Hydrogenated liquid organic compounds are used for storage and supply of hydrogen at near ambient conditions. The hydrogen is released from the hydrogenated liquid organic compounds through a catalytic dehydrogenation reaction using a M/support or M-M′/support catalyst. The M/support catalyst comprises a metal M selected from Pt, Pd, Rh, Ru, Ir, Os, or combination thereof, and a support selected from Y2O3 or V2O5 or combinations thereof. The M-M′/support catalyst comprises a first metal M selected from Cu, Ag, Au, or combination thereof, a second metal M′ selected from Pt, Pd, Rh, Ru, Ir, Os, Fe, Ni, Re, Mo, W, V, Cr, Co or combinations thereof, and a support selected from activated carbon, alumina, alumite, zirconia, silica or combination thereof. Synergistic effects are created by using the combination of the M and M′ in the catalyst, which result in shifting of the equilibrium of the reaction favorably to dehydrogenation.