Japanese Mitsui & Co. invests in Norwegian Hydrogen
Norwegian Hydrogen will develop, build, and operate production facilities and infrastructure for green hydrogen.
“The investment from Mitsui is an important milestone for Norwegian Hydrogen. To have a reputable multinational company as an owner is a confirmation of our business model. At the same time, the private placement enables further development of our company and projects,” said CEO of Norwegian Hydrogen, Jens Berge.
The company plans for strong growth, with several new projects and a substantial upscaling of their organization within the next few months. To this end, Norwegian Hydrogen intends to carry out a major capital expansion within the next year and has engaged ABG Sundal Collier as an adviser.
Norwegian Hydrogen was established in 2020. The company currently builds its first hydrogen factory in Hellesylt, at the entrance to the world-famous Geirangerfjord. The Hellesylt Hydrogen Hub will produce hydrogen from the fourth quarter of 2023 onwards, and will, among other things, supply zero-emission fuel to ships sailing into the famous fjord.
The company is developing a number of hydrogen projects in the Nordic region and will develop a network of filling stations in all the Nordic countries. The company has entered into a cooperation agreement with Mitsui and FirstElement Fuel, which operates the world's largest network of hydrogen filling stations in California under the brand name True Zero.
Mitsui is already a shareholder of Hexagon Composites ASA and Hexagon Purus ASA, which is one of the largest shareholders of Norwegian Hydrogen. It was through this connection that Mitsui become familiar with Norwegian Hydrogen. Over time, this led to Norwegian Hydrogen and Mitsui developing close ties and eventually Mitsui wanting to invest in Norwegian Hydrogen.
“We are excited to reinforce our partnership with Norwegian Hydrogen as the extension of our ongoing partnership including FirstElement Fuel and also in addition to our strategic alliance with Hexagon Composites and Hexagon Purus. With this investment, Mitsui will seek synergies between Norwegian Hydrogen and Mitsui’s existing investment portfolio in the hydrogen space in order to support Norwegian Hydrogen’s growth and to expedite the establishment of a reliable hydrogen market in Europe. We keep committing ourselves to the development of a hydrogen-based economy,” said Takafumi Kasai, GM Functional Materials Division of Mitsui.
Some of the capital which Norwegian Hydrogen receives will be used for the development of the factory in Hellesylt, while the rest will be used for business development and investments in other hydrogen projects.
- We have extensive long-term ambitions in the hydrogen market, and with our growth strategy we are also keeping an eye on early-phase companies to acquire, says Jens Berge.
Norwegian Hydrogen has entered into several strategic cooperation agreements with well-established industrial players both domestically and abroad. The company already works on multiple hydrogen projects through its subsidiaries in Sweden and Denmark.
About Norwegian Hydrogen AS
Norwegian Hydrogen AS will produce and deliver green hydrogen to the entire Nordic region. The company will build and operate an effective network of production sites and distribution systems tailored to meet the future requirements for zero-emission fuels in a wide range of mobility sectors and industrial segments. Norwegian Hydrogen AS’ infrastructure will be developed in a systematic manner, and the company will play an active role in the establishment of the new zero-emission hydrogen market. The company is supported by a group of strong industrial owners, such as Flakk Group, Hexagon Purus, Hofseth International, Tafjord Kraftproduksjon, and Mitsui & Co., Ltd.
Norwegian Hydrogen’s head office is in Ålesund, Norway.
For more information visit www.nh2.no
Mitsui & Co., Ltd. (8031: JP) is a global trading and investment company with a diversified business portfolio that spans approximately 63 countries in Asia, Europe, North, Central & South America, The Middle East, Africa and Oceania.
Mitsui has about 5,500 employees and deploys talent around the globe to identify, develop, and grow businesses in collaboration with a global network of trusted partners. Mitsui has built a strong and diverse core business portfolio covering the Mineral and Metal Resources, Energy, Machinery and Infrastructure, and Chemicals industries.
Leveraging its strengths, Mitsui has further diversified beyond its core profit pillars to create multifaceted value in new areas, including innovative Energy Solutions, Healthcare & Nutrition and through a strategic focus on high-growth Asian markets. This strategy aims to derive growth opportunities by harnessing some of the world’s main mega-trends: sustainability, health & wellness, digitalization and the growing power of the consumer.
Mitsui has a long heritage in Asia, where it has established a diverse and strategic portfolio of businesses and partners that gives it a strong differentiating edge, provides exceptional access for all global partners to the world’s fastest growing region and strengthens its international portfolio.
For more information on Mitsui & Co’s businesses visit, www.mitsui.com