Seth Grae, President and CEO, Lightbridge Corporation
ML: You are from New York. How did you end up in Virginia as President and Chief Executive Officer of Lightbridge Corporation? SG: A college class in astrophysics helped spark my interest in all things nuclear. In law school I represented Soviet nuclear scientists pro bono, helping them receive exit visas, and my experiences with them added to my interest in nuclear as a global energy source. Originally I worked in nuclear as a lawyer and later obtained an MBA and focused on management. I’ve worked only in nuclear power for over 20 years.
ML: Tell us about Lightbridge. SG: In 2008 we wrote the strategic plan for nuclear power for the Government of the United Arab Emirates, which is doing a fantastic job safely deploying four plants on schedule. We’ve advised several governments since, and we still provide advisory services in Abu Dhabi. Using the revenues from the consulting work, supplemented by equity investments, we launched a project to develop new fuel for both existing and new reactors to dramatically improve their safety and economics. In 2010 we announced the concept of a metallic fuel for power uprates to reactors and improved safety margins. With Fukushima and the collapse in natural gas prices, nuclear utilities are focused on safety and economics. We chose to patent the technology that we invented, which allows Lightbridge to be transparent. The most prestigious nuclear technology journal published a peer-reviewed article about our nuclear fuel technology; some nuclear technology companies have avoided independent peer review. Siemens has issued a report on the value proposition of Lightbridge fuel. Four large American nuclear utilities have submitted to the US Nuclear Regulatory Commission their positive assessment of the technology and asked the NRC to prepare to receive the first license application in 2017. The Norwegian nuclear regulatory authority has praised the safety of Lightbridge’s technology in its license to begin demonstrating the nuclear fuel in the Halden Reactor this year.
ML: What is the relationship between “developing and commercialising next generation nuclear fuel technology” and a “meaningful impact on preventing climate change”? SG: Nuclear reactors emit no climate change gasses. Lightbridge fuels allow reactors to generate even more carbon-free electricity through a power increase. Increasing nuclear power from existing plants as well as new ones with Lightbridge fuel will help the world meet its climate and energy goals.
ML: What is something that would surprise people to learn about nuclear fuel technology? SG: Nuclear fuel has hardly been changed at all since the beginning of the industry. It’s at its limit and can’t safely be used to increase power for reactors to compete against natural gas. There must be a new type of fuel if nuclear plants are going to become safer and more economical. Lightbridge has invented and is developing that new fuel.
ML: How has your sector changed over the past decade and where do you see it going over the next 20 years? SG: It’s become harder to make the economic case for nuclear power versus natural gas. While there is a net increase in nuclear power globally, many plants have closed and some of the largest companies are in trouble. In the next 20 years I think the industry will continue to focus on the existing types of plants, as it will take much longer than 20 years for whole new types of reactors to be designed, licensed, and deployed at any significant scale. Lightbridge’s fuel is designed for the existing types of reactors and some of the concepts for new ones.
ML: In December 2016, you were appointed to the Civil Nuclear Trade Advisory Committee (CINTAC). Tell us about the significance of CINTAC and your involvement? SG: CINTAC advises the US Secretary of Commerce, Wilbur Ross, primarily on how we believe US government actions can help increase exports from US nuclear power companies. I represent small companies, including Lightbridge.
HSH Prince Albert presenting Seth Grae of Lightbridge Corporation with the Research Award in the presence of Mungo Park. Photo: CleanEquity® Monaco
ML: Last year was your first time attending CleanEquity® Monaco (CEM). How did you meet Mungo Park and become involved with CEM? SG: We met through an investor relations professional in New York who had dealt with Mungo. I first met with Mungo in London and described Lightbridge and I was very happy to be invited to participate in CleanEquity® Monaco.
ML: How was presenting at CEM different from your experiences at other types of events? SG: CEM was the best experience I’ve had at a conference. The investors are high-end and are interested in both profits and environmental sustainability. The presenting companies have been well-screened. The conference is well-run, with the right balance between formal presentations and informal interactions.
