, Cummins also increased its would have been quite the event to in Japanese). This was one of the from 2021 in Europe. The group is stake in Loop Energy, a Canadian PCELL showcase Toyota's hydrogen tech- first mass-produced fuel-cell vehi- currently increasing its production manufacturer of fuel cells designed for lorries and buses. nology. As the official partner of the cles sold in the world (along with the capacities to be able to produce FOUNDED: 1919 event, the Japanese group provided Honda Clarity and the Hyundai iX35). 30,000 models per year after 2020, HEADQUARTERS: COLUMBUS (US) the organisers with 500 Mirais – its Six years later, only 10,000 Mirais which is 10 times more than it EMPLOYEES: 61,600 fuel-cell car – to transport athletes. have been sold. Comparatively, Tesla produces now. Another model is also 2019 REVENUE: $23.6 BILLION PowerCell and Bosch CMI It was also supplying 100 hydrogen sold 367,500 vehicles in 2019 alone. expected under Toyota's Nexus brand, will build fuel cells Sora buses, which have been on the But despite the low sales, Toyota as well as a large goods vehicle. together. market since 2018, to transport isn't giving up. LINDE spectators around Tokyo. Toyota can promote this hydro- THE GERMAN GAS GIANT gen-powered range during the 2024 A competitor of Air Liquide and Air Products, the German giant has Toyota has been a believer in hy- Paris Olympic Games. For the event, POWERCELL produced hydrogen since 1910, drogen for a long time. While all the Toyota wants to be able the Japanese group will provide primarily to supply the chemical, global manufacturers were focused organisers with 3,000 hydrogen cars THE SWEDISH OUTSIDER metallurgical and petrochemical on battery-powered electric cars, to produce 30,000 Mirai and 1,200 hydrogen buses. “The idea industries. Linde also produces the Japanese company still does not 2s per year after 2020 is to show that hydrogen can be a charging stations for fuel-cell have any lithium-ion powered models part of everyday life, and people will vehicles. in its catalogue. Instead, the compa- remember that from the Olympics,” The year 2019 will certainly be its volume. Thus far, the Swedish FOUNDED: 1879 HEADQUARTERS: GUILDFORD (UK) ny prefers to develop hybrid models explained Yasunobu Seki, head of remembered as a turning point for company has only supplied its tech- fuel-cell specialist PowerCell. In nology for use in prototypes of cars EMPLOYEES: 79,886 (petrol engine with an electric motor During the 2019 Tokyo Motor Show, Toyota's Olympic projects depart- 2019 REVENUE: $28.2 BILLION and supplemental batteries) and the Japanese giant unveiled the ment, a few months ago. May, the small Swedish compa- and lorries. But Bosch is targeting LIN ny announced an agreement with the mass market. “Commercialising German giant Bosch to develop technology is one of our strengths. ITM POWER polymer electrolyte membrane (PEM) We are now going to take on this task THE BRITISH CONTENDER FOUNDED fuel-cell batteries, which will be on with determination and develop this 1937 A competitor of French company the market no later than 2022. With market,” said Stefan Hartung, member McPhy and Norwegian firm Nel, the HEADQUARTERS TOYOTA CITY (JP) this partnership, Bosch is entering of the Bosch board of management, in UK start-up ITM Power produces the market for mobile fuel cells a statement. According to estimates electrolysers. Its share price has EMPLOYEES increased nearly 220% since the 359,542 designed for lorries, buses and per- from Bosch, up to 20% of all electric sonal vehicles. vehicles around the world will be start of the year. 2019 REVENUE FOUNDED: 2011 $274.5 BILLION powered by fuel cells by 2030, which HEADQUARTERS: SHEFFIELD (UK) 7203 This is a very significant matter for could mean potentially several billion EMPLOYEES: 139 the German supplier. In 2017, Bosch euros in revenue. 2019 REVENUE: £4.6 MILLION abandoned all work on developing ITM battery cells for electric vehicles, due “With the combined weight of its clout to its insurmountable lag behind the and expertise, Bosch will provide our STADLER

competition. To recover, the German fuel-cell technology with the chance H2 FOR RAILWAYS company is betting on hydrogen – a to gain a foothold in the automo- In November 2019, the Swiss rolling turning point marked by the acquisi- tive market,” said Per Wassén, CEO stock manufacturer won a bid to deliver a hydrogen-powered train. tion of an 11.3% stake in PowerCell of PowerCell, in a statement. “We This first model will begin service in 2019. couldn’t imagine a better partner than in California in 2024. Presented at the Los Bosch for this.” Most analysts recom- FOUNDED: 1942 Angeles Auto Show For PowerCell, which has never turned mend holding shares of PowerCell, HEADQUARTERS: BUSSNANG (CH) in November 2019, a profit since it was founded, now which has already increased more EMPLOYEES: 10,918 the Mirai 2 will be is the perfect occasion to increase than 60% since the start of 2020. 2019 REVENUE: 3.2 BILLION SWISS FRANCS available in 2021 in SRAIL Europe. Currently, the manufacturer has not disclosed the technical specifica-

tions or the price. FREDERIC J. BROWN / AFP

54 55 HYDROGEN SWISSQUOTE SEPTEMBER 2020 ADVERTISEMENT

CERES POWER FOUNDED HYDROGEN FOR YOUR HOME 1979 Thematic ETFs: staying one The UK company produces solid Ballard's factory in British Columbia. HEADQUARTERS oxide fuel cells (SOFC) designed BURNABY (CA) to supply electricity and heating EMPLOYEES step ahead in a changing world to buildings. German group Bosch 700 holds an 18% stake in the company. 2019 REVENUE FOUNDED: 2001 $106.327 MILLION Technological breakthroughs, evolutionary economic forces and the climate emergency HEADQUARTERS: LONDON (UK) EMPLOYEES: 240 BLDP are reshaping reality for billions of people. The question is: will your portfolio keep up? 2019 REVENUE: £16.4 MILLION CWR The first challenge any investor faces when building a portfolio is how to make sense of thousands of companies, industries and markets in an ever-changing world. There are several different ways to do so, each with its own benefits. The traditional ‘top down’ approach groups AIR LIQUIDE companies by broad area of operation - Financials or Information Technology, for instance - and analyses how macroeconomic factors such THE GAS GIANT as GDP growth and inflation might drive their performance as a group. A ‘bottom up’ approach focuses on a company’s fundamentals, such With its blue hydrogen approach, as market share and sales growth – identifying promising companies within a sector without the global leader in industrial gas looking too hard at market conditions and economic indicators. hopes to decarbonise its hydrogen production. The company also builds Thematic investing is a kind of top-down approach which focuses less on traditional economic indicators. Instead, it looks at longer-term, hydrogen filling stations for vehi- structural trends in the world, ones that could drive performance in ways traditional investors may not yet realise. cles around the world. FOUNDED: 1902 HEADQUARTERS: PARIS (FR) EMPLOYEES: 67,200 2019 REVENUE: €21.9 BILLION

