International majors invest 170 million NOK in Norwegian Hydrogen Mem-TechPDF
International majors invest 170 million NOK in Norwegian Hydrogen Mem-TechAP Ventures, Yara Growth Ventures, Shell Ventures, Saudi Aramco Energy Ventures, and SINTEF Venture are putting their trust and investment into Hydrogen Mem-Tech. The company´s technology separates hydrogen from bio and natural gas, and the capital will accelerate commercialization and growth in the years to come.
“We are both proud and incredibly humbled to have secured what will be one of the largest capital investments in an early-stage Norwegian tech company in recent years”, says Thomas Reinertsen, CEO of Hydrogen Mem-Tech.
Just one year into its commercial phase, the Trondheim based company has gained both attention and fresh capital from major Norwegian and international players.
The company has developed a technology where clean hydrogen is produced from bio and natural gas, while CO2 and other residual gases are captured and can then be utilized or sequestered. Palladium is a hydrogen selective metal, and the HMT membrane technology builds on more than 20 years of SINTEF research and has been extensively tested and piloted in the field over several years.
“We are very pleased to have secured investors with a strong mix of industrial and financial expertise. I´m certain that our new investors will help deploy our technology out into the world. I´m also extra proud that so many of those who invested in the technology in our early days still are with us. This is an important milestone for the company and the team is ready to live up to the expectations.” said Thor Egil Five, Chairman of the board at Hydrogen Mem-Tech.
A unique combination of investors
Leading hydrogen venture fund in front“We are delighted to have led the investment round for Hydrogen Mem-Tech with a strong group of co-investors. As an established investor in the hydrogen value chain, we understand the exciting potential of this technology to unlock decarbonization opportunities across hard to abate industry and mobility.” said Andrew Hinkly, Managing Partner at AP Ventures.
Yara´s investment company for start-ups, ‘Yara Growth Ventures’, are among the new investors.
“We believe that this promising technology developed in Norway will contribute to trigger new Norwegian industry and help increase the use of hydrogen and ammonia. This is one of several investments we plan to make in Norway”, says Stian Nygaard, Investment Director at Yara Growth Ventures.
Ready to use the technology“As a company, we have an ambition to accelerate the hydrogen economy.HMT’s technology enables the adoption of hydrogen and ammonia and fuels the progress society needs for a cleaner energy future.We are excited to help them take the next steps and explore the many potential applications across industries”, said Bilal Ahmad, Venture Principal at Shell Ventures.
For Saudi Aramco Energy Ventures this investment into HMT is very strategic. Hydrogen and carbon capture technologies are of the highest importance to Aramco, and we look forward to working with HMT to use their unique gas separation membranes and realizing the benefits they bring”, says Richard Riggs, Investment Director Saudi Aramco Energy Ventures.
SINTEF a partner from the start“We are very happy to be able to partner with this highly respected and professional venture investor group to bring HMT one step closer to commercial success. The technology behind the technology is licensed from SINTEF and our investment in HMT supports our key mandate - Technology for a better society, where we invest in companies with SINTEF based technology.” says Asle Jostein Hovda, Investment Director at SINTEF Venture.
Hydrogen Mem-Tech's unique technology can be used on both large and small installations and has the advantage of being space efficient with low operating costs. In a world where the need for rapid conversion to emission-free energy sources is enormous, the company's technology can represent a very important contribution. The new investors make it possible for the company to realize what was previously a five-year plan over the next two years.
“Our ambition is to spearhead the green shift. With a solid capital base and several of the world's leading players behind us, we want to contribute to position Trondheim as a force to be reckoned with in the field of green technology. We are now ramping up our operations and are currently recruiting to create a strong and competent team within hydrogen technology”, says Reinertsen.
Public funding a key enablerHMT has been a beneficiary of Norwegian public funding agencies who have supported the company´s growth and thanks their ongoing support.
“Hydrogen Mem-Tech has received support from Gassnova, Innovation Norway and the Research Council of Norway in the development of the technology. Through public funding we have secured important support in commercializing our technology. Now we are currently conducting research into whether the technology can transform ammonia to hydrogen, and thereby help solve a challenge associated with transporting hydrogen. If we succeed, this will represent a solid break through, which can really accelerate the green shift”, says Reinertsen.
Through the CLIMIT-program (a program supporting development of CCS-technology) Gassnova has supported the development of the palladium silver membrane technology from lab to piloting in several projects.
“To see the development of the technology’s maturity throughout the years has been both interesting and exciting. Hydrogen Mem-Tech is a prime example on how focused collaboration between industry and research can secure rapid commercialization. In the next leg of the journey, it is important to show how the technology can be utilized in several ways to advance the green shift”, says Jørild Svalestuen, from the CLIMIT program.