ML: Why do we need CleanEquity® Monaco? SG: So small companies with great technology that can be profitable and high-end investors can meet each other and start working together.
ML: Lightbridge Corporation was presented with CEM’s 2016 award for Excellence in the Field of Environmental Technology Research. What impact has this made over the last year in terms of exposure for Lightbridge? SG: We’ve had a remarkable year since receiving the CleanEquity® Monaco award, moving from technology research to major accomplishments in developing the technology towards commercialisation. We’re now forming a joint venture with the world’s largest manufacturer of nuclear fuel and we’re working with large electric utilities that are taking steps to use the fuel in their reactors. I think the exposure that came with the award helped create a buzz in the nuclear power industry and in governments about Lightbridge’s technology that helped lead to these remarkable developments.
Bibi Morelli Schofield, Owner and Managing Director of Morelli’s Gelato
ML: Tell us about your professional background. You were a lawyer but now run Morelli’s Gelato – the family ice cream business, with a franchise in Monaco. BMS: It’s true, I began my career as a lawyer, both as a Member of the NY Bar and then in the UK where I worked as a Banking Lawyer with Clifford Chance, spending several years working in their London, Madrid and Milan offices. Much as I enjoyed this environment, I felt I wanted the challenge and autonomy of launching my own business.
Following my father’s decision at the time to retire imminently and my observations of the gelato market, both from living in Italy and travelling abroad, I decided that the expansion of the ice cream business internationally would be a great project and chose to join the family business, taking it into its 5th generation of family management.
After a few years based in other places, we ended up in this part of the world for various reasons, not least that I have family here. It is also well connected to London and conveniently located in terms of access to Italian suppliers. Along with security and good weather, access to sea and mountains and a vibrant international community, it is for us a perfect location.
ML: What are some of your favourite family activities in Monaco? Where’s your preferred spot for some quiet time in Monaco? BMS: My favourite attractions in Monaco in terms of family time with my husband and Celeste, our 7-year-old daughter, are long walks along the seafront including the lovely Japanese garden, with of course an ice cream at Morelli’s as the cherry on top! Having spent the last 10 years in Zimbabwe, we love nature and wildlife, and will also escape into the surrounding mountains for long hikes whenever time permits.
I adore any of the outside spaces at the Yacht Club for quiet time … absolutely beautiful views and very serene.
ML: What is something that would surprise people to learn about being a Mom in Monaco? BMS: Notwithstanding the reputation for glamour, I have found most of the mothers here to be very grounded particularly in terms of parenting – there is a wonderful camaraderie and a great support system, all the more lively for the exotic mix of cultures. Fun fairs, bowling, ice skating, gingerbread houses and so on … all form part of a mother’s life here too. My experience with the International School of Monaco Early Years has been a very positive one and one which I would recommend to any mother.
ML: What made you decide to become a lawyer? What were the good and bad aspects about that lifestyle? BMS: We have a history of lawyers in the family, not least my grandfather who amongst other things was the Minister of Justice in Venezuela and, as one of the driving forces behind Venezuela’s democracy, was a truly inspirational figure to me and to all who knew him.
I guess I also displayed the right characteristics for this as a child and from an early age enjoyed debating, reading and so forth.
There were many good aspects of life as a lawyer. I hugely appreciate, for example, the skills set one develops which is transferable to most other walks of life. Attention to detail, project management, teamwork, working under pressure and commitment to the task at hand were central to that environment. It was challenging and demanding but we were also excellently supported.
As for the negative, very late nights, even all-nighters and weekends, at the office, were not unusual and although in itself this did not bother me, I did not enjoy not having any autonomy over my own time. It wasn’t so much that you had to work all night, it was that it was not my decision which night that would be! It was also a very specialised area of law and I preferred the idea of working across a broader range of subjects.