AI BLOOMBERG / CONTRIBUTEUR

WEICHAI POWER THE AMBITIOUS CHINESE BALLARD COMPANY THE BATTERY KING In 2020, the diesel engine manu- Digital Economy Future Mobility Smart Cities Disruptive Technology Millennials facturer inaugurated the world’s The Digital Economy refers Transport revolutions have Smart Cities tackle challenges This sometimes called “fourth Millennials – or Generation Y – largest fuel cell production site to economic activity resulting transformed the world over such as urbanisation and industrial revolution” will are set to have a huge impact in Shandong, with a capacity of Often presented as the global the gigantic Chinese market, Ballard from online connections the past 300 years. Future climate change with new transform how we live and on the global economy. Their 20,000 units per year. A vast leader in fuel-cell batteries even also supplies batteries for the between businesses, devices Mobility captures the next technologies such as work. Companies embracing spending and saving decisions majority of the production will and people. It includes stages of human transport, automation, the Internet of disruptive technology will mean the demise of some be used to equip buses. though that claim cannot be ver- buses that travel between Foshan established areas such as which will upend our lives Things and smart grids. have the power to reinvent long-established business e-commerce and online once again. themselves and create new models and the rise of new FOUNDED: 2002 ified, Canadian company Ballard is and Yunfu, but also for more than payments, as well as rapidly markets. ones. HEADQUARTERS: WEIFANG (CN) undoubtedly one of the pioneers of 500 lorries in Shanghai and for the developing fields such as EMPLOYEES: 42,000 this technology. Originally created in first hydrogen-powered tramway cybersecurity and the sharing 2019 REVENUE: $25.23 BILLION 1979 to develop lithium-ion batteries, in the world, developed by Chinese economy. 000338 the company converted to hydrogen manufacturer CRRC. as early as 1983. Its past has given HYUNDAI Ballard quite a bit more experience Thematic investing isn’t a new concept. Some active investors have practised this approach for decades, using human-based quality control THE KOREAN LEADER than its competitors. Ballard produc- and dynamic stock selection. What’s new about thematic investing in recent years is the democratisation and cost reduction of the strategy – With its Nexo SUV and XCient Fuel es fuel-cell batteries that are used Cell HGV, Hyundai Motor Company Over 760 buses equipped bringing advanced technologies and low-cost passive investment vehicles into a space that was once the preserve of the active manager. is the first manufacturer to market in hydrogen-powered buses, cars, trams, forklifts and even drones. with Ballard technologies Lyxor has partnered with indexing giant and data powerhouse MSCI to create a new set of indices covering some of the biggest thematic a vehicle for the general public and investing trends of our world. These combine active human oversight, passive implementation, and the latest data science technologies to an HGV that both run on hydrogen have been sold around build portfolios that should thrive in the future – for a fraction of the price of most standard active funds. The five new Thematic ETFs cover (see also p. 38 and 46). Currently, more than 760 buses the world what we feel are the most important emerging investment themes of our age: the growth of FOUNDED: 1967 equipped with Ballard technologies the Digital Economy and Disruptive Technology, urban change with Future Mobility and Smart HEADQUARTERS: SEOUL (KR) have been sold around the world, EMPLOYEES: 120,000 Cities, and the buying habits of Millennials. 2019 REVENUE: $89.2 BILLION for a total of 20 million kilometres Unlike many newcomers to the hydro- Read more about Lyxor’s new range of Thematic ETFs on lyxoretf.ch. 005380 travelled. For example, hydrogen- gen market, Ballard is not in the red, powered buses from Belgian manu- with profits of $22.6 million in 2019. This document has been provided by Lyxor International Asset Management that is solely responsible for its content. This document is for information purposes only and does not constitute an offer, invitation to submit an offer, advertisement or facturer Van Hool use fuel cells Most analysts recommend purchas- recommendation for an investment in a collective investment product. This document is neither a prospectus pursuant to Articles 652a or 1156 of the Swiss Code of Obligations (as amended) nor a listing prospectus pursuant to the Directives of SIX Swiss Exchange AG or another trading venue within the meaning of the Swiss Financial Market Infrastructure Act of 19 June 2015 (as amended). It does not constitute a simplified prospectus, a key investor information document or made by the Canadian firm, and the ing shares even though the price has a prospectus within the meaning of the Federal Act on Collective Investment Schemes of 23 June 2006 (as amended). An investment in collective investment schemes involves substantial risks, which are described in the prospectus or in the advertising material. Every potential investor should read the entire Prospectus or the entire advertising material and should carefully weigh up the risks before making an investment decision. All benchmarks/comparative figures in this buses are used in London (UK), Pau already gone up significantly this year, document are provided for information purposes only. This document does not represent the result of a financial analysis and therefore does not fall within the scope of the “Directives on the Independence of Financial Research” of the Swiss (France), Aberdeen (Scotland), and with a more than 90% increase since Bankers Association. This document does not contain recommendations tailored to a specific investor and should not be understood as a substitute for investment advice from a professional. The representative and paying agent for collective investment schemes is Société Générale, Paris, Zurich Branch, Talacker 50, 8001 Zurich. The prospectus or the advertising material, the key investor information documents, the management regulations, the articles of association and/or Cologne (Germany). Very present in 1 January. other founding documents as well as the annual and semi-annual reports can be obtained free of charge from the representative in Switzerland. With regard to the units of a collective investment scheme distributed in or from Switzerland, the registered office of the representative in Switzerland is deemed to be the place of performance and jurisdiction.

