PV energy in low cloud areas is <2c/kWh and dropping 7-10% p.a (a recent UAE ppa was 1.6c).
Crude oil is presently ~4c/kWh and frequently 6c. Distillates are often over $1/L before taxes or 10c/kWh.
20% one-way energy efficiency competes with oil. If the catalyst stack is significantly cheaper than water electrolysers it can use curtailed renewables and compete with oil at <10%.
Won’t replace batteries or electrification, but a solid choice for emergency storage or high capital, low-use assets (like a forklift that gets used twice a week or a bbq).
>50% efficiency would displace fossil gas with sufficiently cheap catalyst stack.
If you want round trip efficiency higher than 30% you need prohibitive quantities of platinum and iridium (with some promising research to maybe replace the iridium with cobalt, making fuel cells about as sustainable as NMC batteries).
Storing it is also generally prohibitive. Small high pressure vessels have a hard expiry date shorter thna the expected life of a battery, take up more space and cost as much as LFP batteries. By the time you add a fuel cell stack and buffer battery there’s not really any weight saving either.
Geologic storage is an option, but use cases are limited. Large scale stationary tank storage is also a possibility for industrial chemical use.
Hydrogen hype is largely a greenwashing and delay tactic by the oil and gas industry.