Potentially, yes. I'm not sure about the cost effectiveness compared to other solutions like pumped storage hydropower. There's also the risk of explosion when storing hydrogen, which is a tough problem to solve.

What's going on in Latvia and Lithuania?

No, hydrogen is a dead end with current technology. There is no good way to produce it at scale. We basically have two options:

1. Strip the hydrogen off of hydrocarbons, usually methane. The leftover carbon becomes CO and CO2 which is released into the atmosphere.

2. Split water molecules using electricity. This requires generating a ton of electricity using a traditional power plant. You're better off just making the electricity and skipping the hydrogen step.

Alao, once hydrogen is produced it really wants to burn. You do not want to get in a car accident with a tank of hydrogen under your back seat.

The competition is screwed.