56 RESEARCH SWISSQUOTE SEPTEMBER 2020 RESEARCH SWISSQUOTE SEPTEMBER 2020

The surprising t the start of the pan- So is the shortage of transgenic demic, while many coun- mice to test coronavirus treat- tries were experiencing ments over? shortages of masks, No, because there’s another prob- Ascreening tests and respirators, a lem: the entry point of the virus market for different – and less public – shortage wasn’t put in place correctly, which was affecting the scientific commu- means that the existing model of nity: the lack of laboratory mice on mice develops very different compli- which to test medicines and vaccines cations to those that are observed “humanised mice” in the fight against coronavirus. But in humans, particularly cerebral we’re not talking about just any kind pathologies rather than pulmonary The coronavirus epidemic has highlighted an obscure of mice. These types of experiments issues. So we need to produce new require mice that are genetically mice that mimic the human situation sector: the genetically modified mouse industry. engineered to resemble humans. more closely. Like other laboratories, We interview Alexandre Fraichard, CEO of genOway, ­Alexandre Fraichard, co-founder and genOway is currently working to one of the rare public companies active in this field. CEO of genOway, a French company develop such a model. that specialises in producing trans- BY BERTRAND BEAUTÉ genic mice, explains further. “We began a Why do we need genetically modified mice to test coronavirus catalogue sales treatments and vaccines? Can’t we just use wild animals? model in 2017” In their natural state, mice cannot be infected by the SARS-CoV-2 corona- When will it be ready? virus, because they do not have the During a pandemic, there is very hACE2 receptor, which is the entry strong pressure from the media to point where this type of virus enters have everything ready right away. human cells. And if the mice don’t get I understand the urgency of the situ­ sick, it’s difficult to test the efficacy ation, but creating the right model of potential treatments or vaccines of transgenic mice takes time. We on them. To solve this problem, we need 12 to 18 months. As I’ve said need to “humanise” the mice by mod- before, we’ll be ready next spring. ifying their genetic code to add the entry point for the virus, which is the Won’t that be too late, given that gene for the hACE2 receptor. potential vaccines are advancing so quickly (see also p. 66)? Mice of this kind have been around No. When a vaccine is available on for about a decade. In 2007, Dr Paul the market, and assuming that it’s McCray of the University of Iowa effective, there will still be many produced a line of mice with hACE2 things about coronavirus that we receptors. Though this type of mouse need to understand, particularly the hadn’t been used since, it was cryo- mechanics of the disease and the preserved by the Jackson Laboratory. immune system’s response. I’m not Before using the mice, we had to thaw worried, because many laboratories the embryos in order to produce a new will need our models to conduct this line of mice. But large-scale reproduc- essential research, even if a vaccine tion of these animals does take time. is available beforehand. Furthermore, The Jackson Laboratory was only able our models can be used for SARS- to start delivering hACE2 mice to labo- CoV-2 research, but also for work on ratories in June. other types of respiratory viruses. GENOWAY

58 59 RESEARCH SWISSQUOTE SEPTEMBER 2020 RESEARCH SWISSQUOTE SEPTEMBER 2020

Alexandre DIFFERENT TYPES OF MUTANT MICE Fraichard,­ who which type of mice we will develop testing on animals altogether for received a doctorate in partnership with a consortium of SARS-CoV-2 research, because this in cellular and mo- leading companies such as AbbVie, On 29 July, Moderna announced es. At genOway, scientists use the is a new disease and there’s not a lecular biology from that its experimental vaccine CRISPR-Cas9 technique, which the École normale AstraZeneca, BMS, Pfizer and Roche, shows promising results in mon­ can add, remove or modify genes lot of information out there. supérieure de Lyon and then anyone can order the mice. keys. While monkeys and other in mice DNA. For COVID-19, the in 1997, and an MBA Obviously, these models are not as animals, such as hamsters and technique can add the entry That said, I agree: we need to reduce from HEC Paris in expensive: catalogue mice are priced ferrets, are being infected with point for the virus. TransCure the number of mice used in labora- 1999, co-founded SARS-CoV-2, there are a few uses a different approach. It genOway in 1999. at around €100 each, and you often tories, according to the 3R rule (re- need hundreds of mice to conduct a advantages to using mice: they tests on immunodeficient mice, placement, reduction, refinement). are small in size, can reproduce or mice that do not have an research project successfully. But quickly and don’t require costly immune system. Human stem In this context, genetically modified the main advantage for our clients infrastructure. Many teams cells are injected into the bone animals are the guinea pig of choice, isn’t the price, but the deadline. De- are now working on developing marrow of the immunodefi­ because if you use a model that is veloping a bespoke mouse takes 12 genetically modified mice that cient mice. The stem cells then closer to human genetics, it will to 18 months, whereas the catalogue can contract coronavirus. “But differentiate to form a com­ be more indicative of the actual models are available right away. Our there are different types of these plete human immune system. human experience and as a result, mice,” warned Patrick Nef, These chimeric mice are a tool goal is that by the end of 2021, we former professor at UNIGE and of choice to observe the human you’ll need fewer animals to run will have a full catalogue of about 40 founder of TransCure bioServic­ immune response. your tests. That’s the trend we’re immuno-oncology research models. seeing in the market: as the number of animals used in laboratories is From an economic perspective, trending downwards, the number the catalogue models also have understand the needs of the phar- tain tests stop being conducted on of genetically modified animals is FOUNDED 1999 the advantage of being infinitely maceutical industry. Some academic animals and are instead conducted increasing significantly. Over the HEADQUARTERS marketable, and can therefore gen- laboratories develop their own mod- on cells. That happens when there next five years, we’re expecting an LYON (FRANCE) erate significant margins once their els of mice, but they don’t have the is sufficient knowledge to allow the increase in our sales, with an av- EMPLOYEES development is complete. With this capacity to produce them on an in- testing to be simplified to a cellular erage yearly growth of 25% to 35% 100 new business model, we’re hoping dustrial scale. As for big pharma, pro- model. But it’s impossible to stop over the 2020–2024 period. 2019 REVENUE GENOWAY to triple our revenue by 2024 to ducing genetically modified animals € 9.5 MILLION reach more than €30 million, com- isn’t their job or their priority. They ALGEN pared to €9.5 million in 2019. prefer to subcontract that work. So our primary competitors are indirect. Who are your primary clients? They are mainly the large traditional We mainly work with the pharmaceu- laboratory animal breeders, such as Infectious disease seems to alongside immuno-oncology and tical industry, biotechnology firms the Jackson Laboratory and Charles be an interesting market for inflammation. and academic laboratories. Of the River, which both have catalogues your business. What percentage 20 largest pharmaceutical compa- of modified mice, but the majority of of your revenue comes from How much does a genetically nies in the world, 17 are genOway their sales come from natural lines fighting viruses? modified mouse cost? clients, including Roche, Pfizer and or older transgenic models. There Almost none. Until the current Creating a bespoke mouse for a AstraZeneca. We generate 60% of are also a few CROs (contract pandemic, there was no market – client costs between €50,000 and our revenue in the United States and research organisations) such as infectious diseases are somewhat €150,000. Initially, that was our the rest in Europe and Asia. ­Biocytogen and Crown Biosciences. neglected compared to scientific business model: companies would These companies supply services research and public health policy. come to us to produce a line of mice What is the size of the global to the pharmaceutical industry and But I think that will change. In recent with a particular modification in market for transgenic mice? have developed a few models of years, we’ve seen several successive their genome. The client would then That hasn’t really been studied. Ac- genetically modified mice alongside epidemics, with SARS, H1N1 flu, Eb- become the exclusive user of the cording to estimates, the global mar- their main business activities. ola and now COVID. All stakeholders mice that we made for them. But ket for laboratory animals, of which now understand that only a research these very specific mice are difficult 98% are rodents, is worth $3 to $5 More and more people are raising strategy conducted over the long to sell, because development takes billion per year. Transgenic animals their voices against animal test- In June, genOway term can prevent these health crises. a long time. Only companies that are only account for a low percentage of ing. Are you concerned that the announced the That leads to an upturn in infectious truly focused on ground-breaking that total, probably around 10%. So backlash will hurt your business? construction of a disease research, which will induce innovation buy these mice. it’s a niche market, but it is growing Currently, cell- and computer- new laboratory to meet the growing higher demand for our genetically extremely quickly. based testing cannot replace in demand. Here, an modified mice in order to mimic the That’s why, in addition to our original vivo testing. Researchers who test employee in the human immune response to infec- business model, we began a cat- Who are your main competitors? on animals don’t do so for fun – company’s labora- tions. So infectious diseases will alogue sales model in 2017. With There aren’t that many, because in they do so because there is no other tory in Lyon.

