Hystar AS (www.hystar.com), the Norwegian high-tech hydrogen company, today announces a Series B funding round of USD 26mn to rapidly scale-up to full commercial operations with an automated GW-capacity production line by 2025. The injection of capital, raised through equity, will also be used to fuel Oslo-headquartered Hystar’s growth, expansion into new markets, and ability to deliver on larger (100 MW and beyond) projects.

The round was co-led by AP Ventures and Mitsubishi Corporation. Additional investors in the round included Finindus, Nippon Steel Trading, Hillhouse Investment and Trustbridge Partners alongside existing investors SINTEF Ventures and Firda.

Hystar’s PEM electrolysers are the most efficient and safest in the world and have been designed for mass manufacturing from the very beginning. The ultra-efficient design, which is patented and unique to Hystar, boasts a 90% thinner membrane than conventional electrolysers, enabling the production of up to 150% more green hydrogen.

Hystar’s patented technology is a game-changer when it comes to tackling hard-to-abate sectors at scale, such as steel, ammonia, and heavy-duty transportation. The global steel industry alone, for example, will require 52 million tonnes of green hydrogen annually to decarbonize by 2050 according to Wood Mackenzie.

Fredrik Mowill, CEO of Hystar, said of the funding round: “Since our inception, we have been committed to rapidly scaling up to ensure the widespread commercial deployment of our game-changing technology. We are therefore excited to have closed our Series B funding round with such high-quality industrial and financial investors who can contribute to accelerating our growth. We look forward to working with our new shareholders to explore joint opportunities to deploy green hydrogen projects at scale. We’re also very happy that our existing shareholders, with AP Ventures in the lead, have continued their strong support of Hystar.”

Charlie Clark, Investment Manager at AP Ventures, said of their investment in Hystar: “We have been hugely impressed by the technical results and growth that Hystar has delivered over the past few years. We are pleased to have co-led this Series B funding round alongside Mitsubishi Corporation to enable Hystar to deploy automated capacity to scale the production of its world-leading PEM electrolyser technology. We look forward to continuing to support Hystar as it works to produce ultra-efficient green hydrogen which will be vital to support global efforts to decarbonize industry and society.”

Toshihiro Hayashi, General Manager, Mineral Resources Group at Mitsubishi Corporation, added: "Hystar has a critical role to play in decarbonizing global industry, which aligns with our strategic plan to invest in sustainable solutions for decarbonized societies. Green hydrogen is one of the key focuses for Mitsubishi Corporation and we believe Hystar’s unique technology has the potential to significantly impact its large-scale deployment. We look forward to working with Hystar as they ramp up to widespread commercialization and realize their game-changing ambitions for green hydrogen."

Hans Maenhout, Investment Director at Finindus, said of their investment: “A lower cost and increased flexibility of green hydrogen production is the key to success when it comes to the role hydrogen has to play in decarbonizing our society. This is exactly what the Hystar technology provides. Add to that the intrinsic safety of Hystar’s electrolysers, as well as the design for mass-manufacturing approach which allows for utilizing existing supply chains, and you have an excellent value proposition to offer to industrial customers such as ArcelorMittal, the world’s second largest steel manufacturer and Finindus’ key industrial partner.”

Luke Li, Founding Partner at Hillhouse Investment, added: “The scale of decarbonization required for global industry cannot be underestimated; it is undoubtedly across these applications where green hydrogen will have its most profound impact. Hystar understands that, and its plans to commercialization in partnership with major industry players will pave the way for significant progress and a greener future – a vision Hillhouse is proud to support.”

On 10 October our Managing Partner, Andrew Hinkly, was invited to chair a session on, “Accelerating New Technologies and Lowering Costs” by the US Department of Energy and Sustainable Energy Council.  The meeting was opened by the US Secretary of Energy, Jennifer Granholm, and Ali Zaidi, the National Climate Advisor and Assistant to the President.  The speakers emphasised the United States’ commitment to hydrogen and how decisive the present decade will be to achieving both industrial and climate goals.

In addition to AP Ventures, the technology session included representatives from Cummins, Bloom Energy, ABB, Sunbelt and SGH2 energy.  The panel built on the comments from the prior speakers and projected a message of confidence and commitment to developing new technologies and scaling production capacity.  The panel emphasized how the Inflation Reduction Act along with the Infrastructure Investment and Jobs Act will accelerate the growth of the hydrogen industry.

ZEG Power announced in September 2022 the successful closing of its Series-B capital raise. The funding round raised NOK 200m (c. USD20m) and was led by SLB’s New Energy division and was followed by existing investors. AP Ventures is delighted to welcome SLB to the ZEG Power shareholder group and looks forward to collaborating with SLB in scaling the technology. The funding will support: commissioning and start-up of the first-of-a-kind H1 plant; development of ZEG Power’s medium-scale H15 system (15tpd capacity); and expansion of the team.

The SLB investment will be accompanied by technical support and collaboration to rapidly scale the ZEG Power technology by harnessing SLB’s process engineering excellence. In addition to technical collaboration, ZEG Power and SLB will deepen their commercial relationship as the two parties work towards global deployment of the ZEG Power technology for clean hydrogen production at scale.

https://zegpower.com/posts/zeg-raises-nok-200-million-in-new-funding-for-clean-hydrogen-production-technology/

At the end of September, Hystar announced that Yara Clean Ammonia will join the HyPilot project, which will see the first in-field test of Hystar’s 1 MW containerized electrolyser. The PEM electrolyser will be commissioned in the second half of 2023 at the Kårstø Gas Processing Plant in Rogaland, Norway, operated by Gassco.

The HyPilot project will seek to validate Hystar’s patented PEM technology under realistic field conditions, using a containerized PEM electrolyser, in partnership with Yara, Equinor and Gassco. The electrolyser will be run for a total of 10,000 hours, providing performance data from various operating regimes to validate long-term commercial operation.

https://hystar.com/yara-clean-ammonia-joins-hypilot-project-with-hystar-equinor-and-gassco/

Earlier in October, Michelle Robson, one of our senior investment managers, joined the World Hydrogen Congress held in Rotterdam, Netherlands. Attended by over 3,000 delegates, the event attracted a global audience of corporates, investors, start-ups and government and policy makers. Over three days, the event covered topics such as: hydrogen use in industrial and steel making applications; a review and discussion of global green hydrogen projects; the role of policy making in delivering competitive hydrogen pricing; and opportunities for greater diversity and representation within the industry. There were also several sessions covering the opportunities and challenges of financing innovation and scale-up, including a fire-side chat on financing for innovation, in which Michelle participated alongside representatives from the European Investment Bank and Germany’s Bayerische Landesbank. Michelle later shared her perspectives on the event in a short interview with World Hydrogen Congress CEO, Nadim Chaudhry. 

DENVER, CO – October 18, 2022 – Starfire Energy, a developer of modular chemical plants for the production of carbon-free ammonia, today announced a $24 million Series B funding round. The funding round was led by Samsung Ventures and includes investments by AP Ventures, Çalık Enerji, Chevron Technology Ventures, Fund for Sustainability and Energy, IHI Corporation, Mitsubishi Heavy Industries, Osaka Gas USA, Pavilion Capital, Rockies Venture Club, and Friends and Family. This investment supports Starfire Energy’s commitment to making sustainable energy a reality by offering cost-effective, modular, and easily implemented carbon-free ammonia production and ammonia cracking systems.

The new funding raised will be used for continued product development of the Rapid Ramp© and Prometheus Fire© systems. Rapid Ramp uses a modular system design for the production of green ammonia using air, water, and renewable energy as the sole inputs. Starfire Energy is currently in discussions with multiple organizations for field demonstration programs that will jump-start product availability and shipment worldwide. While ammonia has been used as a fertilizer for over a hundred years, new end-use markets have arisen for the power generation, grid storage, industrial heat, maritime, and mining sectors.

Additionally, Starfire Energy will utilize part of the funds to continue development of the Prometheus Fire© product line. Prometheus Fire© is an advanced cracking system that converts ammonia into hydrogen. The Prometheus system operates at lower temperatures than other crackers and creates cost-effective ammonia-hydrogen blends that can replace natural gas. By developing complimentary systems that produce both green ammonia and crack ammonia into hydrogen, Starfire is bringing to market technologies that accelerate the transition to a carbon-free future.

“The industry standard Haber-Bosch process does not perform well using variable renewable energy for its power. Starfire has developed a new process that solves the issue of needing to run ammonia synthesis in a steady state. Our Rapid Ramp© technology can quickly ramp ammonia production up and down, including turning on and off, according to when intermitent renewable energy is available. It requires no hydrogen storage or energy storage, which is essential for affordable renewable ammonia production,” stated Joe Beach, Chief Executive Officer of Starfire Energy. “We are delivering a truly disruptive technology solution that solves a very real industry problem while also helping to solve the global problem of sustainable energy.”

Starfire Energy’s Rapid Ramp© system is adding ammonia fuel to the international sustainable energy discussion as a true innovation because the platform allows for far easier, safer, and cheaper storage and transportation than other carbon-free fuels. Ammonia is a well known industrial commodity with global infrastructure already in place. There are companies around the world developing equipment to use carbon-free ammonia fuel in place of natural gas, diesel, and bunker fuel.

Liam Ahn, Principal with Samsung Ventures, commented, “It’s exciting to find a company that has the potential to disrupt multiple industries and simultaneously make carbon-free energy a reality. Starfire Energy is moving forward quickly into a market that is well set for a combination of growth and revenue potential.”

For more information on Starfire Energy solutions and service details, visit www.starfireenergy.com

AP Ventures was invited to present at this years’ LMBA / LPPM conference in Lisbon, attended by over 750 delegates. The Fund was represented by Charlie Clark, Investments and Portfolio Manager, who spoke on a panel regarding the Future of PGMs. He was joined by representatives from Heraeus and Tanaka, with the session chaired by David Jolie from Anglo American. Charlie spoke on the role that PGMs play in decarbonisation and a sustainable future, with a particular emphasis on the hydrogen value chain. It was great to see strong audience participation, with particular interest on the scale of demand creation for PGMs, and where the Fund saw the largest opportunity areas for individual PGM demand residing. It was also discussed how existing PGM demand markets (e.g. catalytic converters) could be prolonged through efuels, which require green hydrogen and CO2 as inputs for production

Lutterworth, UK – September 27th, 2022

Hypermotive Ltd. (“Hypermotive”), a leader in electric and fuel cell vehicle systems integration, today announced an investment from London-based AP Ventures.

Hypermotive has gained a reputation across a wide range of transport sectors for its innovative integration solutions for battery electric and fuel cell vehicles. Supported by a world-class manufacturing division, Hypermotive has been developing a portfolio of products and services to accelerate the development of the next generation of zero-emission transportation technologies.

Since its formation in 2016, Hypermotive’s business has enjoyed year-on-year growth and expansion, from its core markets of automotive and commercial vehicles, into rail, marine, aerospace and defence. This strategic investment from AP Ventures will support Hypermotive’s ambitions to rapidly scale in a number of key markets to meet the growing demand for its services, products and manufacturing.      

Adam Huckstep, Managing Director of Hypermotive, said “The investment from AP Ventures is the natural progression of the relationship that has developed between our organisations, which includes Hypermotive already working with one of AP Ventures’ portfolio companies. The capital investment, coupled with the exploitation of existing and new synergies with AP Ventures, will help us to accelerate Hypermotive’s growth and capitalise on the increasing demand for zero-emission technologies including fuel cells.

With AP Ventures’ support we will continue to invest in our tier-1 manufacturing capacity to serve our series production customers, further develop our growing e-mobility product and engineering services portfolio, and significantly expand our activities in the hydrogen and fuel cell sector.”

“We are thrilled to invest in Hypermotive and to help the business further expand its portfolio of zero-emission transportation products and engineering services”, says Kevin Eggers, founding Partner at AP Ventures. “The team’s peerless experience in fuel cell and electrical powertrain engineering, coupled with their deep knowledge of the mobility sector, is highly synergistic with AP Ventures’ commitment to the hydrogen value chain.”

About Hypermotive

Founded in 2016, Hypermotive Ltd. is one of Europe’s leading electric vehicle systems and fuel cell integrators, with a number of facilities across the UK and Germany. Hypermotive operates three business divisions: Hypermotive Fuel Cell (FC) Systems, Hypermotive Electric Vehicle (EV) Systems; and Hypermotive Wiring Systems (Manufacturing) 

Hypermotive’s Fuel Cell Systems team leads fuel cell programs for customers from technology startups to automotive OEMs.  The Company has experience of integrating fuel cells into all transport sectors including: automotive; commercial vehicle; off-highway; rail; marine; and aerospace. Hypermotive’s fuel cell engineering capability includes system design, controls and monitoring, air handling, fuel handling and thermal management and the electrical and mechanical integration of fuel cells and hydrogen storage systems. The Company is frequently engaged as technical advisor by a number of e-mobility industry bodies.

Hypermotive’s broader electrical engineering capability includes: low-voltage and high-voltage systems design; electronics design; software/control development; and functional safety. The Company is also a tier-1 manufacturer of electrical systems for fuel cell and battery vehicles.

More info at: www.hyper-motive.com

About AP Ventures

AP Ventures is headquartered in London and manages venture capital funds with a global mandate to invest in pioneering new technologies and businesses which aim to solve global challenges such as renewable energy integration and resource scarcity. AP Ventures has been investing in the hydrogen industry since 2013 and is recognized as a leading venture capital fund across this value chain. AP Ventures manages $395m of assets on behalf of 12 LPs and invested in more than 20 technology companies across the hydrogen value chain. AP Ventures is led by Andrew Hinkly (Managing Partner) and Kevin Eggers (Partner). 

More info at: www.apventures.com

Hydrogen is now central to the US decarbonisation strategy which has received unprecedented support with the recent passage of the Inflation Reduction Act. In the context of these policy announcements, Andrew Hinkly, our Managing Partner, will be moderating an exchange on Accelerating New Breakthrough Hydrogen Technologies & Lowering Costs on October 10th. We look forward to seeing you there.