ML: Morelli’s Gelato has been dishing out ice cream since 1907. What’s the history of the company? BMS: Morelli’s began in 1907 when my great-great-grandfather walked from Southern Italy near Naples to the UK and started selling handmade ice cream from the back of a bicycle. Over the next four generations of Morelli’s, the business developed from bikes to vans to coastal stores across the UK selling not only ice cream but sundaes and shakes and coffees and cakes … but we always continued the tradition of freshly made gelato and, of course, the “secret family recipe” containing milk, cream and sugar. Our original store in Broadstairs, which seats 180 people and opened in 1932, is still there today in all its retro glory and is a much-loved nostalgic destination for visitors to the area.
ML: Part of your vision when you took over from your father was to export boutique stores to unique destinations. Can you talk about your ideas for development, and how your legal background helped the expansion process? BMS: I had noticed that in many countries the only real ice cream presence was in brands such as Häagen Dazs/Ben and Jerry’s/Baskin-Robbins. I felt that a luxury “fresh” gelato like ours offering quality, heritage and a differentiated concept, which included our signature eye-catching sundaes, would be very well received. It also made sense to me to focus on destinations with good weather all year round and a strong tourist element, rather than a rollout of parlours in the UK where there is such strong seasonality.
This desire to export our concept to foreign countries together with the know-how in our business and my legal background led me to establish a franchise concept, which I used as the vehicle for expansion. Essentially I packaged the knowledge we had in our business into manuals and systems, which could be easily followed by our partners, and the franchise model enabled relatively rapid growth supported by local partners with local knowledge in each territory. My vision – now 10 years ago – was to change the way people in far flung lands perceived ice cream … that fresh gelato made from the very best ingredients was a wonderful and completely different thing to ice cream in a plastic tub. Over the last decade, I believe gelato has already become more synonymous with a better, healthier option.
ML: Morelli’s has been sold in Monaco at the Café de Paris for the last 10 years through SBM as your Monaco partner. How did this happen? BMS: We approached SBM ten years ago because we felt that with such a prestigious location in perhaps the world’s most exclusive square, the Café de Paris deserved the best. As a family we have been based in Monaco for over 40 years, we understand the market, we have a unique 111 year old family heritage with our product, and we have been honoured to partner with SBM to offer customers something totally exclusive and beautiful rather than just ordinary “scoops” on offer from a homogenous, ubiquitous brand.
ML: In today’s environment of wellbeing and healthy living, how do you market ice cream? BMS: I don’t believe that people want to forego their treats, albeit in search of a healthy lifestyle. People will still enjoy cakes, desserts and, of course, ice cream…. I do however believe that a more discerning consumer will seek to ensure that when they do have a treat, or buy one for their family, that it is fresh, good quality and made with healthy, natural ingredients. If you are going to have a treat, it does not need to be “junk food”. This is where our product is easy to market. We produce our ice cream fresh, on site, every day, in every store. We use no artificial colourings or flavourings and no hydrogenated fat. We source our ingredients meticulously and have strong product provenance to ensure the best quality of that particular item, for example, cacao from Venezuela and coffee from Kilimanjaro.
ML: I heard that Morelli’s makes ice cream for dogs? BMS: Indeed! We launched a canine gelato (no lactose, very low sugar) last year in the UK to great acclaim. I absolutely adore dogs and our 1932 seaside ice cream parlour in Broadstairs, where many customers come in after walking their dogs along the seafront, is dog-friendly. I thought it would be fun that any customer of the parlour would receive a scoop as a treat for their dog, which would ordinarily just watch everyone enjoying their food and drink. I cannot, however, claim this to have been a financial success as somewhat indulgently we preferred to make the dog scoops complimentary to ensure they all received one!
ML: If you could have three magic business wishes, how would you expand/develop your business? BMS: In Monaco, if I could have three business wishes, I would love to introduce in conjunction with SBM i) yacht/home delivery of fresh gelato …perhaps on cute purple Vespas; ii) another all year round location(s) around the principality to attract a wider customer base beyond the Café de Paris where we have a summer presence only; and iii) provide wholesale supply to bars/restaurants/hotels/events in Monaco. And if the genie were feeling generous then just for fun iv) a dog gelato, too.