become one of our primary markets, the catalogue approach, we choose this market, companies really need to option. It’s often the case that cer- GENOWAY

60 61 E-COMMERCE SWISSQUOTE SEPTEMBER 2020 E-COMMERCE SWISSQUOTE SEPTEMBER 2020

COMPANIES TO WATCH

PROLOGIS THE KING OF INDUSTRIAL BROWNFIELD SITES The company, created in 2011 from the merger between real estate groups Amb and Prologis, keeps purchasing more land on the edge of major cities to build ware- houses. Prologis now has 3,840 locations in 19 countries, leased to more than 5,000 clients, including Amazon. In 2019, revenue grew 18.8%. Prologis benefited from the e-commerce boom during the COVID-19 epidemic; e-commerce now makes up 40% of its ware- house space, compared to 20% before the crisis. Most analysts recommend purchasing shares. FOUNDED: 1983 HEADQUARTERS: SAN FRANCISCO (US) EMPLOYEES: 1,700 2019 REVENUE: $3.3 BILLION PLD

DHL THE FREIGHT GIANT The subsidiary of Deutsche Post generated 30%-40% of its revenue thanks to e-commerce. While warehouses aren’t its primary busi- ness focus, it is a strategic area. “DHL pivoted, to offer end-to-end solutions to its clients,” said David Kerstens, analyst at Jefferies, who recommends purchasing shares. GETTY IMAGES Another advantage is that the company has invested heavily in automating its warehouses. FOUNDED: 1969 HEADQUARTERS: BONN (DE) The e-commerce boom he Ravenside Retail EMPLOYEES: 380,000 Park, located in the outer 2019 REVENUE: € 63.3 BILLION breathes new life into the DPW WAREHOUSES: goods storage industry. suburbs of London, oc- cupies a surface area of This significant trend is Tnearly 12,000 sq. metres. It is home beneficial to real estate to many shops that sell furniture, THE SHOWPIECE and logistics giants. mobile telephone accessories and home improvement supplies. But BY JULIE ZAUGG Ravenside is no longer bustling with people, and as a result, several OF E-COMMERCE shops are now closed, reflecting decreased appeal among Britons for brick-and-mortar shops.

62 63 E-COMMERCE SWISSQUOTE SEPTEMBER 2020 E-COMMERCE SWISSQUOTE SEPTEMBER 2020

A sign of the times, Ravenside was over 93 million sq. metres, more than 2010. In India, the total surface of contracting the virus,” said David “From there, the goods are trans- acquired in January for £51.4 million 1.5 times the size of Manhattan, area of warehouses in the country Kerstens, analyst at Jefferies. ferred to distribution centres located COMPANIES TO WATCH by Prologis, a real estate compa- making Prologis the largest lessor grew from 1.3 million to 3.7 million in the suburbs of large cities, in order ny based in San Francisco, which of warehouses in the world. sq. metres between 2016 and 2019, Investment funds are not the only to minimise last mile delivery costs.” decided to transform the site into which is an increase of 185%. “The companies benefiting from this XPO a giant e-commerce warehouse. In recent years, with the growth of COVID-19 pandemic has accelerat- trend. Several players in the logistics So companies need large warehous- THE LOGISTICS CHAMPION Prologis, founded in 1983 by Iranian e-commerce, the storage industry ed this trend even more, as many segment also manage a network of es far from cities, as well as smaller XPO Logistics manages the supply entrepreneur Hamid Moghadam, is has become more significant. In the brands closed during quarantine and warehouses as part of their freight closer locations. Eastern Europe chains of 50,000 clients, operating an expert in this type of conversion. United States, there were 18,742 customers did not shop in physical operations. Their business model and the US Midwest are emerging 1,504 locations in 30 countries. Its portfolio of warehouses is spread warehouses in 2019, up 24% from locations because they were scared is slightly different, because these as hubs for the larger warehouses, The company expanded via a series companies also offer a service to due to the low cost of industrial of acquisitions between 2012 and transport goods. Among logistics real estate in those regions. Some 2015, all in the logistics segment. The share price increased by companies, “DHL is the leader with a of these mega warehouses cover 1,000% between 2011 and 2019, 6% market share and 2,000 locations nearly 100,000 sq. metres. making it one of the best perform- across 50 countries,” said Kerstens. ing companies on the Fortune 500 It is followed by US-based XPO Logis- Fast processing times for orders (to index. But David Kerstens, analyst Certains de ces tics and Swiss group Kuehne+Nagel. appease customers who expect to at Jefferies, believes that XPO méga-entrepôts font Logistics is an industry that benefits receive their goods bought online in Logistics is under-valued and près de 100’000m2” big players operating on a global just a few days, or even in less than recommends purchasing shares. scale. “Companies need to be able 24 hours) and the capacity to man- FOUNDED: 1989 to invest large amounts of money age a significant amount of returns HEADQUARTERS: GREENWICH (US) upstream to purchase or let storage have become essential conditions in EMPLOYEES: 100,000 2019 REVENUE: $16.65 BILLION spaces and equip them with storage this industry. As a result, warehouse XPO material,” said Michael Field, analyst specialists have been forced to equip at Morningstar. their locations with state-of-the-art technologies to automate order moni- KUEHNE+NAGEL toring, optimise inventory manage- THE HIGH-END SWISS COMPANY ment and predict when to re-order Founded in 1890 in Bremen, Some of these mega certain products that are running Kuehne+Nagel has a global freight low (see inset on p. 64). network used by 400,000 clients. warehouses cover “Its warehouse solutions, which nearly 100,000 sq. Despite their dominant position, ware- make up approximately 25% of its house operators still have competi- revenue, are an essential part of metres its offer,” said Marco Strittmatter, tion. “Most of the major e-commerce analyst at ZKB. To improve its mar- platforms, such as Amazon in the gins, the company seeks to spe- United States, Zalando in Europe, and cialise in storing pharmaceutical Logistics companies also have the Alibaba and JD.com in China, have products, which require high-tech advantage of offering end-to-end begun operating their own warehouse solutions such as maintaining the solutions. “Clients enjoy being able to networks,” said Schoch. Many of these products at a certain temperature, have access to a network of ware- e-commerce giants even aim to offer explained Strittmatter, who gave houses on five continents, along with logistics solutions from one end of the company a “Market Perform” the ability to transport by air, land the supply chain to the other. Amazon rating. WAREHOUSES WITHOUT HUMANS and sea,” said Field. Companies that already has a service of this type in FOUNDED: 1890 choose to externalise their entire the United States, and plans to offer HEADQUARTERS: SCHINDELLEGI (CH) EMPLOYEES: 80,000 “Now we have robots that can take humans can reach on their own mine where the items are located logistics chain rarely turn back, ac- it in the UK shortly. 2019 REVENUE: CHF 21.1 BILLION goods off pallets, transport them and or with a forklift. “Warehouses in the warehouse. cording to the analyst. KNIN package them, eliminating the need can stack boxes up to the ceiling, But logistics companies still have for a human presence in warehous- which saves precious square me- Modern warehouses are also es,” explained Sean Culey, expert tres,” said Culey. Automation equipped with sensors that can While the explosion of e-commerce a bright future ahead. According in automated supply chains. These also increases speed. analyse in real time the amount has increased demand for storing to Michael Field, e-commerce also solutions have been adopted by most of stock available and where it is goods, it has also forced warehouse includes a multitude of smaller of the large warehouse chains, nota- There are some middle-ground located in the warehouse. They can owners to reconsider the size and players that could never do without bly DHL, which was a pioneer. approaches, such as equipping then order additional stock if the location of their warehouses. “Goods the major warehouse operators. A workers with an exoskeleton to help product is running low, based on sold online are first funnelled into majority of XPO Logistics’ 50,000 The lack of humans means that them lift heavier objects or pro- artificial intelligence software that gigantic e-fulfilment centres located clients are SMEs and start-ups space for humans to walk between viding augmented reality glasses, can anticipate demand. “Inventory the aisles is no longer necessary, and which can help workers visualise can be completed by a fleet of interi- far from large cities,” explained David that don’t have the means to create