Use the following link to secure your space at the event: Registration – Hydrogen Americas Summit (hydrogen-americas-summit.com)

AP Ventures are excited to welcome new investors SK Gas, Engie New Ventures and Trafigura in a USD 34 million financing round in C-Zero. The funding will support C-Zero’s first pilot plant, which will be capable of producing up to 400kg of hydrogen per day from natural gas with no CO2 emissions. 

Portfolio company Amogy announced a USD 46 million fundraise, where existing investors welcomed new investors: SK Innovation, Saudi Aramco Energy Ventures and Newlab. The new capital will be used to accelerate the commercialisation of the Company’s ammonia-to-power technology across heavy duty transportation and enable leading cargo and fleet owners to eliminate fossil fuels and reduce emissions.

The ONS (Offshore Northern Seas) foundation’s biennial exhibition is one of the largest platforms for the Norwegian energy sector and plays host to the Innovation Awards that seek to promote high impact innovations in the energy system. We are delighted to share that ZEG Power has been shortlisted, as one of ten finalists from a pool of over 100 competing groups, for its work to promote and deploy blue hydrogen within the Norwegian energy ecosystem. Congratulations to the ZEG Power team.

Kevin Eggers, Partner at AP Ventures, joined Sebenzile Nkambule on Investec’s new podcast “Future Impact”, where they discussed AP Ventures’ investment focus and the role hydrogen can play in the transportation industry – specifically heavy transportation. Kevin Eggers commented on the significance of hydrogen in meeting net zero targets and deep-dived into the opportunity for South Africa to become a green hydrogen hub. Through green hydrogen, South Africa can valorise its platinum reserves, export renewable energy globally, enhance the stability and resilience of South Africa’s grid infrastructure and accelerate the transition to renewable energy infrastructure – encouraging skill improvement and creating an employment benefit within South Africa.

To listen to the full podcast use the link below: Demystifying Sustainable Investing | Investec Podcast

The Fund, represented by Andrew Hinkly, Alexis Garavel, James Diaz-Sokoloff and Calum Ferguson joined industry veterans in discussing the latest developments across aviation’s sustainability efforts.

ZeroAvia’s Katya Akulinicheva joined a CFO panel alongside counterparts at Rolls Royce, Shell and Virgin Atlantic to share her views on achieving net-zero and zero-carbon air travel and the financing of such a transition. The net zero aviation industry is clearly gaining momentum with disruptive technology companies such as ZeroAvia leading the charge. The sector continues to call for a dramatic scaling in sustainable aviation fuel or SAF - both from biologic and non-biologic sources. The latter represents a vast demand source for low-carbon hydrogen.

Amogy CEO and Co-Founder Seonghoon Woo and AP Ventures’ Michelle Robson recently spoke with Crain’s New York Business about Amogy, their mission, and how their ammonia technology could revolutionise low carbon mobility. Seonghoon describes the challenges in bringing a new technology to market: “In 30, 40 years, in industries like shipping, ammonia is going to be the main fuel…(however), the potential consumers of this technology… have to be committed to this technology that no one has ever tried before”. Michelle summaries the opportunity this presents: “The first mover has the advantage. If you’re willing to go first, you can have this novel technology shaped in a way that’s beneficial to you.”

Use the link below to access the full article: https://www.crainsnewyork.com/chasing-giants/brooklyn-startup-amogy-turns-household-cleaner-electricity-power-vehicles

Brooklyn, New York, June 23, 2022 - Amogy Inc., a pioneer of emission-free, energy-dense ammonia power solutions, today announced it has raised $46 million in additional capital to further scale its highly efficient ammonia-to-power technology, with plans to apply its systems to an 18-wheel tractor trailer as well as an ocean cargo ship. Following momentum from recent successful demonstrations of the first-ever, ammonia-powered, zero-emission farming tractor and aerial drone, Amogy will use the funds from the bridge round to accelerate the commercialization of its energy-dense power solution that will decarbonize heavy-duty transportation and enable leading cargo and fleet owners to eliminate fossil fuels and reduce emissions from their supply chain.

Founded in 2020, Amogy’s emission-free power technology offers a truly unique decarbonization system for global transportation, a sector which currently accounts for an estimated 17% of greenhouse gas emissions - a share that experts expect to increase. As global businesses search for low carbon transportation options, batteries and hydrogen fuel cells offer part of the solution; however, due to the weight and volume constraints required in applications such as heavy-duty ground, sea and air transportations, these technologies are limited.

Comparatively, Amogy’s solution leverages ammonia, an energy dense, carbon-free molecule, which is crucial to zero-emission heavy duty transportation. Moreover, because the chemical has been used industrially for more than a century, existing storage, handling, and delivery infrastructure is already in place globally, making ammonia an optimal fuel for long-haul trucking, locomotives, aviation, and shipping – so-called “hard-to-abate” areas that have all proven difficult to decarbonize. With its highly efficient, lightweight, and compact ammonia power technology, Amogy aims to reduce roughly five billion metric tons of CO2-equivalent emissions by 2040, while accelerating the global journey towards net zero by 2050.

“To reach net zero emissions by mid-century, we must decarbonize the heavy-duty transportation sector. While existing fuel sources and technology have fundamental bottlenecks, ammonia represents an accessible, abundant and sustainable option for decarbonizing long-haul transportation that is critical to our world economy,” said Seonghoon Woo, CEO at Amogy. “Thanks to our investors sharing our mission, we’ve already been able to demonstrate several impactful, practical applications of our solution and, with this next round of funding, we're well on our way to further scaling our technology to decarbonize industries that are those of the highest emitters of greenhouse gasses.”

To date, ammonia as an energy carrier has been under-explored due to the lack of technology that can efficiently and safely extract energy from ammonia in a constrained space. Amogy’s technology, however, has demonstrated the potential for ammonia to unlock zero carbon, heavy-duty mobility applications through existing demonstration. With the funds raised during this bridge round, Amogy looks forward to further scaling its highly efficient, light weight, compact ammonia processor that can eliminate emissions across more sectors within heavy-duty industries.

“SK Innovation has decided to invest in Amogy, a leading ammonia-cracking based power solution provider, to become a holding company specialized in green portfolio development in order to achieve net-zero emission by 2050. Based on the investment and the cooperation with Amogy, SK Innovation will do its utmost to develop ammonia-cracking based power technology and expand the market,” said a spokesperson for SK Innovation.

About Amogy

Amogy offers ammonia-based, emission-free, high energy-density power solutions to decarbonize transportation for a sustainable future. Founded in 2020 by four MIT PhD alumni with a shared vision, Amogy aims to enable the decarbonization of the heavy-duty transportation sector, accelerating the global journey towards Net Zero 2050. The company has been invested in by Amazon’s Climate Pledge Fund, AP Ventures, DCVC, Newlab, SK Innovation and Saudi Aramco Energy Ventures. To date, Amogy’s scalable ammonia-powered, zero-emissions energy system has been demonstrated with success in a drone and heavy-duty tractor. More info at: www.amogy.com.

About SK Innovation Co., Ltd

Established as South Korea’s first and largest oil refining company in 1962, now leading the way toward ‘Green Energy & Materials Company’ with the ESG value, SK Innovation is a SK Group’s intermediate holding company in the field of energy, petrochemical, lubricants, E&P, e-mobility battery, information and electronic materials businesses along with eight major subsidiaries.

SK Innovation has established a value chain in its businesses with a vertical integration from E&P to producing petrochemical products and expanded the green portfolio through continuous investment in battery and materials sectors. SK Innovation and its subsidiaries are accelerating its future eco-friendly business such as plastic recycling, CCS (Carbon Capture & Storage) and BMR (Battery Metal Recycling) businesses. SK Innovation is also considering various new businesses to play the role of ‘Portfolio Designer & Developer’.

About The Climate Pledge Fund

In June 2020, Amazon announced the creation of The Climate Pledge Fund to support the development of sustainable and decarbonizing technologies and services that will enable Amazon and other companies to meet the goals set by The Climate Pledge. This dedicated investment program—with an initial $2 billion in funding—invests in visionary companies whose products and solutions will facilitate the transition to a low-carbon economy. More information can be found at: http://www.theclimatepledge.com/fund

About AP Ventures

AP Ventures is headquartered in London and manages venture capital funds with a global mandate to invest in pioneering new technologies and businesses which aim to solve global challenges such as renewable energy integration, resource scarcity and a growing population. AP Ventures has been investing in the hydrogen industry since 2013 and is recognized as a leading venture capital fund across this value chain. AP Ventures manages $395 million of assets on behalf of 12 LPs and presently has a portfolio of 18 technology companies across the hydrogen value chain. AP Ventures is led by Andrew Hinkly (Managing Partner) and Kevin Eggers (Partner). More info at: www.apventures.com  

About Saudi Aramco Energy Ventures

Saudi Aramco Energy Ventures LLC (SAEV) invests in companies developing technologies with strategic importance to its parent company Saudi Aramco, to accelerate their development and deployment in Aramco’s operations. This $400 million program was started in 2013. SAEV primarily invests in startups in North America and Europe and has invested in over 50 companies since its inception.

About Newlab

Newlab mobilizes people and capital to advance technologies that support the health of our planet. Newlab acts as facilitator, connector, and translator for its community of experts and innovators, helping to build, test, and scale world-changing ideas through investment, venture building, and structured collaboration with industry and government partners.

AP Ventures took the stage at the JP Morgan Global Hydrogen Week. The Fund, represented by Michelle Robson (Senior Investment Manager) and Charlie Clark (Investment Manager), spoke on the role that venture capital plays in the hydrogen ecosystem bringing innovative technology to commercialisation. They provided examples of technologies from AP Ventures’ portfolio that support the hydrogen transition while also offering industrial scale decarbonisation.

On 1 June Amogy Inc. announced a key milestone in the decarbonisation of heavy-duty vehicles through a demonstration of the Company’s first 100kW ammonia-powered, zero-emissions tractor, which took place on 25 May at Advanced Energy Center in New York. The ammonia to power technology was integrated into a John Deere mid-size standard tractor and was driven for separate periods, allowing refuelling in between. Upon completion of the demonstration Seonghoon Woo, Amogy CEO, stated, “…the Amogy team believes this demonstration and future ones will drive more interest in ammonia as a next generation power source and emissions-free solution among transportation industry sectors and investment partners”.

SANTA BARBARA, Calif.-- C-Zero Inc., a clean energy company that has developed a technology for natural gas decarbonization, announced today that it has closed a $34 million dollar financing round led by SK Gas, a subsidiary of South Korea’s second-largest conglomerate, the SK Group. SK Gas was joined by two other new investors - Engie New Ventures and Trafigura, one of the world’s largest physical commodities trading companies - in addition to participation from all existing investors including Breakthrough Energy Ventures, Eni Next, Mitsubishi Heavy Industries and AP Ventures.

The funding will be used to build C-Zero’s first pilot plant, which is expected to be online in Q1 2023. The plant will be capable of producing up to 400kg of hydrogen per day from natural gas with no CO2 emissions.

“We are excited to be scaling up our innovative technology with experienced investors and partners who recognize the need to decarbonize natural gas and the opportunity that turquoise hydrogen production represents,” said Eric McFarland, CTO of C-Zero. “Natural gas provides a quarter of the world’s energy, so the scale of the opportunity ahead of us is enormous. But we cannot do it alone.”

“We are eager to bring C-Zero’s technology to Korea, where we see great synergies with our plans to build a hydrogen value chain complex in Ulsan,” said Brian (Byung Suk) Yoon, CEO of SK Gas. “SK Gas strongly believes in the potential of methane pyrolysis and its ability to help countries like Korea in their decarbonization efforts by producing low-cost, clean hydrogen.”

“We see significant applications for low-carbon hydrogen production through methane pyrolysis which complement ENGIE’s existing activities and skill sets. Investing early on in C-Zero’s journey brings us familiarity with the technology, and could help ENGIE achieve its goal of Net Zero by 2045” said Johann Boukhors, Managing Director of ENGIE New Ventures.

“Trafigura is backing C-Zero as part of a series of investments in clean energy technologies, including low-carbon fuels needed for the energy transition. C-Zero is reaching a critical stage with the construction of its first pilot plant to successfully demonstrate the production of low-carbon hydrogen from natural gas,” said Julien Rolland, Head of Power and Renewables for Trafigura.

About SK Gas

SK Gas has the vision to become the Net Zero Solution Provider for customers by providing low-carbon solutions like LNG and LPG, and zero-carbon solutions such as clean hydrogen and ammonia. SK Gas is the no.1 player in the Korean LPG market, and is the leader in LPG global trading. Recently SK Gas expanded its portfolio to LNG by building a LNG terminal, a LNG/LPG dual fuel power plant and a LNG marketing business. The LNG terminal and power plant are expected to operate from 2024. SK Gas plans to leverage its LNG/LPG assets and capabilities to grow a successful clean hydrogen and ammonia business targeting power generation, industrial and mobility sectors.

About ENGIE

Our group is a global reference in low-carbon energy and services. Together with our 170,000 employees, our customers, partners and stakeholders, we are committed to accelerate the transition towards a carbon-neutral world, through reduced energy consumption and more environmentally friendly solutions. Inspired by our purpose (“raison d’être”), we reconcile economic performance with a positive impact on people and the planet, building on our key businesses (gas, renewable energy, services) to offer competitive solutions to our customers. Turnover in 2021: 57.9 billion Euros. The Group is listed on the Paris and Brussels stock exchanges (ENGI) and is represented in the main financial indices (CAC 40, Euronext 100, FTSE Eurotop 100, MSCI Europe) and non-financial indices (DJSI World, DJSI Europe, Euronext Vigeo Eiris - Eurozone 120/ Europe 120/ France 20, MSCI EMU ESG screened, MSCI EUROPE ESG Universal Select, Stoxx Europe 600 ESG, and Stoxx Global 1800 ESG).