ML: What’s the hardest part of running a family business? What is the advantage/disadvantage of being a woman in business? BMS: It can be difficult to ever get away from a family business. It pervades most of your family life – dinners and weekends and holidays – it’s always part of the conversation. And if you ever feel like you would like a change, you can’t exactly resign. It also means much more to you than just a commercial venture where “you win some and you lose some”. You have so much more invested in terms of emotion and pride and I guess a weighty feeling of responsibility to those who worked hard before you to get it this far and those who come after you to whom you should be able to hand a legacy.
I have never, ever found it a disadvantage to be a woman in law or in business. On the contrary, I feel that if anything, it has been a benefit to be a woman in a “man’s” world – I have always felt respected and comfortable and I am very sorry that so many women feel they have had such negative experiences. I am fortunate that this has not been the case for me.
ML: How do you organise your day? BMS: I refuse to wake up until there is at least some daylight! I then take a minimum of 45 minutes to do a daily exercise/meditation routine. I drop our daughter at school and have a coffee. After that the working day begins and I try to have most of my work done by the time my daughter arrives back home. We try to cook and eat dinner together as a family. There is always the me/mother/businesswoman/wife/daughter/friend balance to achieve. It is really not always easy to juggle everything, particularly if you throw travel into the mix, but it is an absolute privilege to have the richness of a life with all facets represented. I am lucky to have a hugely supportive husband and wonderful parents based in Monaco who are happy to help in the day if necessary.
ML: What is the one device you cannot live without? BMS: According to my husband, my iPhone! Closely followed by my Sonos. I have never and still do not own a TV and I am not a social media person – mercifully, no Facebook, Instagram etc.
ML: How would you describe the female community in Monaco? BMS: Exotic, glamorous, friendly and fun.
ML: What is something you’ve always wanted to try or do? BMS: There is so much. I love yoga, meditation, hiking and wildlife. I love music, food and wine. Bucket list ranges from a Tantrayana retreat in Bhutan to walking the Camino de Santiago, seeing the gorillas in Uganda or taking a wine course in Bordeaux …
ML: We have to know … what’s your favourite ice cream flavour? BMS: Our signature soft-serve dairy Vanilla – every time.
In 2010, Natasha Frost-Savio set up Pink Ribbon Monaco, a non-profit association which raises awareness on methods of early breast cancer detection and prevention through various campaigns. One of its main events is the annual 5-km charity walk that takes place this year on Sunday, March 11, at 10:30 am.
The idea for Pink Ribbon Monaco came to Natasha – who recently co-founded with her husband the Blue Coast Brewing Company – when she felt that not enough was said about a disease that “affects/has affected/will affect everyone at some point”.
Natasha Frost, Pink Ribbon Monaco. Photo Monaco Life
“Early detection can save lives, and it broke my heart to know that so much suffering could be prevented by a free – albeit unpleasant – quick exam. Here in Monaco at the Princess Grace Hospital (CHPG), we are fortunate enough to have an amazing team of specialists and a state-of-the-art mammography system.”
The cost to register for the 7th Pink Ribbon Monaco Walk is €30, a contribution which helps to illuminate various Monegasque landmarks in October during Breast Cancer Awareness Month, as well as to organise informative Q&A conferences and other campaigns in Monaco, and assist the Centre de Dépistage du CHPG (Princess Grace Hospital Screening Centre) led by Dr Daniel Rouison.
Pink Ribbon Monaco Walk 2017. Photo: Monaco Life
Registration can be done online but also in person right up until the walk starts (“No excuses!” says Natasha). This year, the Running Expo, with shops and animations in conjunction with the 10 km Monaco Run also taking place on March 11 – will be held in Port Hercule, Saturday from 10 am to 7 pm, and Sunday from 8 am to 12:30 pm. Here, participants can pick up pink T-shirts as well as bibs on which personalised messages of support “to the person whose courage and strength have touched you” can be written.
All children are welcome (free for under-13s) and, as Natasha points out, “even if there are a few steps on your way to the Palace, it is a fun and easy walk!”
Pink Ribbon Monaco Walk 2017. Photo: Monaco Life
Known for its energetic ambience and “pink dress code” (“anything goes”), the Pink Ribbon Monaco Walk has become an eagerly awaited event, with some participants this year coming from Avignon.