goods can be placed beyond where the contents of an order and deter- or drones,” said Culey. XPO Schoch, research director at CBRE. their own logistics chain.

64 65 COVID-19 SWISSQUOTE SEPTEMBER 2020 COVID-19 SWISSQUOTE SEPTEMBER 2020

immune system. Moderna’s vaccine there may never be. Clinical trials give expected to begin as early as Septem- uses a different approach: instead of us hope. But that doesn’t necessarily ber, which is before the real efficacy injecting an entire virus, the vaccine mean that we will have a vaccine.” of the vaccine is known. contains only a piece of the virus’s genetic code in the form of messen- mRNA made Given the still-unanswered questions ger RNA. This molecule will prompt in Switzerland about mRNA technology, this haste MODERNA the cells in the body to produce a For Moderna, success is a challenge seems bold. “We have evaluated the viral protein. The immune system that goes beyond the pandemic. “Until risks, and we are committed because is expected to then detect this January, mRNA technology was we believe that this technology is protein and create antibodies that still just a concept,” said ­Martial promising,” said Fowler. A view shared SEEKS A will protect a person if they contract Descoutures, analyst at ODDO BHF. by the Confederation. On 7 August, the the virus. According to Bancel, this “If the coronavirus vaccine is proven Federal Office of Public Health (OFSP) technique has the advantage of being to be safe, Moderna will have the announced that it had entered into a quicker and less expensive than first proof of its technology’s effi- contract with Moderna to purchase MIRACLE traditional methods. But there is a cacy. This would give credibility to 4.5 million doses. but: messenger RNA technology has its entire portfolio of molecules in never been used to put a drug on the development. And most importantly, VACCINE market. It remains experimental. mRNA could revolutionise pharma- ceuticals and lead to a third class However, on 2 March 2020, ­Moderna of drugs that are able to target very The US biotech firm has received promising CEO Bancel did not hesitate to con- varied pathologies that are hard to results from tests of its experimental SARS- firm, in front of US President ­Donald treat.” If Moderna is successful, “the COV-2 vaccine. But the company, which has Trump, that the vaccine would be disruption could affect the entire ready in a few months. Comparative- biopharmaceutical industry”, said generated both hope and dollars, still has ly, other more conservative industry JP Morgan in a recent report. everything to prove. leaders are expecting years of lead time. This bold statement has put To succeed in this endeavour, BY ANGÉLIQUE MOUNIER-KUHN Moderna in the global spotlight. ­Moderna can count on support from ANALYST ADVICE Since then, every time the company the US government. The company is issues a press release, Wall Street one of five vaccine candidates that AN ALREADY WELL-VALUED SHARE goes crazy. Its market capitalisation won financing from the Biomedical JP Morgan is one of the first has increased four-fold since the start Advanced Research and Development banks to dare to downgrade of the year, approaching $30 billion. Authority (BARDA) as part of “Oper- Moderna shares, albeit modestly, ation Warp Speed” initiated by the which are still popular among ast, very fast. With a year as early as 2021, only one year White House. This operation supports many analysts. “We are down- Industry disruption grading shares to neutral, multitude of clinical trials after the start of the global health From a scientific perspective, Moder- the production of more than 300 million following an increase of 385% in progress, the coronavi- crisis. In comparison, it took five na is advancing quickly. On 27 July, doses of a vaccine by January 2021. since the start of the year (against rus pandemic has created years to develop the rVSV-ZEBOV the company began phase III clinical This public contribution is ­worth nearly +19.5% for the NASDAQ Biotech- a frenetic race for a vaccine. As of Ebola vaccine. trials for the vaccine, the last step $1 billion to Moderna. nology Index (NBI)), and 572% F over the last 12 months,” ex- 31 July, 165 laboratories were on before commercialisation. In the the hunt for the Holy ­Grail vac- Moderna is able to move so quickly coming months, mRNA-1273 will be In Basel, at the headquarters of Lonza, plained the bank in a note dated 20 July, in which the price target cine, according to the World Health because it is using messenger RNA tested against a placebo on nearly Moderna’s advances are being closely was set to $89. “To be clear, this Organization (WHO). One of these (mRNA), a first-of-its-kind technolo- 30,000 American volunteers. But monitored. Under an agreement signed is not a call on any sort of dimin- is Moderna Therapeutics, which gy in the vaccine world. Only Moderna other vaccines have made similar on 1 May, the Swiss firm will produce ished expectations around the seems to have taken the lead. After and German companies BioNTech and progress, particularly those from the active ingredients of the vaccine, company or mRNA-1273 (the COV- China published the genetic code CureVac are pioneering this technol- Chinese companies Sinopharm and the mRNA, by mobilising up to four ID-19 vaccine); we remain bullish of the coronavirus on 11 January, it ogy. “We call messenger RNA the Sinovac, which began their phase III production lines: one in a factory in on Moderna’s long-term outlook (...) But we are simply unable took the American biotech firm only software of life. Your body is actually trials before Moderna. The Pfizer/ Portsmouth, New Hampshire, and to continue to fundamentally 42 days to create an experimental producing the vaccine,” Stéphane BioNTech partnership, which also three at the Visp site in the canton justify the shares.” In addition vaccine (mRNA-1273) and 62 days Bancel, the newsworthy CEO of uses mRNA technology, launched of Valais. “We have already begun to its COVID-19 vaccine, Moder- to start a phase I clinical trial. This ­Moderna, likes to say. But the reality its phase III trial on 27 July, the producing small quantities on the na has two dozen programmes is an unprecedented timeline in the is a bit more complex. same day as Moderna. Faced with production line in Portsmouth, where in its pipeline. One of its more pharmaceutical industry. And that’s this avalanche of trials, on 3 August we are recruiting 70 people and advanced products, a cytomegal- ovirus vaccine, is only in phase not all: if the next results are posi- Traditionally, vaccines are made from Director-­General of the WHO ­Tedros investing 70 million Swiss francs,” II trials and is not expected to be tive, ­Moderna expects to supply 500 inactivated viruses that are inject- Adhanom Ghebreyesus called for said Sanna Fowler, spokesperson ready for another three or four million or even 1 billion doses per ed to provoke a response from the caution: “There is no panacea and for Lonza. Large-scale production is years. MRNA

