Revealing factors influencing hydrogen energy investments using PLS-SEM

Hydrogen energy (HE) is promising as a sustainable solution for increasing energy demand. Therefore, it is very important to examine the factors affecting investment, which is crucial in the spread of a technology. This study focuses on the factors affecting HE investments and their relationships with each other. A conceptual model including Expert Knowledge & Awareness (EKA), Environmental & Social Concern (ESC), Government Involvement (GI), Intention to Invest (IntI), Perceived Benefit (PB), Perceived Cost (PC), Subjective Norm (SN) constructs is proposed. Partial Least Squares - Structural Equation Modeling (PLS-SEM) methodology was preferred to analyze the hypotheses by collecting data from experts through surveys. The notable results are that PB and ESC have positive direct effect while PC has negative direct impact on IntI. ESC has both direct and indirect effects on IntI wheras GI, EKA, and SN influence indirectly. These findings could provide valuable insights for policymakers.