“This association means a lot to me, as I hoped to create a few days when women could get together, be silly in pink costumes while raising awareness about a terrible disease, but one that can be beaten,” Natasha shares.
“The Pink Ribbon Monaco Walk is a day when we can have fun, enjoy life, celebrate others and praise the strength of our friends and family who are fighting or have fought breast cancer. Taking the seriousness away for a minute, to celebrate life. I have so much admiration for all these ladies.”
But as Nathalie reminds all ladies, “Check your breasts regularly just in case you feel something abnormal and if you do, do not brush it off – talk to a specialist. Just don’t put it off.”
Pink Ribbon Monaco needs volunteers on the day. Contact: office@pinkribbon.mc. Article first published February 13, 2018.
Inauguration of Foyer d’Enfance de Princesse Charlene. Photo: Charly Gallo/DC
Organisers of Venice in Monte-Carlo, which includes the Grand Masked Ball on Saturday, February 17, have announced that part of the benefits of the evening will be donated to the Foyer de l’Enfance Princesse Charlene (the Princess Charlene Home for Children).
The Princess Charlene Home for Children officially opened on February 1, 2012, in the presence of the Prince and Princess, and then Minister of State Michel Roger, along with members of the government.
Located at 9 rue Bellevue, the building was built on the site where the former Dominican convent once stood. Each year, around thirty children and teenagers from Monaco live at the Home for Children, which aims to help to protect minors in danger, and to help parents reinvest in their parental duties.
“In 2015, 44 children were welcomed,” Huguette Woodroffe, Deputy Director, told l’Obervateur de Monaco in April 2016. “The average placement is two to three years. But it can go from a few hours … to several years.”
Of the 30 minors, most are between the ages of 14 and 18, with one-third being Monegasques, one-third French, and the other third a mix of nationalities.
“And behind every child placed lurks a story of a family in crisis. Sometimes conjugal violence or psychological difficulties. Sometimes health problems or single parenting situations that are difficult to live with.”
The Princess Charlene Home for Children project was implemented by the Ministry of Social Affairs and Health in cooperation with the Ministry for Public Works, the Environment and Urban Development, and demonstrates a commitment to continue to make Monaco a model country in the social sector.
Under the High Patronage of Prince Albert, Venice Monte-Carlo will take place later this month, and the Grand Masked Ball – complete with period costumes and “a sumptuous and dreamlike show” – will be held at the Salle des Étoiles.
More than 70 artists, musicians, acrobats and dancers will host the Grand Ball, which will pay tribute to the City of Venice and the Principality of Monaco, and see economic players, members of royal families, philanthropists, celebrities, opinion leaders, distinguished academics and representatives of the world media all gather to recreate the atmosphere of this golden age.
The Monaco Red Cross has inaugurated an exhibition retracing the 70 years since its founding in 1948.
Opened in the presence of Princess Stephanie, the association’s Vice-President and Secretary General, at the Exhibition Hall of Quai Antoine Ier on Tuesday, February 13, the retrospective features photographs of unpublished archives, videos, works of art and other items. Various members of the Prince’s Government and many other personalities were also present for the opening.
Photo: Manuel Vitali/DC
Throughout 2018, various events are being organised to celebrate the 70th anniversary. In conjunction with the exhibition, a stamp bearing the effigy of the four successive Presidents has been published by the Office des Émissions de Timbres-Poste and will be available for sale from March 3.
The exhibition is open to all, free of charge, until March 3, from Tuesday to Sunday, between 1 pm and 7 pm each day.
Dr. Katsuhiko Hirose, Invited Professor at Kyushu University, Professional Partner at Toyota Motor Corporation
ML: You are a professor at Kyushu University and have also worked as an engineer for Toyota for 35 years. How did your career begin? KH: I trained as a physicist at Nagoya University in Japan, followed by post-graduate studies in Applied Physics in the Engineering Department.