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Free ers can be a DJ and share their thoughts In Superpower Showdown, two Wall about the music in a dedicated chat Street Journal reporters describe the HarperCollins US-China trade war from within the channel. The only downside to this lovely Publishers, two countries. This war began long app: you need to already have a Spotify 2020 account to use JQBX. CHF 30.- before Donald Trump, though the superpowers’ recent history laid the groundwork for this unprecedented confrontation. Having on-the-ground Configure your knowledge, the authors interviewed individual piece of numerous decision makers from both USM online! sides. This book helps readers under- stand the rivalry between the nations usm.com and prepare for the next steps in this contemporary conflict. Visit our authorized sales partners or our USM Showrooms in Bern, Hamburg, London, Munich, New York, Paris, Tokyo. 71 TRAVEL SWISSQUOTE SEPTEMBER 2020 SWISSQUOTE SEPTEMBER 2020 ISTOCK

TRAVEL Tbilisi by day and by night The capital of Georgia offers a variety of atmospheres for visitors. Our columnist rather enjoyed it!

BY SALOMÉ KINER

GEORGIA

TBILISI

RUSSIA ISTOCK

72 73 TRAVEL SWISSQUOTE SEPTEMBER 2020 TRAVEL SWISSQUOTE SEPTEMBER 2020

hen you arrive at in front of their dried fruit stalls; stages but already legendary. After the Tbilisi airport, the vestiges of caravan stopovers; the fall of the Soviet Union and the Georgian cus- and the Sioni Cathedral (built in the presidency of Mikheil ­Saakashvili, GETTING THERE toms authorities seventh century), the former resi- the younger generations are now The best time to visit is from April will flip through and stamp your dence of the Georgian patriarch. For keen to create an alternative to October, but avoid July and W August because of extreme heat. passport with the same serious- a complete experience, take a detour cultural scene, taking cues from Flights depart from Zurich and ness as every customs agent in the to the Art Palace, which celebrates its European big sisters. You’ll Geneva with a stopover in Istanbul. world. They maintain their stone- monuments of Georgian music and find a London-esque ambiance at Starting at 250 Swiss francs per faced composure as they give you visual arts through time. La Fabrica, a former textile plant person. back your documents – along with transformed into an urban artistic a bottle of red wine as a welcome When you head back through the tiny complex, complete with street art WHERE TO STAY gift. This surprising and delightful streets of the old town, you will see frescoes, shops owned by local Rooms Hotel Tbilisi is a superb gesture is a perfect example of the cupolas made of light brick, which creators, modern cafés, a hostel industrial-chic hotel in a former Georgian spirit: Georgians are proud almost look like a cross between the and a co-working space. printing shop. Starting at 120 Swiss of their country, generous to a fault, trulli of Puglia and an onion dome. francs per night. and do not compromise when it These domes are home to the famous Nearby, Shavi Lomi is a popular comes to their fundamental values. Sulphur Baths, a local speciality restaurant among young people, Often conquered but never docile, (Tbilisi got its name from its thermal serving excellent food and beer. LGBTQ communities often gather Tbilisi is full of history and treas- springs: “tbili” means warm) that you In good weather, sit outside on a here for a taste of freedom that’s ures its multicultural past. But the really must visit. The experience is wooden deck chair in the garden- still too rare in public, making this city, home to one and a half million quite unique. The gruff-looking em- patio. Under its vaulted roof, the avant-garde spot a symbol of the people, is reborn at nightfall when ployees, the odour of rotten eggs and inside of the restaurant feels like a duality in Georgia and a society split the new wave of Georgians spills the vigorous massages are all part cosy home, with its frayed rugs, soft between conservative powers and out onto the streets. of the adventure. Recently restored, lighting and generous servings. An progressive activism. If you prefer the Chreli Abano is an ideal spot to ode to delicious – often vegetarian twilight and catching a few hours try out this invigorating tradition. – Georgian cuisine and a plethora of sleep instead, have a drink at of beverages. Night owls must visit other open-minded bars such as Cafe SHUTTERSTOCK You’ll find a With smooth skin and a refreshed Bassiani, a techno club located ­Gallery, Mozaika, or Success Bar. Or Londonesque CHARMING GEORGIAN FOLKLORE spirit, you’ll leave the baths and in the basement of the municipal try Sky Bar, which isn’t ground-break- ambiance at La set off to discover the other side football stadium with a former ing but does offer a panoramic view A cross between martial arts, classical ballet and wedding of Tbilisi, which is still in its early pool re-imagined as a dance floor. of Tbilisi under the stars. Fabrica, a former parades, traditional Georgian dances spread the country’s textile plant folklore around the world. Check out these three national companies: the bold Sukhishvili, where women dance in transformed into men’s roles; Erisioni, which has a polyphonic choir; and an urban artistic the Rustavi troupe, whose dancers wear exquisite cos­ tumes. For a complete experience, the Georgian Dance complex Club offers beginner’s courses. Reserve via WhatsApp on +995 599 00 20 88

