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Hydrogen is a pants molecule to use as a form of energy howsoever you want to paint it. What improvements have been made in electrolysis? The yield and energy in vs that out was still pants from what I have read recently. Generating electricity is a hideously inefficient process (40% would would be good going in anyone's book), using that electricity to then generate hydrogen is going to be painfully bad once you go and burn it in an internal combustion engine which sends half the energy involved straight out of the exhaust.
Sorry, missed this one. I think the big PEM systems are in the 50-60% efficiency range now, no one cares about the efficiency of electricity production for these anymore as it will have to be from renewables anyway, it just means that it will have to be made somewhere in the world with good access to water and renewable energy but limited local need for the electricity (or water).
You then need to ship the H2 or convert it into something else and ship that.