I then joined Toyota, where I worked for years as an engineer to develop the vehicle management system, mainly to clean up exhaust emissions.
ML: What attracted you to the work for the car company, which celebrates 80 years of operation next year? KH: I like cars and driving. As physics is a more theoretical subject, during my studies I wanted to do something closer to the real world. Many of the graduates were working in electric companies, but I joined Toyota.
ML: And you started working on the Prius hybrid, which is described as the “World’s Most Attractive Alternative Energy Car”? KH: The hybrid was an interesting and exciting project, combining the combustion engine with an electric battery for optimum energy efficiency, reducing the CO2 emissions and fuel economy by half.
That is quite exciting. But when we joined the hybrid project, it was more from a pure engineering interest to challenge the technology. Concern for the environment was not major enough to affect the technology. And with oil at less than $10 a barrel, fuel economy was not a necessity.
But only a few years later, when the Prius was completed in 1997, I think it was a very lucky product, tackling global warming at the right time. Some years later, in 2003,when oil started to become more expensive, I visited the California and the roads were full of Prius cars.
ML: How is retail pricing for a hybrid car approached? KH: Pricing in the car industry is very simple because the customer has already decided the price. No one would ever accept a very expensive Toyota Corolla, for example. Unless we can bring the cost down to meet consumer expectation, we cannot sell the product.
In the beginning, it was quite difficult to be competitive with conventional fuel-engine vehicles because you need the extra component of the battery. But once we went into mass production, we could manage to reach a comparable price with the benefit of fuel economy.
In Japan, almost half of Toyota’s sales are already hybridised.
ML: Toyota currently sells 1.3 million hybrids every year (and sold nearly 75 percent of all the hybrids in the US), and accumulated hybrid sales are expected to reach 10 million by the end of the year. Who’s buying? KH: Mainly in the US and Japan. Norway and Sweden also have very high percentage of hybridised vehicles. Northern European countries have a high market share, both for Toyota and for hybrids, which was not the case in Germany or France until recently. And, of course, Monaco is exceptional because H.S.H. Prince Albert II practices the use of hybrid vehicles.
ML: Can you give a brief history of low carbon engine technology? KH: People commonly believe that battery technology will evolve, but the reality is that battery electric vehicles (BEV) sales have been quite low, although Tesla has seen success in California.
Despite this, BEV is quite limited in relation to the market mainly because of the inconvenience in the car use. You have to recharge for a long time and the energy is limited. It’s claimed that you can drive for 300 to 400 kilometres in normal conditions but with the A/C on in the summer or heating on in the winter, this figure is reduced to 150 or 200 kilometres. So you need to recharge often which is simply not practical.
However, with hydrogen fuel cell cars you can charge in three minutes and you can drive another 500 kilometres.
The only problem is the lack of the infrastructure. If that could be improved, we could use fuel cell cars with no emissions, which is almost as convenient as a conventional car.
ML: Why are governments dragging on the issue of developing the infrastructure in terms of recharging stations? KH: The complexity lies in the fact that it’s quite difficult to make a margin from selling electricity. Rapid charging may be expensive, but hydrogen is cheaply available and, in the future, wind and solar power. Money can be made from selling hydrogen and this margin may encourage the necessary investment in infrastructure. The problem in the beginning is that not many hydrogen cars are on the road, so there is no quick money to be made – long-term investment is necessary.
ML: How does a hydrogen-powered car work? KH: In a conventional car, a small explosion is made in the combustion chamber to run the engine. In hydrogen fuel cells, it’s an electro-chemical process. The hydrogen combines chemically with the oxygen in the air to generate electricity, but with no sound, and no real combustion. Just like a battery. Then the exhaust is just water vapour. The fuel cell car is the electric car, but the electricity is generated by hydrogen.
An electric car needs to be recharged at home or at a recharging station whenever the charge runs out. The fuel cell car can be recharged at a hydrogen station in three or four minutes, just like with a gasoline car, this making it very competitive with conventional vehicles.