About Engie New Ventures

ENGIE New Ventures (ENV) is the investment fund of ENGIE, Research & Innovation division, dedicated to innovative climate technology startups and the corporate venture capital arm of ENGIE, the global energy and services provider. ENGIE is committed to lead the energy revolution, towards a more decarbonized, decentralized, and digitized world. ENV makes minority investments in innovative start-ups bringing strategic value to the Group with a focus on both the current ecosystem and on future breakthrough technologies. Since 2014, investments have been made in more than 45 solutions in the cleantech sector. Investment thesis is now focused in particular on renewables, energy efficiency solutions and flexibility, green gasses including hydrogen. ENV’s offices are represented in Paris, San Francisco, Singapore, Santiago and Tel Aviv.

About Trafigura

Founded in 1993, Trafigura is one of the largest physical commodities trading groups in the world. At the heart of global supply, Trafigura connects the world with the vital resources it needs. Through our Oil & Petroleum Products, Metals & Minerals, and Power & Renewables divisions, we deploy infrastructure, skills, and a global network to move commodities from where they are plentiful to where they are needed most, forming strong relationships that make supply chains more efficient, secure, and sustainable. Trafigura also owns and operates a number of industrial assets including a majority share of global multi-metals producer Nyrstar and fuel storage and distribution company Puma Energy, and joint ventures Impala Terminals, a port and logistics provider, and Nala Renewables, a power and renewable energy investment and development platform. With over 1,000 shareholders, Trafigura is owned by its employees and employs over 13,000 people working in 48 countries. Visit: www.trafigura.com

About C-Zero

C-Zero is commercializing a proprietary process for transforming natural gas into clean hydrogen and a solid carbon co-product. For more information, visit www.czero.energy.

NOVI, Mich., May 11, 2022 – Noble Gas Systems Inc. (“Noble Gas”), a developer and manufacturer of innovative, conformable high-pressure hydrogen gas storage tanks, announced it has raised $3.5 million in Series A funding. The round was led by AP Ventures, a significant investor in breakthrough hydrogen technologies. The funding will support commercialization of Noble Gas’ 350 bar (5,000 psi) hydrogen storage systems and to accelerate the development of the company’s 700 bar (10,000 psi) technology.

“This is an incredible milestone in our journey to bring our high-pressure, lightweight and conformable hydrogen storage and delivery system to the market,” said Chris Kondogiani, CEO, Noble Gas Systems.

“We are ecstatic to have the support of the experienced AP Ventures team and to join an impressive portfolio of companies advancing hydrogen technologies.”  

The Noble Gas high-pressure, lightweight storage and delivery system can accommodate the most common compressed gases, including hydrogen, natural gas, air, oxygen, and nitrogen. It features a tank comprised of a polymer liner, woven reinforcement and protective outer shell. A safer alternative to other options, the system currently is being tested and demonstrated at 350-bar working pressures, and has a leak-before-burst failure mode to eliminate the opportunity for a catastrophic, instantaneous release of high-pressure gas.

The gas storage system can be fabricated in a variety of shapes and sizes to be easily integrated into unique and existing product configurations. In addition to the transportation industry, it has applications in defense, aviation, marine and industrial gas industries.

“Noble Gas’ technology will solve some of the key challenges around onboard storage for mobility applications; it will enable the adoption of hydrogen technologies across multiple sectors such as commercial vehicles and aviation. We are delighted to support Noble Gas for this important step of their development,” said Andrew Hinkly, Managing Partner, AP Ventures.

About AP Ventures:

AP Ventures is headquartered in London and manages venture capital funds with a global mandate to invest in pioneering new technologies and businesses which aim to solve global challenges such as renewable energy integration, resource scarcity and a growing population. AP Ventures has been investing in the hydrogen industry since 2013 and is recognized as a leading venture capital fund across this value chain. AP Ventures manages $395 million of assets on behalf of 12 LPs and presently has a portfolio of 19 technology companies across the hydrogen value chain. AP Ventures is led by Andrew Hinkly (Managing Partner) and Kevin Eggers (Partner).  More info at: www.apventures.com

About Noble Gas Systems:

Founded in 2017 and based in Novi, Michigan, Noble Gas works to solve the challenge of gaseous hydrogen storage, expanding the opportunity for zero-emissions solutions in various transportation and stationary applications. As a global leader in conformable pressure vessel technology, Noble Gas has developed a tank that is lightweight, safe and can be conveniently packaged into tight spaces and continues to identify and develop a range of storage systems for hydrogen gas.  For more information, visit noblegassystems.com.

AP 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.

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 research SINTEF research and has been extensively tested and piloted in the field over several years.

Just one year into its commercial phase, the Trondheim based company has gained both attention and fresh capital from major Norwegian and international players.

A unique combination of investors

“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.

“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.

“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 at Saudi Aramco Energy Ventures.

“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.

Important investment in emission-free energy sources

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 enabler

HMT 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.

About AP Ventures

AP Ventures is headquartered in London and manages venture capital funds with a global mandate to invest in pioneering new technologies and businesses which aim to solve global challenges such as renewable energy integration, resource scarcity and a growing population. AP Ventures has been investing in the hydrogen industry since 2013 and is recognized as a leading venture capital fund across this value chain. AP Ventures manages $395 million of assets on behalf of 12 LPs and presently has a portfolio of 19 technology companies across the hydrogen value chain. AP Ventures is led by Andrew Hinkly (Managing Partner) and Kevin Eggers (Partner).   More info at: www.apventures.com

About Yara Growth Ventures

Yara Growth Ventures is the corporate venture capital team for Yara International ASA, a world leading crop nutrition and agriculture company headquartered in Norway. The team invests in startups and in venture capital funds which sit at the intersection of science and technology in the food and agriculture industry.

About Shell Ventures

Shell Ventures helps companies reach the next level. With major offices in Europe, the USA, India and China, Shell Ventures invests in innovative companies from seed- to late-stage to further the development of solutions and technologies that have the potential to accelerate the energy and mobility transformation.

About Saudi Aramco Energy Ventures

Saudi Aramco Energy Ventures (SAEV) is the corporate venturing program of Aramco Ventures a subsidiary of Aramco, the world’s leading fully integrated energy and chemicals enterprise. Headquartered in Dhahran with offices in North America, Europe and Asia, SAEV’s mission is to invest globally in start-up and high growth companies with technologies of strategic importance to its parent company Aramco.  For more information, visit www.saev.com

About SINTEF Venture V

SINTEF is one of Europe's largest research institutes with multidisciplinary expertise in science and technology. SINTEF Venture V is an early-stage investment fund focused on the commercialization of research results. The fund has a capital base of NOK 500 million provided by SINTEF, the European Investment Fund and a number of private institutional Norwegian investors. The European Investment Fund (EIF) is the EU's instrument for investing in equity funds in the EEA area. The investment in SINTEF Venture V, which is EIF's largest investment in Norway, has been made possible through funds from InnovFin Equity and financial instruments under the EU's Horizon 2020.

AP Ventures Partner featured in Mining Weekly article which provided a deep dive into the topics discussed during the annual PGM Industry Day panel, chaired by Kevin Eggers. To read the article in full use the link below.

Link to article: Geopolitical support for hydrogen evolution positive for platinum group metals (miningweekly.com)

Fairbrics SAS (“Fairbrics”), a company developing carbon-neutral fabrics for the fashion industry, has raised over EUR6.5m in Pre-Series A funds. The round was led by AP Ventures, a significant investor in breakthrough decarbonisation technologies. H&M CO:LAB, H&M Group’s investment arm also participated in the raise alongside existing investors, notably Sake Bosch. Proceeds from the raise will be used to construct a pilot plant capable of manufacturing over 30 tonnes of polyester a year, using the company’s proprietary technology to produce a key raw material from CO2 and green hydrogen. The Company is partnering with key consumer brands to incorporate its polyester into marketable fabrics, under the name Airwear. 

The fashion industry presents a major challenge on the journey to net zero, currently accounting for around 5% of global anthropogenic carbon dioxide emissions. The major contributor to these emissions is synthetic fibres, such as polyester, that are traditionally produced from fossil fuels. Replacing these fibres with natural alternatives, such as cotton, is challenging, and often comes with environmental challenges such as large water, fertiliser and land use.

Fairbrics is aiming to decarbonise the fashion industry one fibre at a time, starting with polyester. The Company has developed a novel process to produce one of the main constituents of polyester, ethylene glycol, from CO2, green hydrogen and renewable energy. 

“We are thrilled to announce this funding - it will allow us to scale up our Airwear technology to the tonne scale. This is a key milestone on our journey to bring the textile industry to a net zero carbon emitter. Furthermore, it will also fast-track the development of new products in our pipeline. Thank you to AP Ventures, H&M Group, Sake Bosch and all our earlier seed investors for their help to fight climate change and create a sustainable future for this industry!” says Benoît Illy, co-founder of Fairbrics.

“We are excited to invest in Fairbrics and to support their aim of decarbonising the fashion industry. This innovative technology is an excellent example of the role that green hydrogen can play in decarbonising existing products when paired with carbon dioxide to create a sustainable chemical feedstock that is free of fossil-fuels,” says Kevin Eggers at AP Ventures.

“Having won H&M Foundation’s Global Change Award in 2020, we’re incredibly excited to further extend the relationship with Fairbrics through this investment via H&M CO:LAB, H&M Group’s investment arm. In helping them scale their ground-breaking technology it not only perfectly aligns with our own sustainability goals, but more importantly has the potential to positively impact the entire industry.” Erik Karlsson, Investment Manager, H&M CO:LAB

About Fairbrics

Fairbrics is a deeptech startup based in Paris. It was founded 2019 by Tawfiq Nasr Allah and Benoît Illy. Today, the company consists of a passionate team of scientists, engineers, and business-minded people with vast expertise within molecular chemistry, large-scale materials manufacturing and bringing new products to market. By capturing and utilising carbon dioxide emissions, Fairbrics is developing  a synthetic fibre of tomorrow to help tackle climate change.

For further information, please contact:  Benoît Illy, Co-Founder and CEO, benoit.illy@fairbrics.co

About AP Ventures 

AP Ventures is headquartered in London and manages venture capital funds with a global mandate to invest in pioneering new technologies and businesses which aim to solve global challenges such as renewable energy integration, resource scarcity and a growing population. AP Ventures has been investing in the hydrogen industry since 2013 and is recognized as a leading venture capital fund across this value chain. AP Ventures manages $395 million of assets on behalf of 12 LPs and presently has a portfolio of 19 technology companies across the hydrogen value chain. AP Ventures is led by Andrew Hinkly (Managing Partner) and Kevin Eggers (Partner).   More info at: www.apventures.com 

Kevin was interviewed alongside Lisa Rabora, Senior VP of Emerging and Future Business at Equinor and Bob Mumgaard from Commonwealth Fusion Systems. Equinor is an investor in both AP Ventures and Commonwealth Fusion Systems. Lisa shared her views on the transformation of the energy industry and the role Equinor will play in this transformation, through its unique expertise and its support to emerging technologies like nuclear fusion and novel hydrogen applications.

Kevin argued the role of hydrogen is in the decarbonisation of hard to electrify sectors, such as steel manufacturing, aviation and heavy-duty transportation like shipping and rail. He described the main challenge being in the transportation of hydrogen to its ultimate point of use. AP Ventures has explored several technological pathways to address this challenge, supporting liquid organic hydrogen carriers and ammonia technologies. Kevin also highlighted that the private sector has a significant role to play in catalysing early stage technologies but also in supporting larger scale deployments necessary  for the cost of hydrogen to come down.

Listen to the podcast following this link: https://podcasts.apple.com/gb/podcast/the-future-of-energy/id1586601359?i=1000551001076

New ‘Reuze’ project will convert more than 300,000 tons of carbon dioxide waste annually into e-fuels for shipping and aviation in Europe

French utilities provider ENGIE reinforces commitment to ultra-low carbon electrofuels technology from Infinium

SACRAMENTO, CALIF. (Feb. 7, 2022)—Infinium, a leader in electrofuels, announced a strategic partnership with ENGIE to develop a facility that would produce ultra-low carbon Infinium electrofuels at scale for the local transportation industry. The new ‘Reuze’ project includes the development of one of Europe’s largest announced CO2 conversion hubs, located in France, which will enable the conversion of hundreds of thousands of tons of CO2 emissions from ArcelorMittal into clean electrofuels for the European market.

“This is a groundbreaking moment for Infinium and electrofuels” said Infinium CEO Robert Schuetzle. “The future production facility in France is a demonstration of the huge commitment global industry leaders like ENGIE are making to reduce the carbon footprint of aviation, shipping and truck fleets. This unique partnership, based on CO2 from ArcelorMittal’s steelmaking operations, is also a great example of what can happen when leaders from manufacturing, energy, government and technology come together with a shared mission”

Infinium electrofuels technology converts renewable power into green hydrogen, then uses the green hydrogen and waste CO2 to produce ultra-low carbon fuels. This unique approach offers an integrated end to end process to produce fuels directly on-site. These fuels are an instant replacement for traditional jet fuel and diesel, and can be directly used in planes, ships and truck fleets without changes in infrastructure or engine design. With this facility, Infinium is helping to meet local demand for sustainable aviation fuels and low-carbon shipping, and comparable projects are in development by Infinium in other global energy hubs.

The ‘Reuze’ project will leverage one of the largest electrolyzer systems announced to date in Europe and is designed to neutralize 300,000 tons of CO2 per year using CO2 emissions from ArcelorMittal’s local steel production activities. With support from French authorities in the region, this new project has the potential to transform Dunkirk into one of the most notable circular carbon economy hubs in the world.

“We are proud to develop this large-scale project which combines innovative solutions with the ambition to speed up carbon neutrality. Hydrogen and e-fuels will play an important role towards the decarbonization of hard-to-abate industrial sectors and the sustainability of large transportation companies” said Sébastien Arbola, EVP ENGIE Thermal Generation, Hydrogen and Energy Supply. “By targeting commercial operations by 2026, Reuze is supporting ENGIE’s ambitious strategy to deploy 4 GW green hydrogen production capacity by 2030.”

