Safe and reliable metal hydride canisters (MHCs) for the use of hydrogen storage at low pressure can be applied to supply small fuel cell vehicles or scooters with hydrogen fuel. However, greater cost-effectiveness of hydrogen gas is obviously necessary to the successful promotion of hydrogen fuel cell scooters in the market. In this study, we use the net present value (NPV) method to evaluate the feasibility of an investment project on the supply of purified hydrogen in a pulp company at Hualien, Taiwan. The purified hydrogen can be separated from waste hydrogen by using pressure swing adsorption (PSA) technology and then be stored in MHCs. Under some assumptions of improved parameters about hydrogen production cost and hydrogen gas price, the discounted payback period of hydrogen purification and storage project in our study can be less than 10 years and the unit cost of hydrogen gas can be close to the price of gasoline. Moreover, the unit cost of hydrogen gas in our study can be lower than the cost from other sources of hydrogen.