ML: So it makes sense to move towards this technology in the future. KH: All manufacturers are working to bring this technology to the market sooner or later. Toyota, Hyundai and Honda have already made this commercially available. Daimler is preparing to launch before the end of the decade but it takes some time to put these cars on the road.
This is a way to decarbonise transport because hydrogen is carbon-free. In a decarbonised society, you need a supply of energy, such as solar, wind power or biomass. The problem is the regularity of these sources. For example, with wind power, the wind fluctuates. One day it could be blowing strongly and the next not at all. So you need some way of storing this energy.
Energy companies are now thinking that hydrogen may be a solution for energy storage. You can produce hydrogen by electrolysis from excess of wind power or solar power and store this energy in the form of hydrogen. This hydrogen can then be used to inject into gasoline to decarbonise the gas. Or it can be used for fuel cells to produce electricity, or even injected into the normal power generator. This produces a huge amount of renewable energy for society.
Hydrogen is everywhere; it can be cheaper and help move transport into low carbon.
ML: In speaking with Alexander Schey of Vantage Power, he developed a hybrid engine specifically for the bus sector. Is the hydogen fuel cell engine compatible with and economically viable for bus or truck transport? KS: Indeed, this is the vision. In fact, the American company Nikola announced on December 1st, 2016, the use of a hydrogen fuel cell for a 20- to 30-tonne semi-truck. So fuel cell and hydrogen engines have a huge potential for passenger and heavy duty vehicles, as well as for trains. In September Alstom unveiled their zero-emission trains.
One could imagine a battle between the electric and hydrogen powered fuel cell technology, but personally, I believe there is room for both. For example, from crude oil you can produce both gasoline and diesel, so for a decarbonised society in the future, you need to use both electricity and hydrogen. Only in small vehicles, like a Corolla or a Golf, could there be something of a battle between electric or hydrogen power.
ML: Why are we hesitating if indeed this would allow for a decarbonised society?KS: Society’s understanding of these technologies is still not completely clear. Much of the media coverage of electric vehicles makes it simple and easy to understand. Storing renewable energy in a car battery is a beautiful and a very simple story that people can believe. But this technology is limited to small vehicles or bikes. The technology of the future is advancing but, by contrast, hydrogen can be even more complex to understand. The processes of renewable energies create the problem of storage. Hydrogen also has other applications, for example, in a huge energy value chain usage like heating a home or running industrial machinery or trucks, for these uses we need hydrogen if we want to decarbonise society.
ML: How is hydrogen power beneficial to society? KS: People call me a hydrogen missionary. There are many ways to contribute to society. Some people donate money while others, like engineers, contribute by improving efficiency in the way we live. If we combine all these people we can change the world. But it is not easy. For those people who are interested in money, we need to talk about the economical value of hydrogen. There is no universal language to convince everybody.
In the early days of hybrid vehicles, even within the field of engineering, communication was difficult. Those working in electric vehicles used a different language from those working on the engines, so when you assembled the hybrids, it was like the tower of Babel. We needed to define the terminology and to synchronise the way people thought about the technology. For example, in the field of electrics, quick means 1 millisecond. For engines, quick means 10 milliseconds but for brake or chassis technicians, quick means less than 1 second. And this happens everywhere in the world. What I have to do is to work on the language, on definitions. Currently, that is my job.
ML: What would you say is the biggest misconception about hydrogen fuel, and how do you address this problem in terms of public perception? KS: Some people mistakenly believe it’s very dangerous, like in the Hindenburg disaster. In fact, the Hindenburg case is an example of how safe hydrogen is because of the millions of cubic metres of hydrogen involved and yet nobody was injured. The 35 people killed jumped out of the burning ship, but the more than 62 people who stayed onboard were saved. There was no explosion, the hydrogen was burnt. When you mix hydrogen with air pressure under certain conditions it explodes, but it’s the same for gasoline or any other fuel, because it is an inflammable fuel.
Young people don’t trust hydrogen because of what happened in Fukushima in 2011. The system tried to dissolve the hydrogen but because of a lack of electricity it didn’t work. So with the very high temperature, the fuel dissolved the water, which split into hydrogen and oxygen and accumulated inside the building before an accidental spark ignited.