About Infinium
Infinium™ is a leading innovator in the clean fuels space. The company’s proprietary technology converts carbon dioxide and hydrogen into ultra-low carbon fuels—known as electrofuels—for use in today’s planes, ships and truck fleets. Infinium electrofuels can be used directly in existing engine designs, enabling transportation providers to reduce harmful emissions and meet their carbon reduction goals. For more information, visit www.infiniumco.com. 

Nyon, Switzerland – January 11 2022 – EH Group Engineering AG (“EH Group”), a developer and manufacturer of innovative low-cost and energy-dense fuel cells, today announced it had raised over CHF5m in Pre-Series A funding. AP Ventures, a significant investor in breakthrough hydrogen technologies, participated in the raise. Proceeds will go towards the installation of EH Group’s own proprietary stack assembly technology as well as to the continued development of the Company’s first commercial fuel cell stack products. EH Group will be looking to raise additional capital in 2022 to finance its progression to commercial-scale roll-out.

Hydrogen fuel cells are increasingly being viewed as an attractive technology to decarbonise large parts of industry, particularly heavy-duty transport. Two key barriers to more widespread adoption of fuel cells are the costs and production scale of fuel cell systems. EH Group has developed proprietary technology to help address both these constraints, with the aim of creating energy dense fuel cells that can be produced at a scale and cost to competitively meet global demand across mobile and stationary applications. 

“We are delighted to have a marquee investor in AP Ventures join us on our ambitious journey.  Their longstanding pedigree in investing across the hydrogen value chain is second to none.  We look forward to capturing synergies and deepening our relationship as we work to accelerate our fuel cell deployments”, says Christopher Brandon at EH Group.

“We are excited to invest in, and support Mardit, Chris and the rest of the team at EH Group. We believe this technology has the potential to be game-changing, and targets two important challenges for making fuel cells and hydrogen, as a global decarbonisation vector, more competitive”, says Andrew Hinkly, Managing Partner at AP Ventures.

About EH Group

Founded in 2017, EH Group is focused on the design and production of its innovative fuel cell technology, across both stationary and mobile applications. Its high-performance fuel cell stacks and systems offer market leading power density. The implementation of a fully automated production process is aimed at widespread deployment of its fuel cell technology for a decarbonised future. EH Group is based in Switzerland. https://www.ehgroup.ch/ 

For further information contact:  Christopher Brandon, Co-Founder cbrandon@ehgroup.ch 

About AP Ventures 

AP Ventures is headquartered in London and manages venture capital funds with a global mandate to invest in pioneering new technologies and businesses which aim to solve global challenges such as renewable energy integration, resource scarcity and a growing population. AP Ventures has been investing in the hydrogen industry since 2013 and is recognized as a leading venture capital fund across this value chain. AP Ventures manages $395 million of assets on behalf of 12 LPs and presently has a portfolio of 17 technology companies across the hydrogen value chain. AP Ventures is led by Andrew Hinkly (Managing Partner) and Kevin Eggers (Partner).   More info at: www.apventures.com 

• Amogy positioned to help decarbonize global transportation sector

• AP Ventures leads the investment round to support commercialization of Amogy’s innovative ammonia-based power technology, joined by new investor Amazon and existing investor DCVC

• Amogy’s emission-free, energy-dense power solution will enable Amazon and leading cargo owners to work toward removing fossil fuels from their supply chains and support the global transition to net zero 

New York City, USA – December 14, 2021 – Amogy Inc., a pioneer of emission-free, energy-dense ammonia power solutions, today announced the close of their Series A funding round. Led by AP Ventures, a significant investor in breakthrough hydrogen technologies, and with new investment from Amazon’s Climate Pledge Fund, the round also included San Francisco based fund DCVC. Proceeds will be used to develop the company’s first commercial application for ammonia-powered shipping and other transport applications. 

Transportation presents a major challenge on the journey to net zero. While the sector accounts for 17% of global greenhouse gas emissions, zero carbon options for heavy duty sectors, such as maritime, and ground mobility are limited by the power density requirements of these applications. Ammonia is an ideal fuel for these sectors; it can be made green using clean energy, has a significantly higher energy density than batteries and hydrogen, and an existing supply infrastructure which reduces customers’ switching cost. Amogy unlocks the potential of ammonia as a heavy-duty transport fuel via its highly efficient, lightweight, compact ammonia power technology. 

“Heavy-duty transportation is the backbone of the global industry, and one of the planet’s imminent challenges when it comes to reaching net zero. The support of our investors will help Amogy continue developing our clean ammonia-to-power technology, which we expect will be one of the most viable solutions for shipping and other transportation applications in the coming years,” said Amogy CEO Seonghoon Woo.

Founded in 2020, Amogy has rapidly developed to be at the forefront of ammonia-based mobility solutions. Leveraging a broad base of proprietary technologies, Amogy’s emission-free power technology offers a truly unique decarbonization tool for the global transportation sector. 

“We are delighted to continue our support for Amogy and to lead this investment round. Amogy’s unique ammonia-based technology offers a compelling emission-free transport solution which can fast-track our route to net zero” said Andrew Hinkly, Managing Partner at AP Ventures.

Amogy will use the proceeds of this funding round to advance its first commercial product. Partnering with Amazon, Amogy will work toward the demonstration of an ammonia-powered clean cargo-shipping vessel. From a common technology base, Amogy will then expand the product line to other heavy duty transport applications. 

“Decarbonizing maritime shipping is one of the biggest environmental challenges our society faces when it comes to tackling climate change,” said Kara Hurst, vice president and head of Worldwide Sustainability at Amazon. “Amazon is working to transition to zero-carbon fuels for ocean shipping by 2040, which aligns with our company’s broader commitment through The Climate Pledge Fund. We view Amogy’s emission-free solution for powering ocean freight as an important step forward.”

About Amogy

Amogy offers ammonia-based, emission-free, high energy-density power solutions to decarbonize transportation for a sustainable future. Founded by MIT PhD alumni with a shared vision in 2020, Amogy aims to enable clean transportation in all sectors, accelerating the global journey towards Net Zero 2050.

More info at: www.amogy.co 

About AP Ventures

AP Ventures is headquartered in London and manages venture capital funds with a global mandate to invest in pioneering new technologies and businesses which aim to solve global challenges such as renewable energy integration, resource scarcity and a growing population. AP Ventures has been investing in the hydrogen industry since 2013 and is recognized as a leading venture capital fund across this value chain. AP Ventures manages $395 million of assets on behalf of 12 LPs and presently has a portfolio of 17 technology companies across the hydrogen value chain. AP Ventures is led by Andrew Hinkly (Managing Partner) and Kevin Eggers (Partner).

More info at: www.apventures.com

About Amazon Climate Pledge Fund

In June 2020, Amazon announced the creation of The Climate Pledge Fund to support the development of sustainable and decarbonizing technologies and services that will enable Amazon and other companies to meet the goals set by The Climate Pledge. This dedicated investment program—with an initial $2 billion in funding—invests in visionary companies whose products and solutions will facilitate the transition to a low-carbon economy. More info at: https://sustainability.aboutamazon.com/about/climate-pledge-fund

Contact:

Amogy Inc: (press@amogy.co)

New raise will accelerate the development of ZeroAvia’s 2-5MW powertrain for larger aircraft.

Kemble, UK & Hollister, California, USA, December 13, 2021—As the company moves closer to commercialization of its hydrogen-electric technology, ZeroAvia has secured a new raise of $35 million to help develop its 2–5MW zero-emission powertrain system for regional aviation. As announced today, United Airlines has invested in ZeroAvia through this round, and our agreement with United anticipates an order for 50 ZA2000-RJ engines, with an option for 50 more. United joins an already announced new investor, Alaska Air Group, in this round, alongside existing investors AP Ventures, Amazon’s Climate Pledge Fund, Breakthrough Energy Ventures, Horizons Ventures, Summa Equity, and Shell Ventures. This brings the company’s total investment to date up to $115 million.

ZeroAvia is on track to achieve commercialization for its hydrogen propulsion technology in 2024. Initially, the company is targeting a 500-mile range in a 10–20 seat aircraft used for commercial passenger transport, package delivery, agriculture, and beyond. This funding round targets the next segment of 40-80 seat aircraft, targeting turboprops by 2026 and regional jets by 2028. The funding will also allow ZeroAvia to further ramp up presence across its US, UK, and continental Europe locations.

Val Miftakhov, CEO and founder of ZeroAvia, said:

“We are very excited to welcome our new investors, including one of the world’s largest airlines in United, into the ZeroAvia family. As we prepare for ground and flight testing of our first commercial intent product in the coming weeks, this backing by our investors will enable us to accelerate delivery of our engine for larger aircraft. We are tremendously grateful to all our investors who are helping us achieve our mission—a world where every aircraft is powered by hydrogen-electric engines, delivering a true zero-emission future for flying.”

Scott Kirby, CEO of United, said:

“Hydrogen-electric engines are one of the most promising paths to zero-emission air travel for smaller aircraft, and this investment will keep United out in front on this important emerging technology. United continues to look for opportunities to not only advance our own sustainability initiatives, but also identify and help technologies and solutions that the entire industry can adopt.”

Kevin Eggers of AP Ventures, said:

“Aviation remains crucial to efficient global travel and trade. The resulting carbon emissions are however significant. ZeroAvia offers a credible and compelling pathway to zero-emission aviation, enabling the long-term future of the industry. ZeroAvia is pioneering practical clean aviation solutions in a meaningfully short time frame. We are excited to work alongside established industry companies, such as United Airlines, Alaska Airlines, and British Airways to further this historic transformation.”

Throughout the past few weeks, ZeroAvia has made significant progress towards achieving its goal of zero-emission aviation. This investment round follows significant commercial momentum for the company, including partnerships with Alaska Airlines, Rose Cay, Hindustan Aeronautics Limited, ASL Aviation Holdings, Mitsubishi Heavy Industries Regional Jet division and Rotterdam the Hague Airport.

Also in the last few weeks, ZeroAvia CEO Val Miftakhov addressed the UK Climate Change Conference (COP26) in Glasgow, as well as the UK Parliament, calling for a focus on delivering zero-emission aviation as soon as possible to ensure the industry’s climate change impact can be tackled. This followed the company’s second annual Hydrogen Aviation Summit, the largest event examining the future of hydrogen in the sector.

About ZeroAvia:

ZeroAvia is a leader in zero-emission aviation, focused on hydrogen-electric aviation solutions to address a variety of markets, initially targeting 500-mile range in 10–20 seat aircraft used for commercial passenger transport, cargo, agriculture, and more. Based in the UK and USA, ZeroAvia has already secured experimental certificates for its two prototype aircraft from the CAA and FAA, passed significant flight test milestones, and is on track for commercial operations in 2024. The company’s expanding UK operations are supported by grants from UK’s Aerospace Technology Institute and Innovate UK, and ZeroAvia is part of the UK Government’s Jet Zero Council. For more, please visit ZeroAvia.com, follow @ZeroAvia on Twitter, Instagram, and LinkedIn.

Amazon and NextEra Energy co-lead investment round to help bring Infinium Electrofuels™ to market

Infinium’s ultra-low carbon electrofuels will help Amazon and leaders in commercial air travel, shipping and trucking reduce dependence on traditional fossil fuels to meet critical carbon reduction goals

Sacramento, California, Oct.27, 2021—Infinium, a leader in electrofuels production, announced the company has closed a $69 million round of additional funding which was co-led by Amazon’s Climate Pledge Fund and a subsidiary of NextEra Energy Resources, LLC. The round also includes investment from AP Ventures LLP, a significant investor in breakthrough hydrogen technologies based in London, as well as 8090 Partners, Mitsubishi Heavy Industries and Pavilion Capital.

“We built Infinium to bring ultra-low carbon fuels known as electrofuels to the transportation sector as quickly as possible,” said Robert Schuetzle, CEO of Infinium. “The confidence our investment partners have placed in us reinforces the urgency we all feel to help mitigate the potentially catastrophic effects of climate change, and we are incredibly excited to bring electrofuels to market.”

Funding will primarily be used to complete the development of large-scale facilities that can each generate nearly 40 million gallons of electrofuels annually for the commercial transportation sector. Infinium Electrofuels™ technology converts renewable power into ‘green’ hydrogen, then uses the green hydrogen and waste carbon dioxide to produce ultra-low carbon fuels. These fuels are an instant replacement for traditional jet fuel and diesel, and can be seamlessly used in planes, ships and truck fleets without changes in infrastructure or engine design.

“Amazon sees significant opportunity in Infinium’s Electrofuels technology, which has the potential to help decarbonize some of the key forms of transportation we use, including air, freight and heavy trucks,” said Amazon Vice President and Head of Worldwide Sustainability Kara Hurst. “When Amazon created the $2 billion Climate Pledge Fund, we designed it to help support the development of technologies and services that will enable us, as well as other companies, to reach the goals of the Paris Agreement 10 years early and achieve net-zero carbon by 2040.”

Founded in 2020, Infinium leverages technology its founders have been developing for over a decade. The company’s proprietary solutions utilize renewable electricity from wind, solar and hydroelectric power sources to produce electrofuels. Each large-scale Infinium Electrofuels production facility will mitigate more than 300,000 metric tons of carbon dioxide annually that would otherwise be emitted into the atmosphere—which alone is the carbon offset equivalent of planting nearly 5 million tree seedlings that are each grown for 10 years.*

“We are pleased to support Infinium and the work they are doing in electrofuels,” said Matt Handel, senior vice president of development for NextEra Energy Resources. “We’re excited about the potential to leverage renewable energy to produce low-carbon electrofuels that will help drive decarbonization of the transportation sector.”