To truly understand this cultural, the old town and climbing a steep Surrounded by its gigantic neigh- urban and social revolution, one must path through the forest, or take the bours Russia, Turkey, Iran and start with Tbilisi’s past. First, visit cable car. The cable car drops you ­Azerbaijan, and between the Ortho- the Narikala fortress, which was off at the entrance to a restau- dox world (it’s a cradle of Christia­ erected in the fourth century and is rant where you can taste the best nity) and the Muslim world, Tbilisi therefore older than the city itself. ponchiki (sweet fried doughnuts) has carefully chosen the very best But the ruins of this secular for- and wash it down with a tarragon qualities of both its European tress, built to monitor the Silk Road lemonade, two specialities of neighbours and Eastern cousins. from above, aren’t the only reason Georgian cuisine. to ascend the hill. Located on one of The architecture in the Dzveli Kalaki Mount Sololaki’s cliffs, the fortress As you descend the hill, you will pass neighbourhood is proof of this, with offers a spectacular panorama of botanical gardens and a path that traditional wooden houses that the Kura river, the two banks of the leads to the Central Mosque, which have been patched up countless city, and Tbilisi’s intricate neighbour- is not far from the Grand Synagogue. times; swaying balconies sculpted hoods dotted with church steeples. This proximity demonstrates that like works of art; street vendors,

You can travel on foot, starting in Tbilisi is a crossroads of culture. old women wearing head scarves SHUTTERSTOCK

74 75 76 REAR ELECTRIC,35.5-KWLI-IONSBATTERY 113 KW(154HP),315NM 0 TO100KM/HIN8.1S FROM CHF43,100.- ACCELERATION: HONDA E POWER: ENGINE: PRICE: W (1.51 m wide and 3.89 m long). mlong). 3.89 and mwide (1.51 model 5-door higher, welcoming more a to evolved ehas the coupé, stocky asmall from Upgraded concept. original the since changed have car the of proportions the that realise we Then pit. bear inthe apanda like surprise, apleasant was traffic, inpost-quarantine inplace, model actual the Testing out mobility. green of world strict inthe passion of abit offers that car sport electric asmall is, times”, that modern for “GTI of a kind be to predicted 2017, was inautumn it concept Is itaboulevardbanditorcityavenger? Behindtheblackstripealongheadlights this Honda e! Unveiled as a as e!Unveiled Honda this awaiting e anxiously were hides aratherpowerfulsmallelectricHonda.Ittakesawayinonehand but givesbacksomuchintheother. Masks off! Masks BY RAPHAËLLEUBA AUTO cars don’tfallintothe“gadget”vehi worth thechallenge,sothatthese the practicalaspectsandcomfortis cars. Thereforeacarefuldesignof range ofactionforsmall-format batteries isunabletoofferawide The energydensityofcurrent New design inside, you are surrounded by a new inside, youaresurrounded byanew foreshadows what’s tocome.Once the exteriorisimpressiveand and asmartphonelockingsystem, cameras, automaticdoorhandles is totallyhigh-tech.Withside-view priorities toofferaposhcitycar that Japanese manufacturerrevised its cle category.Followingthislogic,the SWISSQUOTE SEPTEMBER2020 SWISSQUOTE

- it hasnowingmirrors,isalmostas car, whichisevennarrowerbecause superfluous giventhattheJapanese for automaticparkingassist.It’sabit One ofthevehicle’srarebuttonsis your favourite DAB radiostations... need tousethetouchscreensave driving phases,handyforwhenyou technologies includeautonomous in aPlayStation.Standardassistance HDMI outletand230Vpowertoplug ations willloveit.There’sevenan touchscreens, butyoungergener You needabitoffamiliaritywith smart voiceassistant“OKHonda”. and alltypesofanswersfromthe imagine: energyflows,destinations play anytypeofinformationyoucan crayons. Instead,pixelsgaloredis But thisdeskisn’tforalgebraor high-resolution digitalmonitors. either sideofablackboardwiththree two rear-facingcamerascreenson pearwood. Abovethedashboardare of aschooldeskplatedinimitation design, withadashboardreminiscent

THE COMPETITION equipped. the Hondae,ofwhichstandard modelisverywell- R135 top-rangemodelhasfewer optionscomparedto and canalsoberentedtolower thesaleprice.This 52 kWhbatteryisdesignedfor weekendexcursions, agile andabitslower(0to100 km/hin9.5s).The in thebootthanfour-seat Honda e,butitisless five-seater islarger(4.09m)andhasmorestorage and 245Nmoftorque,weighinginat1.5tonnes.This polished craftsmanship.Front-wheeldrivewith135hp Queen ofthemarketandnewgenerationwithmore RENAULT ZOER135,THEPIONEER CHF 37,700.- - - and de-icingwindscreenareall conditioning, heatedsteeringwheel The trendy,content,two-zoneair Powerful motor more clearly,especiallyatnight. central mirrorallowsdriverstosee short asashoppingtrolley.Thedigital long-distance trips.Heataloneeats cle’s Achillesheelifyoutakemany terms ofrange,whichisthevehi electric featuresdoescostyouin remember thattheuseofallthese and roadnoises.It’sjustimportantto just intermsoffilteringoutmotor Honda e,whichisalreadyimpressive high-end creaturecomfortsofthe in aPlayStation 230 V toplug power and HDMI outlet There’s evenan AUTO less thanitscompetitors. semblance ofversatility.Top speedof150km/h,slightly to 100km/hin8.1s,there’sa50 kWhbatteryfora and 260Nmforthe1.5tonnevehicle, andacceleration and exteriorpartlyjustifyitshigherprice.With136hp silhouette andsportypersonalisationinboththeinterior Five-seat front-drivesalooncar, 4.05mlong.Itslow The electricversionofthe“2020caryear”. PEUGEOT E-208GT, LOW-KEY - - up 10% of the range, according to up 10%oftherange,accordingto and amoretimidcompetitor! be abletoforgetthebrakepedal... With abitofpractice,youmighteven recovery andinducedslowdown. with thepaddlestovaryenergy also encouragesdriverstoplay anced chassis.OurelectricZorro rear wheelsandaperfectlybal 113 kWmotorhousedbetweenthe – butinreturn,yougetavigorous weight ingold(43,100Swissfrancs) lightweight (1.5t)–andisworthits performance. TheHondaeisn’t car goquitefast,withevenasporty true toitsrootsandcanmakethe because thepowerfulmotorstays a challenge.It’salsofrustrating, 200 kmwithoutstoppingbecomes slightly lessthan35.5kWh,travelling er, withausefulbatterycapacityof than the19kW/hadvertised.Howev consumption of17kWh/100km,less limitations, werecordedanaverage varied terrainwhilerespecting motorway mixed-usescenarioon the warningmessage.Inacity-road- CHF 39,950.- CHF 39,950.- SWISSQUOTE SEPTEMBER2020 SWISSQUOTE -