This has nothing to do with hydrogen. Had it been LP gas or natural gas, the explosion could have been much more dangerous.
ML: You lived in Brussels from 1993 to 1996 as a Toyota representative talking with energy companies and other manufacturers about the future of those energies. What did you learn about the legislative process during this time? KS: This is indeed a huge obstacle as each country has its own regulation, although within the EU it’s relatively simple. I was sent to Brussels to solve these issues and had to go also to Germany and the UK to discuss them. But from 1994, we had united EU regulations, so we did not have to make a specific vehicle for Germany or for France, just one homologation for the EU. But outside the EU, Thailand, Asia, China or Russia, the regulations are all hugely different. It’s also happened that a country has changed its regulations during the development phase.
We believe that hydrogen can solve partially this issue because there are no problems with emissions. This means that engineers can work to improve the vehicle rather than tackle the different regulations.
ML: You are often referred to as a visionary. What do you see in the future? SK: I am 61 and recognise that my generation is the first to make the world worse off for than we received it. This is my biggest regret. Mungo Park, Chairman and Founder of Innovator Capital and Founder of CleanEquity® Monaco, and I share the idea that we must set the foundations of a sustainable society for our next generations – of course, this will not happen overnight.
We need to clean up the world, and hydrogen or renewable energies will create more jobs in the future than just using fossil fuels. The Stone Age was not over because of a lack of stones. We still have a lot of stones, but we no longer use them. Previously people were looking at the lack of oil, but if we are interested enough, we can finish this oil dependency with a shift in our interests.
Look at coal in the UK. The Labour government tried to bypass the coal movement but due to the pressure of the coal miners, they spent a lot of money in trying to extend the life of coal mines. But actually, UK coal is no longer cost competitive. If you take one kilowatt of electricity, renewable energy like wind or solar is cheaper than coal. If society moves with the economy, it’s the economy that’s advancing.
ML: How did you meet Mungo Park and learn about CleanEquity® Monaco (CEM)? KS: I have many friends who have tried to introduce me to Mungo but we only had the opportunity to meet two years ago. It’s a great honour to be a very good friend of Mungo’s – we haven’t had many occasions to meet, maybe ten times – and to share the same vision for the future.
I made a presentation at CleanEquity® Monaco last year about the introduction of hydrogen fuel cells and the huge potential of hydrogen, not just in the automotive industry, but its role in society, which is not yet recognised.
I tried to show its potential in replacing very expensive oil. Japan spends $160 billion a year to import oil and $250 billion to import fossil fuel. Europe spends €400 billion ($417 billion) to import fossil fuels within Europe. The US, even though they have a huge resource of gas, they are importing $440 billion every year.
These sums can be internalised by properly introducing renewable energy and to create jobs in the US, the EU and Japan.
ML: How can you take on the oil industry? KS: In fact, the so-called oil industries are not making huge amounts of money. Saudi Arabia or the UAE are making money by selling oil, but Shell or Total, or other petrol companies, are not getting such profits. They are engineering to explore the oil, or gaining money through the process of oil production, so these companies are showing great interest. Thirty to forty years ago, there were high margins in the oil business, but now, they see that business is not as good because the value adding is quite limited for these companies. If you find a better business, these oil companies will move.
Also, it may be interesting for oil producing countries to expand the lifespan of oil. There maybe a reduction of revenue for a period, but hydrogen will extend the revenue for a longer time and, at today’s consumption rate, total profit will be increased.
ML: What makes CEM a success? KS: H.S.H. Prince Albert II and Mungo are passionate about accelerating the changes needed to make the world better. Money helps the gap between technology and implementation needed to improve society.
There is a vision with the attending investors. Most are quite wealthy and they want to make a contribution to society as well as having some return on their investment. Take the Monaco Casino – if you play at the casino everyday you will lose your money. If you bet your money instead on CEM, you have a huge chance to get some money back.
I have met several CEM investors who are very satisfied by the results.
Bibi Morelli Schofield, Owner and Managing Director of Morelli’s Gelato