“The large-scale combination of captured carbon dioxide with hydrogen in the creation of electrofuels is a unique approach that will quickly change the transportation sector forever,” said Andrew Hinkly, managing partner of AP Ventures. “We’re delighted to put our second round of investment into Infinium and are confident their technology will bring meaningful change for all of us.”

About Infinium
Infinium is a technology-based electrofuels innovator with a mission to decarbonize the transportation sector and help mitigate the catastrophic effects of climate change. Their groundbreaking Infinium Electrofuels™ are an ultra-low carbon fuel alternative to existing liquid jet and diesel fuels, and can be seamlessly used in planes, ships and truck fleets with no costly infrastructure changes. For more information, visit www.infiniumco.com. 

[*Source: EPA Greenhouse Gas Equivalencies Calculator]

Marcel van de Kar, Global Director New Energies of Royal Vopak:

“Helping set up new international green hydrogen supply chains is a key element of our new energies strategy. It is an exciting opportunity for us to be working on concrete projects together with Hydrogenious LOHC Technologies to provide solutions for global transportation, storage and distribution of hydrogen.”

Vopak is developing new infrastructure solutions to actively contribute to the introduction of vital products of the future, including clean hydrogen. The international company with headquarters in Rotterdam has partnered with Hydrogenious LOHC Technologies since 2019, to combine its operational expertise, global terminal network and market knowledge with the LOHC technology and innovative power of Hydrogenious. With this strategic partnership, Vopak aims to contribute to the development of transregional and global transport of hydrogen and to the advancement of hydrogen-based economies.

Heinrich Winkelmann, CEO and Partner of Winkelmann Group GmbH:

“I am very pleased to be supporting Hydrogenious' commitment on an even broader financial and partner basis. Such diversification provides grounds for further internationalisation of opportunities and reflects the recognition of Hydrogenious' LOHC solution.”

Hydrogenious' funding cycle from startup to fast-growing SME successful

In 2014, one year after the company was founded, AP Ventures invested in the seed funding. A subsequent funding round was conducted in July 2019 and raised 20 million euros: Royal Vopak, Covestro, Mitsubishi Corporation and Winkelmann Group became involved as strategic investors, being followed in early 2020 by Hyundai Motor Company as another strategic investor.

Picture motifs, royalty-free use with indication of the owner of the image rights

(1) Dr Daniel Teichmann, CEO and founder of Hydrogenious LOHC Technologies

©Hydrogenious LOHC Technologies GmbH

About Hydrogenious LOHC Technologies GmbH

Hydrogenious LOHC Technologies adds the missing link to high-performing hydrogen value chains globally. Based on its proprietary and proven Liquid Organic Hydrogen Carrier (LOHC) technology with benzyltoluene as carrier medium, Hydrogenious LOHC allows for superior, flexible hydrogen supply to consumers in industry and mobility across the globe – utilizing conventional liquid-fuel infrastructure. The leading LOHC pioneer offers (de-)hydrogenation turnkey plants, Operation & Maintenance and LOHC logistics services – ensuring safe, easy and efficient hydrogen storage, transport and distribution. The German-based SME was awarded with i.a. “The Innovation Prize of the German Economy” and has been recognized on the "Global Cleantech 100" list since 2018 and as “Technology Pioneer 2021” by the World Economic Forum. With its >120 staff members and investors AP Ventures, Royal Vopak, Winkelmann Group, Mitsubishi Corporation, Covestro, JERA Americas, Temasek, Hyundai Motor Company, Chevron Technology Ventures and Pavilion Capital, the midstream player is a major enabler and accelerator for the energy transition. www.hydrogenious.net

Media Contact

Birka Friedrich, Head of Marketing and Corporate Communications birka.friedrich@hydrogenious.net, Mobile: +49 (0)160 5619001 Hydrogenious LOHC Technologies GmbH, Weidenweg 13, DE-91058 Erlangen

ZeroAvia, a pioneer of hydrogen-electric aviation solutions, has secured an additional $13 million for its 50+ seat engine development program from AP Ventures, a significant investor in breakthrough technologies across the hydrogen value chain, Alumni Ventures Group, SGH Capital, Agartha Fund LP, and existing investors Amazon’s Climate Pledge Fund, Breakthrough Energy Ventures, Summa Equity, Shell Ventures, SYSTEMIQ, and Horizons Ventures. This new funding complements the initial investment of $24 million the company announced a few weeks ago, bringing the total private investment into ZeroAvia large engine development for 50+ seat aircraft to $37 million.

Val Miftakhov, Founder and CEO at ZeroAvia said:

​“We are eager and ready to begin testing our hydrogen-electric powertrain technology on a larger commercial-size aircraft and grateful to our investors and grant funders for their continued support of our vision for sustainable aviation. Various projections indicate that aviation may account for over 25 percent of human-induced climate effects by 2050. We are on the path to helping reverse that trend, first with our successful 6-seater testing and now with the R&D for our 19-seater, and the kick-off of our 50+ seat program. Hydrogen is the only practical solution for true climate-neutral flight, and it will become a commercial reality much sooner than many predict.”

Kevin Eggers, Partner at AP Ventures, said:

​“We are delighted to welcome ZeroAvia to our existing portfolio of hydrogen-related technologies. We have been impressed with the progress that ZeroAvia has made over the last 24 months—technically, operationally, and commercially. Furthermore, we have become increasingly confident about the significant role of hydrogen in decarbonising aviation. We believe that ZeroAvia will pioneer the development of hydrogen-electric powertrains for the aviation space.”

For more information on ZeroAvia’s R&D and recent hires, please see the Company’s full press release here.

About ZeroAvia:

​ZeroAvia is a leader in zero-emission aviation, focused on hydrogen-electric aviation solutions to address a variety of markets, initially targeting 500 mile range in 9-19 seat aircraft used for commercial passenger transport, cargo, agriculture, and more. Based in the UK and USA, ZeroAvia has already secured experimental certificates for two prototype aircraft from the CAA and FAA, passed significant flight test milestones, and is on track for commercial operations in 2024. The company’s expanding UK operations are supported by grants from UK’s Aerospace Technology Institute and Innovate UK, and ZeroAvia is part of the UK Prime Minister’s Jet Zero Council. For more information, please visit ZeroAvia.com and follow @ZeroAvia on Twitter, Instagram, and LinkedIn.

About AP Ventures:

AP Ventures is headquartered in London and manages venture capital funds with a global mandate to invest in pioneering new technologies and businesses which aim to solve global challenges such as renewable energy integration, resource scarcity and a growing population. AP Ventures has been investing in the hydrogen industry since 2013 and is recognized as a leading venture capital fund across this value chain. AP Ventures manages $395 million of assets on behalf of 12 LPs and presently has a portfolio of 17 technology companies across the hydrogen value chain. AP Ventures is led by Andrew Hinkly (Managing Partner) and Kevin Eggers (Partner).

PRESS RELEASE

AP Ventures closes Fund II with Temasek joining as Limited Partner

•      AP Ventures is focused on the fast-growing hydrogen economy investing in technology companies tackling global environmental and sustainability challenges. The existing portfolio has 17 investments across the hydrogen value chain including production, storage, transportation and end uses;

•      Temasek joins existing Limited Partners Anglo American Platinum, Equinor Ventures, Implats, the Mirai Creation Fund, Mitsubishi Corporation, Nysno Climate Investments, Pavilion Capital, Plastic Omnium, the Public Investment Corporation, Sumitomo and Yara Growth Ventures, as an investor in AP Ventures;

•      Fund II closes with $316m of committed capital bringing total assets under management to $395m.

London, United Kingdom, 24 June 2021: AP Ventures today announces the closing of Fund II with the admission of Temasek as the 12th Limited Partner.  

AP Ventures’ investment strategy is focused on companies developing technologies which are capable of sustainably solving global challenges such as renewable energy integration and resource scarcity. A key area of focus is the decarbonisation of transport and heavy industry. Through fuel cells, green hydrogen enables zero emission mobility while the use of hydrogen for heat can enable the decarbonisation of industries such as steel and cement manufacturing presently reliant on hydrocarbon fuels.

In welcoming Temasek, AP Ventures and its portfolio companies look forward to benefitting from working with a global investor with a strong ESG mandate and a focus on developing the hydrogen economy.

Commenting on the closing of Fund II, Andrew Hinkly, Managing Partner, AP Ventures said:

“We are pleased to announce the closing of Fund II. Our second fund builds on the extensive experience we have gained since 2013 when we started investing across the hydrogen economy. Our portfolio of hydrogen technology companies has grown rapidly in the last few years and we look forward to working with our investors to support further development and large scale deployment of these technologies.”

Commenting on the investment by Temasek, Kevin Eggers, Partner, AP Ventures said:

“We are delighted to welcome Temasek as an investor in Fund II. The development of the hydrogen economy continues to gain momentum and we are excited to have the opportunity to work in partnership with a highly regarded global investor. Temasek’s focus on this area will further allow AP Ventures to provide its portfolio companies with a unique combination of investment and development opportunities.”

About AP Ventures:

AP Ventures is headquartered in London and manages venture capital funds with a global mandate to invest in pioneering new technologies and businesses which aim to solve global challenges such as renewable energy integration, resource scarcity and a growing population.

The existing portfolio is focused on the hydrogen value chain and includes investments in Altergy, Amogy, C-Zero, ERGOSUP, Greyrock Energy, Hazer Group, HPNow, Hydrogen Refuelling Solutions (HRS), Hydrogenious LOHC Technologies, HyET Hydrogen, Hystar, Infinium Holdings, Insplorion, Plug Power, Protea, Starfire Energy and ZEG Power.

AP Ventures is led by Andrew Hinkly (Managing Partner) and Kevin Eggers (Partner). Investors include Anglo-American Platinum, Equinor Ventures, Implats, the Mirai Creation Fund, Mitsubishi Corporation, Nysno Climate Investments, Pavilion Capital, Plastic Omnium, the Public Investment Corporation, Sumitomo, Temasek and Yara Growth Ventures.

More info: www.apventures.com

About Temasek:

Temasek is an investment company with a net portfolio value of S$306 billion (US$214 billion) as at 31 March 2020. Its three roles as an Investor, Institution and Steward, as defined in the Temasek Charter, shape Temasek’s ethos to do well, do right and do good.

Temasek actively seeks sustainable solutions to address present and future challenges, through investment and other opportunities that help to bring about a better, smarter and more sustainable world.

For more information on Temasek, please visit www.temasek.com.sg

New York City, USA – June 10, 2021 – Amogy Inc., a developer of ammonia-based emission-free, high energy-density power solutions, today announced the close of a major funding round. Led by AP Ventures, a significant investor in breakthrough hydrogen technologies, the round included San Francisco based funds DCVC and Collaborative Fund, and investor Shaun Arora. Proceeds will be used for the first commercial demonstration of the high-performance clean mobility powered by ammonia.

Transportation accounts for 17% of global and 32% of the US greenhouse gas emissions. As the world transitions to net zero, solutions will be needed which remove carbon from the transportation sector. Businesses are looking for ways to decarbonize and are investing in low carbon transportation options. Batteries and hydrogen fuel cells offer part of the answer, but for weight and volume constrained applications such as heavy-duty ground/sea/air transportations it will be critical to find solutions with high energy density which deliver zero emission power, without compromising on performance.

Ammonia as an energy carrier offers a compelling solution for these applications, due to its significantly higher energy density than batteries or conventional gaseous hydrogen storage. However, to date, ammonia as an energy carrier has been under-explored due to the lack of technology which can efficiently extract energy from ammonia in a constrained space. Amogy’s technology unlocks the potential of ammonia for mobility applications by providing a highly efficient, light weight, compact ammonia processor.

Amogy’s solution can deliver zero carbon and high-performance mobility in several commercial markets, including UAV, off-road vehicles, and marine and air transportations, accelerating our journey towards the net zero economy.

“Our core mission is to enable clean transportations in all spaces using our technology, solving one of the most difficult problems for the net zero. Our ammonia-oriented solution will provide emission-free power for mobilities in the areas where batteries and gaseous hydrogen can’t be adopted, working together to expedite the decarbonization in transportation sectors. We thank all investors participated in this round for joining our vision”, said Seonghoon Woo, CEO and Co-founder of Amogy.

“We are delighted to have led this investment round for Amogy, and to provide our support to the Amogy team from the company’s inception. As an established investor in the hydrogen industry, we understand the potential of this technology to revolutionize zero carbon transport. Amogy’s unique miniaturized ammonia processor technology could be the disruptor this industry needs to unlock emission free, long range travel.” said Andrew Hinkly, Managing Partner at AP Ventures.

About Amogy

Amogy offers ammonia-based, emission-free, high energy-density power solutions to decarbonize transportation for a sustainable future. Founded by four MIT PhD alumni with a shared vision, Amogy aims to enable clean transportation in all sectors, accelerating the global journey towards Net Zero 2050.

About AP Ventures:

 AP Ventures is headquartered in London and manages venture capital funds with a global mandate to invest in pioneering new technologies and businesses which aim to solve global challenges such as renewable energy integration, resource scarcity and a growing population. AP Ventures has been investing in the hydrogen industry since 2013 and is recognized as a leading venture capital fund across this value chain. AP Ventures manages $350 million of assets on behalf of 11 LPs and presently has a portfolio of 16 technology companies across the hydrogen value chain. AP Ventures is led by Andrew Hinkly (Managing Partner) and Kevin Eggers (Partner).

Contact:

Amogy Inc: (contact@amogy.co)

Stavanger 30.4.2021 - Nysnø Climate Investments, Equinor Ventures and Yara Growth Ventures are the first Norwegian Limited Partners in AP Ventures Fund II, focused on investing in the hydrogen economy. The fund is focused on investing in the fast-growing hydrogen industry. This investment is set up to contribute to establishing a well-functioning market and value chain for hydrogen in Norway and around the world. 

