Get the point, but I'm not interested in fuel cell efficiency, but in the fuel itself. With EVs the problem wasn't really the cars, it was lack of decent battery technology.

All the analysis is based on how expensive it is to produce Hydrogen itself. And yes, with the current processes we have in place that's true. But what if it wasn't?

The Japanese are experimenting with HTTR as one potential method which uses excess heat from a reactor in order to get better results than straight electrolysis.

If I were investing in H2 I'd be focused on production, not cars or trains. Because even if it's never used for that, it sure would be nice to have an abundant supply for chemical and industrial processes like low-carbon steel.