- 77 SWISSQUOTE SEPTEMBER 2020 BOUTIQUE SWISSQUOTE SEPTEMBER 2020

BOUTIQUE POCKET SOMMELIER

MyOenoScan is a scanner that HARLEY GOES ELECTRIC you place in a glass of wine. It tells you more information Forget everything you thought you about the type of wine based knew about Harley-Davidson. The on four categories: body, tan- Milwaukee company has started nins, acidity and development. from scratch when designing its Drinkers can provide a score first electric motorcycle, a sporty for each category to indicate if roadster called the “LiveWire”. they enjoy the wine. Over time, The bike’s 105 hp and 116 Nm, the MyOeno app refines its available at all times, guarantee analysis and builds a person- explosive acceleration. The elec- alised database that suggests tronic components are also high- new bottles to try based on end. Harley claims the bike’s city the drinker’s ratings. range is 158 km. myoeno.com harley-davidson.com/ch CHF 79.- From CHF 36,500.- A HI-FI CONNECTED GEM

French brand Cabasse created the Pearl Akoya to compete with WIRELESS HEADPHONES Devialet’s Phantom Reactor. FOR MUSIC LOVERS Don’t be fooled by its ultra-com- A PROJECTOR FOR GAMERS pact size (22 cm wide): the Pearl Sennheiser headphones enjoy a solid Akoya contains a lot of technol- ogy and decibels. This smart Optoma hit the nail on the head with its new UHD42 projector, reputation among audiophiles, and the speaker, available in shiny black sized for video games. Equipped with a native full HD resolution, German brand’s “Momentum True Wire- or pearly white, is equipped with it is also capable of simulating a 4K resolution via software less 2” wireless smartphone head- its own amplification system processing. The refresh rate in particular reaches 240 Hz, which phones continue this tradition. The that has a total power of 1,050 guarantees an unprecedented sharpness. Note that this frequen- audio quality is neutral and balanced, W RMS. Loads to keep you enter- cy doesn’t apply to 4K sources, which are limited to 60 Hz. The making these headphones a serious tained. Audiophiles will be glad to minimal 15.7 ms input lag (latency time) is also top-of-the-line. alternative to competitor models from hear that the sound quality is in Performance in cinema mode is also impressive, with vibrant, Apple and Sony in particular. Active line with the brand’s reputation. correctly-calibrated colours. noise cancellation, customisable set- A dedicated stand can be pur- optoma.com tings, voice assistant, equalizer... All of the features are top-notch. chased separately. You can also From CHF 1,459.- sennheiser.com pair two Pearls for stereo sound. POLAROID RETURNS AGAIN CHF 349.- cabasse.com CHF 1,690.- (per speaker) Polaroid Originals has created a new instant camera: the Polaroid Now. Along with a colourful pop design, the Now includes autofo- cus, which was missing from its SMART GUITAR predecessors. With a flash and timer, the camera can also pro- Connected to a tablet or a computer via Bluetooth, duce double exposures. The 750 the “Jamstik Guitar Trainer”, a smart guitar, teaches mAh battery will last for 15 packs beginners how to play, acting as a virtual teacher, of eight photos. using optical sensors and a system that detects polaroid.com your finger placement. Players can also use the gui- CHF 139.- tar to record music and enhance the notes with sound effects. It comes with a carrying case and a strip. jamstik.com CHF 190.-

78 79 TRIED AND TESTED SWISSQUOTE SEPTEMBER 2020

TRIED AND TESTED ANDROID WITHOUT GOOGLE BY GÉRARD DUCLOS Swissquote Magazine tried LineageOS, an alternative version of Android without TRADE CRYPTO the intrusive Google services.

wo operating systems Android telephones, such as account. While most of the applica- dominate the smartphone Google Play Store, Google Maps tions available on the Google Play world: Apple iOS and Android, and Google Analytics. Store can be downloaded directly IN A PLACE developed by Google. For from the developer or from alterna- T SHUTTERSTOCK users concerned with the safety To install, all you need is a compat- tive “stores” such as APKPure or Au- of their personal data, this means ible device (in our case a Samsung rora Store (which downloads directly choosing which digital giant will S9). The installation is relatively from Google Play Store, no Google end up with your data. Both iOS and simple: just download the ade- account necessary), the apps will WHERE YOUR Android, installed by default, need quate ROM on the LineageOS site not work if Google services are not permanent access to a lot of your and “flash” it, or copy it, to your installed on the device. personal data in order to function. telephone. Beware: copying the program will delete any data that Messaging apps, for example, are While Apple’s system is too locked is currently on your device! constantly communicating with a NAME ISN'T down to allow for even the slightest Google service to activate noti- modification, Android is the oppo- Once the installation is complete, the fications when the phone is idle. site, made up of various configur- smartphone will smoothly restart For WhatsApp, the solution is to able layers in which changing the using the new operating system. configure the app so that it is never settings can result in very diverse Surprisingly, the interface is very inactive, which slightly increases user experiences. The base layer, the high-quality, and upon first glance, battery use. Finally, we recommend unic0rn _753 Android system, is published open LineageOS looks very similar to the looking for alternatives in the free source by Google. It is freely acces- classic Android system: language se- app store F-Droid (available on any sible and can be modified by anyone. lection, the various settings, sending version of Android), where certain Cut the crap and simply trade crypto with a Swiss Bank. and receiving SMS, telephone calls classic apps such as Telegram are It is exactly this versatility that and the touch screen... Everything also available. allows users, given certain condi- works right away with no issues. tions (such as material compatibility The basic installation comes with Despite these few predictable in- and whether or not the manufacturer a few standard applications, such conveniences, the experience is very locks its telephones), to install as a camera feature and an app for positive, to the point where at the “alternative ROMs”, or modified your contacts. end of the test period, we decided versions of Android. not to go back to the commercial Of course, it gets more complicated version of Android. Please note that One of these versions is LineageOS, when users want to install their for less advanced users, the French an older ROM that is noteworthy favourite applications, such as foundation /e/ offers reconditioned due to the fact that it has removed WhatsApp or e-banking applica- smartphones that you can buy with all Google services that are inte- tions, since the device doesn’t have their own version of LineageOS grated by default on commercial Google Play Store or a linked Google pre-installed, also called /e/. swissquote.com/crypto

80 BORN IN LE BRASSUS

RAISED AROUND THE WORLD

AUDEMARS PIGUET BOUTIQUES : ZURICH | GENEVA

AP_Swissquote_CODE_26393BC_RubberBlue_SF_200x260.indd 1 10.08.20 08:27