• A Norwegian consortium with Tier 1 investors invests in venture fund dedicated to hydrogen

• Norway recognised as strategic location for hydrogen 

• The Fund invests in technologies throughout the hydrogen value chain 

• Participation in the Fund offers investors access to innovation and accelerates the development of a new hydrogen economy

AP Ventures invests globally in the hydrogen value chain from production to transport, through storage and to end use. Norway is an area of focus for the Fund as a strategic location for green and blue hydrogen – due to the availability of hydropower, carbon capture, utilisation and storage (CCUS) capability, strong shipping and offshore industries and a leading position in the process industry. AP Ventures has already invested in two Norwegian technology companies, ZEG Power and Hystar. ZEG Power produces blue hydrogen with integrated carbon capture and Hystar produces green hydrogen through PEM electrolysis.

“We look forward to collaborating with knowledgeable investors in the hydrogen space - bringing deep industry insight to a value chain that is especially exciting for Norway. AP Ventures mobilises private capital to build up an ecosystem for hydrogen globally and offers Norwegian companies access to a larger global market”, says Eivind Egeland Olsen, Chief Investment Officer at Nysnø Climate Investments.  

Partnership of strategic value

“Our ambition is to grow New Business Opportunities that enable a green transition in energy intensive industries, such as fertilizer production, and in shipping. Investing in start-ups that drive innovation throughout the clean hydrogen value chain is a key focus area for us. We are excited to join AP Ventures and work closely with our partners to make the clean hydrogen revolution a reality,” says Erkki Aaltonen , Head of Yara Growth Ventures. Yara Growth Ventures is the venture capital arm of Yara International ASA, focusing on investing in startups and as a Limited Partner in VC funds.

“Equinor’s ambition is to reach net-zero emissions by 2050 and an important tool for success is to develop profitable value chains for carbon capture and storage and hydrogen.  In order to develop such value chains, we need to work together with partners.  The investment in AP Ventures will help us explore and expand our knowledge of hydrogen solutions that can play a role in the energy transition. We look forward to working closely with AP Ventures and other partners to create real impact”, says Gareth Burns, Vice President Equinor Ventures

By investing in AP Ventures, Nysnø Climate Investments, Equinor Ventures and Yara Growth Ventures contribute to developing companies and technologies that build a hydrogen economy with less emissions.  

“We see significant strategic value in welcoming a Norwegian consortium of Limited Partners. Nysno Climate Investments, Equinor Ventures and Yara Growth Ventures are investors we have known for a long time through our portfolio companies and we are very pleased to have formalised our relationship with them. Norway has the potential of leading Europe in the transition to a hydrogen-powered economy and we are excited for the opportunity this partnership will bring to our portfolio”, says Kevin Eggers, Founder and Partner at AP Ventures. 

Hydrogen is a promising energy carrier to reduce emissions from hard-to-abate sectors, like industrial processes and long-haul transport. Bloomberg New Energy Finance estimates that clean hydrogen could account for 24 percent of global energy demand by 2050, up from 2 percent in 2020. 

Following the commitments from Nysnø Climate Investments, Equinor Ventures and Yara Growth Ventures, AP Ventures’ total assets under management are USD 344 million. Existing investors include Anglo-American Platinum, Implats, the Mirai Creation Fund, Mitsubishi Corporation, Pavilion Capital, Plastic Omnium, the Public Investment Corporation and Sumitomo Corporation.

Contacts

Eivind Olsen, CIO at Nysnø    eivind@nysnoinvest.no     + 47 906 55 215   

Lise Andreassen Hagir, Communication Manager in Equinor, lhagi@equinor.com +47 41657507

Josiane Kremer, Director External Communications Yara, Josiane.kremer@yara.com +47 48180451

Kevin Eggers, Partner at AP Ventures, fund@apventures.com 

About Nysnø Klimainvesteringer 

Established in 2017, Nysnø Climate Investments (Nysnø) is a Norwegian sovereign climate investor targeting companies and funds with profitable and smart solutions to climate change. With 2.4 billion NOK in assets under management, Nysnø invests in clean energy, digital and enabling technologies, resource efficiency, sustainable demand, and the circular economy. Nysnø is based in Stavanger and owned by the Norwegian Ministry of Trade, Industry & Fisheries. For more information visit www.nysnoinvest.no/en

About Equinor Ventures

Equinor Ventures is Equinor’s corporate venture capital arm dedicated to investing in ambitious early phase and growth companies. We believe that the innovation, creativity and agility of start-ups can drive change and transition the energy industry towards a low carbon 

AP Ventures welcomes Pavilion Capital as a new investor into Fund II

 ·       AP Ventures is focused on the fast-growing hydrogen economy. The Fund invests in advanced technology companies which tackle global environmental and sustainability challenges;

·       AP Ventures has an existing portfolio of 14 investments across the hydrogen value chain including production, storage, transportation and end uses;

·       Pavilion Capital joins Anglo-American Platinum, Implats, the Mirai Creation Fund, Mitsubishi Corporation, Plastic Omnium, the Public Investment Corporation and Sumitomo as an investor in AP Ventures. 

London, United Kingdom, 19 April 2021: AP Ventures today announces that Pavilion Capital has become a Limited Partner in AP Ventures Fund II.

AP Ventures’ partners have been investing throughout the hydrogen value chain since 2013, seeking companies which are developing technologies capable of sustainably solving global challenges such as renewable energy integration and resource scarcity. A key area of focus remains decarbonisation of transport, including shipping, and heavy industry. Through fuel cells, green hydrogen enables zero emission mobility while the use of hydrogen for heat can decarbonise industries such as steel and cement manufacturing currently reliant on hydrocarbon fuels.

In welcoming Pavilion Capital as its eighth Limited Partner, AP Ventures and its portfolio companies look forward to benefitting from working with a Singapore-based investor focused on the North Asian and Southeast Asian economies. Hydrogen has a strategic importance for Singapore, a major maritime port and aviation hub. Green hydrogen has the potential to decarbonise the hard-to-abate maritime and aviation sectors.

Commenting on the investment by Pavilion Capital Andrew Hinkly, Managing Partner of AP Ventures said: “We are delighted that Pavilion Capital has chosen to invest in AP Ventures Fund II. The speed of growth and development within the hydrogen economy continues to gather momentum and we are proud to work with Pavilion Capital by providing access to this sector.”

About AP Ventures:

AP Ventures is headquartered in London and manages venture capital funds with a global mandate to invest in pioneering new technologies and businesses which aim to solve global challenges. The existing portfolio is focused on the hydrogen value chain and includes investments in All these companies either utilise or enable the use of Platinum Group Metals (PGMs). AP Ventures is led by Andrew Hinkly (Managing Partner) and Kevin Eggers (Partner). Investors include Anglo-American Platinum, Implats, the Mirai Creation Fund, Mitsubishi Corporation, Pavilion Capital, Plastic Omnium, the Public Investment Corporation and Sumitomo Corporation.

More info: www.apventures.com

About Pavilion Capital:

Pavilion Capital is an investment company based in Singapore. It focuses on private equity/venture capital funds and direct investments in companies that ride on the growth and transformation of the North Asia and Southeast Asia economies. It pursues investments across different sectors, particularly in innovative technology and healthcare. Through collaboration and connectivity, Pavilion Capital builds relations with private equity funds and partners to achieve positive collective outcomes. The company embraces sustainability and applies ESG considerations in its investment activities.

Denver, Colorado – April 8, 2021 - Starfire Energy, a developer of modular chemical plants for the production of carbon-free ammonia and carbon-free hydrogen, today announced the close of a major funding round. The investment round was led by AP Ventures, a significant investor in breakthrough hydrogen technologies, and included New Energy Technologies, Chevron Technology Ventures, Osaka Gas USA, and Mitsubishi Heavy Industries. Proceeds will be used to advance the development of commercial scale applications to decarbonize ammonia production and unlock its potential as a zero-carbon energy carrier. 

Ammonia is a promising energy carrier with an energy density comparable to fossil fuels and significantly higher than Li-ion batteries, compressed, or liquid hydrogen. It can be inexpensively and easily stored and transported, leveraging established infrastructure and shipping networks, and is regulated by well-developed codes and standards. Ammonia can be used directly as a fuel or it can be 'cracked', and its hydrogen harvested to provide a stable and efficient means of hydrogen storage and transportation.

Conventional ammonia production has a significant carbon footprint. Traditionally made from natural gas, the production of ammonia emits two tonnes of carbon dioxide for everyone tonne of ammonia produced. Starfire Energy leverages a patented catalysis technology that allows for the synthesis and cracking of carbon-free ammonia and hydrogen-leveraging renewable energy sources.

Starfire Energy’s ‘Rapid Ramp NH3’ ammonia synthesis technology produces zero carbon ammonia using only renewable energy, air, and water as inputs. The modular solution is sized to connect directly with renewable energy production, providing a scalable, distributed source of zero carbon ammonia. The company has also developed their Prometheus Carbon-free Fire, a system to crack ammonia back into hydrogen providing an efficient means of green hydrogen storage and transportation.

Starfire’s plants will provide carbon-free fuel to power utility gas turbines, large-scale ships, process heat for industries like steel and cement and fuel cell vehicles.  The modular plants are mass-produced and assembled onsite for maximum reliability and quality along with low and repeatable costs.

“We are very excited to be partnering with such notable global partners as we continue to scale up our systems and operations.”, said John LoPorto, Chief Executive Officer of Starfire Energy. 

“We are excited to be leading this pivotal round for Starfire Energy,” said Andrew Hinkly, Managing Partner at AP Ventures. “As an established investor in the hydrogen industry, we understand the critical role green ammonia will play in decarbonizing chemical and industry value chains. Starfire’s modular synthesis and cracking technology is uniquely positioned, and we look forward to supporting the business in its development and commercialisation. We are also pleased to collaborate with Starfire on system deployments in South Africa, where there is a promising emerging market for innovative zero carbon technologies,” said Mr. Hinkly.

“NET sees Starfire Energy as the most advanced green ammonia production candidate in the world. Our role is to unlock the value chain by accelerating green ammonia production projects, and Starfire is key to that. As a key commercialization partner we’re excited to take Starfire’s innovative technology out of the lab and get it into projects and to scale as quickly as possible. This is important technology for the world because it will help us reach net zero faster. We look forward to seeing Starfire as a core critical part of the green ammonia production sector right around the world, as green fuels become central in the new energy landscape” said Greg Stace, Director of Technology at New Energy Technologies.

“Our investment in Starfire Energy gives us visibility into green hydrogen’s potential to improve the way ammonia is produced, distributed, and consumed,” said Barbara Burger, Vice President, Innovation and President of Technology Ventures at Chevron. “This is the first investment from our new $300 million Future Energy Fund II, which will focus on industrial decarbonization, emerging mobility, energy decentralization, and the growing circular carbon economy.”

"MHI views clean ammonia as an important new energy source for fuel use and hydrogen carriers and we are committed to expanding the hydrogen and ammonia value chain from production to utilization by developing technologies such as the hydrogen and ammonia gas turbine,” said Ricky Sakai, Vice President of new business development at Mitsubishi Heavy Industries America. "We are also eager to partner innovative technology and solution providers and have confidence in Starfire Energy's technology to create distributed ammonia production solutions that help industries, and our customers achieve decarbonization goals."

“Osaka Gas USA has an ongoing initiative to identify and develop new technologies that are key to decarbonization and believes that green ammonia is a promising option. We see how Starfire’s technology would accelerate efficient production of Green Ammonia to support the realization of carbon neutrality. Through collaboration with Starfire Energy, we continue to advance our commitment to decarbonization” said Sei Tamada, Senior Vice President at OGUSA.

About AP Ventures:

AP Ventures is headquartered in London and manages venture capital funds with a global mandate to invest in pioneering new technologies and businesses which aim to solve global challenges such as renewable energy integration, resource scarcity and a growing population. The existing portfolio is focused on the hydrogen value chain and includes investments in Altergy Systems, C-Zero, ERGOSUP, Greyrock Energy, HPNow, Hydrogen Refueling Solutions, HyET, Hydrogenious LOHC Technologies, Hystar, Infinium, Insplorion, Plug Power, and ZEG Power. AP Ventures is led by Andrew Hinkly (Managing Partner) and Kevin Eggers (Partner). Investors include Anglo-American Platinum, Impala Platinum, the Mirai Creation Fund, Mitsubishi Corporation, Plastic Omnium, the Public Investment Corporation and Sumitomo Corporation.

About Chevron Technology Ventures:

Chevron Technology Ventures (CTV) pursues and invests in externally developed technologies and new business solutions that have the potential to enhance the way Chevron produces and delivers affordable, reliable, and ever-cleaner energy. For more information, visit www.chevron.com/technology/technology-ventures

About New Energy Technologies:

New Energy Technology brings new green fuel technologies to market. NET focuses on emerging technology for green fuel production and green ammonia applications across the energy sector.  NET works with technology innovators, providing finance and commercialization to achieve global scaling.  

About Osaka Gas USA:

Osaka Gas USA Corporation ("OGUSA"), a wholly owned subsidiary of Osaka Gas Co., Ltd. ("Osaka Gas"), was formed to expand Osaka Gas’ presence in the United States and beyond. Downstream investments (Energy Infrastructure) since 2004, formerly under Osaka Gas Energy America, and upstream investments (mainly Exploration and Production) since 2012, formerly under Osaka Gas Resources America, now comprise OGUSA’s asset base and include IPP development and investment, Oil and gas development, Natural gas liquefaction, LNG exportation and Natural gas trading. As an experienced strategic investor in the energy sector, we are looking to grow into a leading energy company in North America.

About Mitsubishi Heavy Industries:

Mitsubishi Heavy Industries (MHI) Group is one of the world’s leading industrial groups, spanning energy, logistics & infrastructure, industrial machinery, aerospace and defense. MHI Group combines cutting-edge technology with deep experience to deliver innovative, integrated solutions that help to realize a carbon neutral world, improve the quality of life and ensure a safer world. 

Hystar, a Norwegian company that has developed a novel PEM electrolysis technology, has raised over NOK 50mm in capital. Hystar’s electrolyser produces green hydrogen using less energy than existing technologies and enables a substantial increase in hydrogen production output. AP Ventures, a significant investor in breakthrough hydrogen technologies, led the fundraise, alongside SINTEF Ventures, the investment fund of the SINTEF research institute, and Firda, a pioneering early-stage investor in Norway.

Hystar has developed a PEM electrolysis technology that enables green hydrogen to be produced at higher efficiencies than existing PEM technologies. A unique cell design and process architecture offers an exciting opportunity to reduce electricity consumption and increase hydrogen output, significantly lowering the cost of green hydrogen production from PEM electrolysis. The technology will target the growing global demand for green hydrogen for industrial, renewable power and mobility applications.

The Company’s near-term goals will be to develop the Hystar stack and electrolyser package followed by deployment of pilot units with early customers. The funds raised will primarily be used to build and test stacks and pre-production electrolyser packages as well as expanding the Hystar team.

“On behalf of the Hystar team I am delighted to welcome our new shareholders and look forward to benefitting from their extensive knowledge and network within the hydrogen space. With the backing of AP Ventures, Sintef and Firda, we are now in a position to accelerate development of Hystar’s unique PEM electrolyser and aim to make a significant impact in the growth and deployment of green hydrogen in the marketplace” says Fredrik Mowill, Hystar CEO.

“We believe that green hydrogen production has a long and attractive future globally, and we consider the ability to produce it at the efficiencies achieved by Hystar as a significant breakthrough in the electrolysis space. Hystar’s technology will reinforce hydrogen’s pivotal role in the transition to a decarbonised future” says Kevin Eggers, Partner, AP Ventures.

“We at SINTEF are exceptionally proud to partake in commercializing high-impact green hydrogen technology and also for backing this word-class team.” says John Torvik, Investment Director, SINTEF Venture.

“At Firda, we have increasingly been looking for investments that contribute to reducing carbon emissions.  The technology developed by the Hystar team has the potential to accelerate the adoption of green hydrogen production worldwide, which we believe is an important part of the move away from fossil fuels.  We have been impressed by the capabilities and values of the Hystar team and find it very meaningful to work with them to bring this technology to the market.” says Geir Førre, Managing Partner, Firda.

Hystar AS

For further information contact:

Fredrik Mowill, CEO

Tel: +47 47901665

Email: fredrik.mowill@hystar.com

About Hystar

Hystar is located in Oslo, Norway, and is a high-tech spin-out from SINTEF, one of Europe’s largest independent research institutions. Hystar’s patented technology is focused on significantly improving the effectiveness of producing hydrogen from water using PEM electrolysis. Hystar will serve the growing demand for green hydrogen across a range of applications within the renewable power, industrial and mobility markets. The technology has been developed by two of the Company’s co- founders who are also part of Hystar’s management team.

About investors

About AP Ventures

AP Ventures is headquartered in London and manages venture capital funds with a global mandate to invest in pioneering new technologies and businesses which aim to solve global challenges such as renewable energy integration, resource scarcity and a growing population.

The existing portfolio is focused on the hydrogen value chain and includes investments in Altergy Systems, C-Zero, ERGOSUP, Greyrock Energy, Hydrogen Refueling Solutions, HyET, Hydrogenious LOHC Technologies, Infinium, Insplorion, Plug Power, Starfire Energy and ZEG Power.

AP Ventures is led by Andrew Hinkly (Managing Partner) and Kevin Eggers (Partner). Investors include Anglo-American Platinum, Impala Platinum, the Mirai Creation Fund, Mitsubishi Corporation, Plastic Omnium, the Public Investment Corporation and Sumitomo Corporation.The Hystar deal was led by investment team members Charlie Clark and Yonatan Sher.

More info: www.apventures.com

About SINTEF Ventures

SINTEF is one of Europe's largest research institutes with multidisciplinary expertise in science and technology. SINTEF Venture V is an early-stage investment fund focused on the commercialization of research results. The fund has a capital base of NOK 500 million provided by SINTEF, the European Investment Fund and a number of private institutional Norwegian investors. The European Investment Fund (EIF) is the EU's instrument for investing in eQuity funds in the EEA area. The investment in SINTEF Venture V, which is EIF's largest investment in Norway, has been made possible through funds from InnovFin Equity and financial instruments under the EU's Horizon 2020.

About Firda

Firda is an investment company founded by serial entrepreneur Geir Førre, after his 3 successful exits with Energy Micro, Chipcon and Prox Dynamics. Since 2015 Firda has been an active technology investor with a focus on Norwegian technology companies that are highly scalable and have a positive impact on the world. Firda’s current portfolio includes Airthings, Ardoq, Disruptive Technologies and Zivid.

Kathrine Ryengen, CEO of ZEG Power, talks to Sifted.eu, the European innovator and entrepreneur media outlet about the need for carbon capture in keeping the planet below the 2ºC mark by 2050.

Please use the link below to view the full article.

https://sifted.eu/articles/carbon-capture-startups-europe/

**Post closed - no longer accepting applications**

An exciting opportunity has arisen at Protea Metsi Technologies for a highly motivated and energetic Business and Market Development Senior Manager to establish and grow new market segments for the world’s first and only commercial on-site hydrogen peroxide generator. As well as market development, the Business and Market Development Senior Manager will take a leading role in setting up a new successful business entity in South Africa.

Protea Metsi Technologies (Pty) Ltd is a new company currently being established in South Africa to grow the market for HPNow autonomous low concentration hydrogen peroxide systems initially for use in agri irrigation and livestock water treatment.

Please click here to view the job description, for more information on the role, please contact Kate Buchanan (kbuchanan@apventures.com).

SANTA BARBARA, Calif. February 9, 2021 – C-Zero Inc., a pioneer in natural gas decarbonization, announced today that it has raised $11.5 million in a Series A funding round co-led by Breakthrough Energy Ventures and Eni Next, with participation from Mitsubishi Heavy Industries (MHI) and AP Ventures. The funding will accelerate the first commercial-scale deployment of C-Zero’s drop-in decarbonization technology, which will allow industrial natural gas consumers to avoid producing CO2 in applications like electrical generation, process heating and the production of commodity chemicals like hydrogen and ammonia. 

“We are excited to enter the next stage of the company’s growth with support from investors who share our desire to scale up a technology with the potential to decarbonize over a quarter of the world’s energy consumption,” said Zach Jones, CEO of C-Zero. “By converting natural gas to clean hydrogen, a molecule with enormous potential, we hope to be the bridge between existing natural gas infrastructure and a low carbon future.”

C-Zero’s technology, which was initially developed at the University of California, Santa Barbara, uses innovative thermocatalysis to split methane – the primary molecule in natural gas – into hydrogen and solid carbon in a process known as methane pyrolysis. The hydrogen can be used to help decarbonize a wide array of existing applications, including hydrogen production for fuel cell vehicles, while the carbon can be permanently sequestered. When renewable natural gas is used as the feedstock, C-Zero’s technology can even be carbon negative, effectively extracting carbon dioxide from the atmosphere and permanently storing it in the form of high-density solid carbon. 

“Over $100 billion of commodity hydrogen is produced annually,” said Carmichael Roberts, Breakthrough Energy Ventures. “Unfortunately, the overwhelming majority of that production comes from a process called steam methane reforming, which also produces large quantities of CO2. Finding low cost, low emission methods of hydrogen production – such as the one C-Zero has created – will be critical to unlocking the molecule’s potential to decarbonize major segments of the agricultural, chemical, manufacturing and transportation sectors.”

The various methods of hydrogen production have recently been associated with different color codes for easy identification. Conventional production via steam methane reforming (SMR) is referred to as “gray hydrogen,” SMR with CO2 sequestration is referred to as “blue hydrogen” and hydrogen produced by splitting water via electrolysis is known as “green hydrogen.” Hydrogen produced via methane pyrolysis processes like C-Zero’s is increasingly being referred to as “turquoise hydrogen,” as it combines the benefits of both blue and green hydrogen by being low cost and low emissions, respectively.   

“Methane pyrolysis is very interesting to us, as clean and low CO2 hydrogen can be produced with limited consumption of energy and no water usage. Scaling-up this process will potentially be an enormous advantage to produce hydrogen for energy or commodity chemical applications,” said a spokesperson from Eni Next. 

“MHI is committed to expanding the hydrogen value chain from production to utilization by developing technologies such as hydrogen gas turbines and by partnering with innovative technology and solution providers such as C-Zero,” said Yoshihiro Shiraiwa, President and CEO of MHI America. “We believe this technology will lead to more solutions that help us and our customers achieve our decarbonization goals.”

"Methane pyrolysis offers an efficient pathway to producing low-emission and low-cost hydrogen," said Kevin Eggers, AP Ventures. “The low-cost turquoise hydrogen produced by C-Zero will have a material impact in reducing global CO2 emissions.’’

C-Zero is currently hiring in the Santa Barbara region. To learn more, visit www.czero.energy.

About C-Zero

C-Zero is commercializing a proprietary process for transforming natural gas into clean hydrogen and a solid carbon co-product. For more information, visit www.czero.energy. 

About Breakthrough Energy Ventures

Backed by many of the world’s top business leaders, Breakthrough Energy Ventures (BEV) invests in cutting-edge companies that will lead the world to net-zero emissions. BEV has more than $2 billion in committed capital to support bold entrepreneurs building companies that can significantly reduce emissions from agriculture, buildings, electricity, manufacturing, and transportation. BEV’s strategy links government-funded research and patient, risk-tolerant capital to bring transformative clean energy innovations to market as quickly as possible.

The first fund was created in 2016 as part of the Breakthrough Energy network of initiatives and entities, which include investment funds, non-profit and philanthropic programs, and policy efforts linked by a shared commitment to scale the technologies needed to address climate change and achieve a path to net zero emissions by 2050. Visit www.breakthroughenergy.org to learn more.

About Eni Next

Eni Next is the corporate venture capital arm of Eni, an energy company operating in 66 countries worldwide and employing around 32,000 people. Eni operates in oil and gas exploration, development and production, refining and marketing, trading and shipping, chemical, renewable energies and innovative solutions in circular economy. Its mission is inspired by the UN 2030 Agenda and these values are reflected in its business model, itself based on three pillars of long-term carbon neutrality, operational excellence and the creation of alliances for local development.

About Mitsubishi Heavy Industries

Mitsubishi Heavy Industries is one of the world’s leading industrial firms with 80,000 group employees and annual consolidated revenues of around 38 billion U.S. dollars. For more than 130 years, the company has channeled big thinking into innovative and integrated solutions that move the world forward. MHI delivers innovative and integrated solutions across a wide range of industries from commercial aviation and transportation to power plants and gas turbines, and from machinery and infrastructure to integrated defense and space systems.

About AP Ventures

AP Ventures is headquartered in London and manages venture capital funds with a global mandate to invest in pioneering new technologies and businesses which aim to solve global challenges such as renewable energy integration, resource scarcity and rapidly changing demographics. The existing portfolio is focused on the hydrogen value chain and includes investments in Altergy Systems, ERGOSUP, Greyrock Energy, HPNow, HyET, Hydrogenious LOHC Technologies, Infinium, Insplorion, Plug Power, Starfire Energy and ZEG Power. AP Ventures is led by Andrew Hinkly (Managing Partner) and Kevin Eggers (Partner). Investors include Anglo-American Platinum, Impala Platinum, the Mirai Creation Fund, Mitsubishi Corporation, Plastic Omnium, the Public Investment Corporation and Sumitomo Corporation.

Hydrogen-Refueling-Solutions (“HRS”) designs and manufactures hydrogen refuelling stations for on-road mobility, from passenger cars to heavy duty vehicles.

HRS will start trading on Euronext Growth Paris on 9th February.  The proceeds from this IPO, of up to EUR 97.3 million including EUR 73.6 million in new shares, will be used to: support working capital; build additional production facilities; grow the technology and the commercial teams, and finance targeted M&A activity.

Hydrogen has a critical role in decarbonising the transport sector and is particularly suited to vehicles requiring a long range and a short refuelling time such as heavy-duty trucks, coaches and buses, as well as rail transport and shipping.

Hydrogen refuelling infrastructure is a vital enabler to wider adoption of fuel cell vehicles and clean mobility in the heavy duty vehicle segments. Early adoption of hydrogen mobility is occurring across commercial fleets of vehicles which return to base at the end of each day.  This operating pattern enables targeted deployment of refuelling infrastructure and will facilitate further subsequent scale up of a wider network of public stations.

Commenting on AP Ventures’ role as a cornerstone investor in HRS’ IPO, Andrew Hinkly, Managing Partner at AP Ventures said, “We are delighted to welcome HRS to our existing portfolio of hydrogen related technologies. We believe HRS has the team and resources to deploy a large number of refuelling stations, which will enable rapid expansion of hydrogen mobility. We look forward to working with HRS and introducing the team to our network of innovative hydrogen technology companies.”

Hassen Rachedi, founder and Executive Chairman, Philippe Bottu, Chief Executive Officer, and Olivier Dhez, Business Development Director, said: “We are very happy to welcome AP Ventures as a new shareholder on the occasion of our IPO. We have much appreciated the rich interactions with this London based specialist fund that we consider as a key investor in the Hydrogen Industry.”

About HRS

Founded in 2004, Hydrogen-Refueling-Solutions (HRS), formerly TSM, is pioneer in hydrogen mobility. European designer and manufacturer of hydrogen refuelling stations, for over ten years, the Company has been committed to reducing transport emissions.

Thanks to its unique experience and know-how, HRS has developed a complete range of hydrogen refuelling stations for all types of fuel cell vehicles that is perfectly suited to the needs of a fast-growing European market. At its Champ-sur-Drac site, HRS has mass production capacities that enable it to assemble up to 60 units per year in record time, in as little as 8 weeks. The Company posted 2019-2020 revenue of €2.6 million. As of December 31, 2020, the company had 34 employees. (ISIN code: FR0014001PM5 - ticker symbol: ALHRS).

For more information: www.hydrogen-refueling-solutions.fr

About AP Ventures

AP Ventures is headquartered in London and manages venture capital funds with a global mandate to invest in pioneering new technologies and businesses which aim to solve global challenges. The existing portfolio spans the hydrogen value chain and includes investments in Altergy Systems, ERGOSUP, Greyrock Energy, Hazer Group, HPNow, HyET, Hydrogenious LOHC Technologies, Infinium, Insplorion, Plug Power, Starfire Energy and ZEG Power.

AP Ventures is led by Andrew Hinkly (Managing Partner) and Kevin Eggers (Partner). Investors include Anglo-American Platinum, Impala Platinum, the Mirai Creation Fund, Mitsubishi Corporation, Plastic Omnium, the Public Investment Corporation and Sumitomo Corporation. More info: www.apventures.com

Hydrogen Forward, is a new coalition comprising of 11 companies (Air Liquide, Anglo American, Bloom Energy, CF Industries, Chart Industries, Cummins Inc., Hyundai, Linde, McDermott, Shell and Toyota) which focusses on advancing hydrogen development based in the US.

Hydrogen Forward hopes through demonstrating the various solutions available, policymakers and other stakeholders within the US may follow suit with Europe and East Asia and consider adopting the use of hydrogen. The new initiative anticipates the acceleration of hydrogen, will help meet US climate goals through boosting and decarbonizing large segments of the economy.

Find the entire press release using the link below:

https://www.prnewswire.com/news-releases/hydrogen-forward-coalition-formed-to-advance-hydrogen-in-the-us-301219726.html

Infinium closes funding to decarbonize transportation sector with electrofuels solution

·       The funding round led by AP Ventures, brings together a consortium of investors including Amazon’s Climate Pledge Fund, Mitsubishi Heavy Industries (MHI), Neuman & Esser, and the Grantham Environmental Trust

·       Funds will be used to advance the development of commercial scale applications to decarbonize the transportation sector.

Infinium’s proprietary technology can enable organizations to meet carbon reduction goals by accelerating the transition away from fossil-based fuels. The Infinium Electrofuels™ process converts renewable power into green hydrogen, then uses this green hydrogen and waste carbon dioxide to produce net-zero carbon fuels.  These fuels may be used in today’s plane, ship and truck fleets without changes in infrastructure.

Nearly a quarter of global carbon emissions stem from the transportation sector, posing a significant challenge in industry efforts to reduce emissions.  New business mandates that include corporate climate commitments and ESG investing are increasing the demand for low-carbon transportation alternatives.  Other solutions, such as electrification, carbon offsets, carbon capture and hydrogen fuel cell technology are part of the solution but do not fully address transportation’s carbon reduction needs.

Infinium’s Electrofuels™ are “drop-in” replacements for traditional petroleum-derived products. Infinium’s fuels enable commercial transportation industry and logistics operators to make an immediate impact on carbon reduction targets without capital and time intensive upgrades to transportation infrastructure.

“We’re thrilled to be working with Amazon and MHI to demonstrate the commercial impact of our technology.” said Robert Schuetzle, CEO of Infinium.  “Backing from the largest hydrogen-focused venture capital firm, AP Ventures, as well as support from Neuman & Esser, an international compressor solutions provider with headquarters in Germany and the Grantham Environmental Trust is a huge vote of confidence for the promise of electrofuels and our technology’s ability to scale in order to meet today’s urgent climate challenges.  We expect that current projects under development will be the first broad-scale utilization of electrofuels by commercial vehicles, harmonizing hydrogen utilization and waste carbon capture.”

“AP Ventures is pleased to have led this funding round for Infinium’s breakthrough electrofuel production technology.  We are delighted to welcome Infinium to our existing portfolio of hydrogen related technology companies.  We look forward to sharing AP Venture’s experience, expertise and network within the global hydrogen economy to deploy Infinium’s commercial systems and create further value for the company”, says Andrew Hinkly, Manging Partner, AP Ventures.    

"Amazon created The Climate Pledge Fund to support the development of technologies and services that will enable Amazon and other companies to reach the goals of the Paris Agreement 10 years early—achieving net-zero carbon by 2040,” said Kara Hurst, Vice President of Worldwide Sustainability at Amazon. “Infinium’s electrofuels solution has real potential to help decarbonize transport that carries heavier loads and travels long distances, including air and freight, as well as heavy trucks."

“It is increasingly important to continue our efforts towards developing solutions that drive global carbon neutrality goals,” said Yoshihiro Shiraiwa, Chief Executive Officer, Mitsubishi Heavy Industries America. “We are confident in the progress we will make together with this group of industry leaders.” 

About Infinium 

Infinium offers an electrofuels solution to decarbonize the transportation sector using today’s infrastructure. Infinium’s Electrofuels™ are a net-zero carbon alternative to existing liquid fuels that can immediately “drop in” and be used in plane, ship and truck fleets. For more information, visit www.infiniumco.com.

About AP Ventures

AP Ventures is headquartered in London and manages venture capital funds with a global mandate to invest in pioneering new technologies and businesses which aim to solve global challenges such as renewable energy integration, resource scarcity and rapidly changing demographics.The existing portfolio is focused on the hydrogen value chain and includes investments in Altergy Systems, ERGOSUP, Greyrock Energy, HPNow, HyET, Hydrogenious LOHC Technologies, Insplorion, Plug Power and ZEG Power.

AP Ventures is led by Andrew Hinkly (Managing Partner) and Kevin Eggers (Partner). Investors include Anglo-American Platinum, Impala Platinum, the Mirai Creation Fund, Mitsubishi Corporation, Plastic Omnium, the Public Investment Corporation and Sumitomo Corporation. More info: www.apventures.com

About Amazon Climate Pledge Fund

In June 2020, Amazon announced The Climate Pledge Fund to support the development of sustainable and decarbonizing technologies and services that will enable Amazon and other companies to meet the goals set by The Climate Pledge. This dedicated investment program—with an initial $2 billion in funding—will invest in visionary companies whose products and solutions will facilitate the transition to a low-carbon economy. More info at: https://sustainability.aboutamazon.com/about/climate-pledge-fund

About Mitsubishi Heavy Industries

Mitsubishi Heavy Industries is one of the world’s leading industrial firms with 80,000 group employees and annual consolidated revenues of around 38 billion U.S. dollars. For more than 130 years, the company has channeled big thinking into innovative and integrated solutions that move the world forward. MHI delivers innovative and integrated solutions across a wide range of industries from commercial aviation and transportation to power plants and gas turbines, and from machinery and infrastructure to integrated defense and space systems. More info at: https://www.mhi.com/

About the NEUMAN & ESSER GROUP

The NEUMAN & ESSER GROUP (NEA), founded 1830 in Aachen, Germany is a leading manufacturer of compressor solutions including piston compressors and diaphragm compressors, sealing elements for oscillating and rotating systems and offers comprehensive services for NEA brand and 13 OEM legacies. Its products serve all major applications in the Oil & Gas markets, Chemicals & Petrochemicals Industries, Food & Beverages, Renewable Energy and H2 Economy including H2 Mobility. The company group, with its workforce of 1,200 employees worldwide, consists of three holding companies in Germany, the USA and China, four production sites in Germany and 19 companies for sales and system engineering as well as service facilities at 10 strategic locations around the globe. More info at: https://www.neuman-esser.de/en/

About The Grantham Environmental Trust

The Jeremy and Hannelore Grantham Environmental Trust was formed in 2005 by Jeremy Grantham, Co-Founder and Chief Investment Strategist of Grantham, Mayo, Van Otterloo (GMO) and his wife Hannelore.More info at: http://www.granthamtrust.org/

Jan Klawitter, Head of International Policy for Anglo American discusses hydrogen and fuel cell technologies and how Anglo is incorporating hydrogen into their sustainability approach, on the “Everything About Hydrogen” podcast. 

The podcast explores the challenges faced by Anglo American in making its operations carbon neutral by 2040, and the projects they are developing today to achieve these and interim 2030 goals. Jan shares details on Anglo American’s market development activities and the ability for PGMs to contribute to the hydrogen value chain, and their role in launching early-stage ventures. The Everything About Hydrogen Team go on to explore Anglo American’s role as a founding investor in AP Ventures, and the example of strategic collaboration from strong LPs as a role model for others in industries to adopt.

Listen to the entire podcast following the link below.

https://podcasts.apple.com/gb/podcast/digging-into-mining-industry-jan-klawitter-anglo-american/id1475783473?i=1000505752376

Research highlights – hydrogen production 

AP Ventures has an extensive research activity to stay ahead of market trends and deploy effectively its capital. Lately, we have focused on hydrogen production as an area of interest. We see the ability to produce competitively priced low-carbon hydrogen as critical – in terms of decarbonising current hydrogen production, making existing end-use applications more competitive and enabling hydrogen to be more competitive in new technologies such as synthetic fuels, ammonia and heavy-duty trucks.

Here are a few thoughts we would like to share on the different modes of producing hydrogen

Green hydrogen

·       Water electrolysis technology is highly attractive, and we believe it has an exciting long-term future.

·       We see attractive investment opportunities in many areas, for example, in:

o   Helping achieving electrolyser scale (the EU recently released a strategy calling for 40GW of electrolyser capacity by 2030, as well as the formation of a supply chain of 40GW of electrolyser capacity for the import of hydrogen from outside of Europe. To put the magnitude of this scale-up in context, the EU currently has an installed water electrolysis capacity of ~100MW)

o   Stack and system architecture that reduces OPEX requirements (this is particularly important as renewable energy costs currently account for >75% of the cost of green hydrogen)

o   Stack and system architecture that can leverage the fuel cell supply chain (there are certain components and design synergies that can be utilised across the two technologies),

o   Reducing the capital cost of key components, and

o   Technologies (e.g., synthetic fuels) that can utilise green hydrogen to decarbonise hard-to-abate sectors such as air travel.

·       Although we are seeing significant project opportunities in the market for utilising competitively priced green hydrogen through curtailed and surplus renewable power, hydrogen costs from electrolysis are generally still more expensive than hydrogen from fossil fuels. We believe therefore that electrolysis will struggle to solely meet low-carbon hydrogen demand due to current capacity limitations for both electrolysers and installed renewable energy. We see a strong case for other forms of low-carbon hydrogen production.

Blue hydrogen

·       We believe that continuing to use natural gas is an attractive method of producing hydrogen, as long as the carbon by-products associated with the process are captured, sequestered or used in other industry. We see blue hydrogen as being crucial in meeting the short-to-medium term low-cost hydrogen demand, as well as providing long-term baseload supply even after green capacities have scaled up.

·       Key general economic drivers include the cost of natural gas, the price of carbon and location to markets and sequestration.

·       If gaseous carbon is produced in the form of carbon dioxide through reformation, the purity of CO2 produced is important as well as location, to offer either industrial utilisation opportunities or permanent sequestration through geological storage. We have an exciting investment in this space, Zeg Power, which produces very pure CO2 as a by-product, and is collocated with the Northern Lights project site and actively working with the project team.

If solid carbon is produced via methane pyrolysis, then the price of natural gas becomes more important as double the quantity is required (as a hydrogen source in lieu of water). However, solid carbon can be more easily captured, transported, sequestered or used, if applicable.

Starfire Energy Inc issues bridge round with contribution from AP Ventures and Rockies Venture Club

·      Funds will be used for engineering and design of Starfire’s modular 50 tonne per day green ammonia production system

·      The bridge round was supported by AP Ventures, Rockies Venture Club and a Friends and Family private placement

December 11th, 2020. Denver, USA – Starfire Energy Inc, a leader in green ammonia synthesis and cracking, announces the completion of a bridge round. Contributors included hydrogen-focused, globally mandated AP Ventures, Rockies Venture Club, one of the USA’s oldest and most active Angel Groups, and many friends and family.

Ammonia is a promising energy carrier with an energy density comparable to fossil fuels and significantly higher than Li-ion batteries, compressed or liquid hydrogen. It can be cheaply and easily stored and transported, leveraging established infrastructure and shipping networks, and is regulated by well-developed codes and standards. It can be used directly as a fuel or it can be 'cracked', and its hydrogen harvested, to provide a stable, efficient means of hydrogen storage and transportation.

Conventional ammonia production has a significant carbon footprint. Traditionally made from natural gas, the production of ammonia emits 2 tonnes of carbon dioxide for every one tonne of ammonia produced. Starfire Energy’s ‘Rapid Ramp NH3’ ammonia synthesis technology produces zero carbon ammonia using only renewable energy, air and water as inputs. The modular solution is sized to connect directly with renewable energy production, providing a scalable, distributed source of zero carbon ammonia. The company has also developed their Prometheus Carbon-free Fire, a system to crack ammonia back into hydrogen, providing an efficient means of green hydrogen storage and transport. 

“We are looking forward to furthering product development that will contribute to the world’s transition to clean fuels,” said Jennifer Beach, COO of Starfire Energy. “We are excited to become part of AP Ventures' investment portfolio. In addition to their financial resources, they provide a wealth of hydrogen industry experience and connections to excellent strategic partners,” added Joe Beach, the company’s CEO.

“We are delighted to support Starfire Energy in their recent bridge round. As an established investor in the hydrogen industry, we are excited by the opportunity for Ammonia to decarbonize chemical and industry value chains, and the role it can play in enabling a low-cost storage and transport solution for green hydrogen. We are impressed by Starfire’s team, and the unique modular synthesis and cracking technology they have developed. We look forward to working with Starfire; sharing AP Ventures’ expertise, experience and network to create further value for the Company”, says Andrew Hinkly, Managing Partner, AP Ventures.

“The Rockies Venture Club’s Cleantech Angel Investor Group is excited to support Starfire Energy.  We first met Starfire Energy at our HyperAccelerator program where we were impressed with the team and technology.  We are excited to make this investment at this time because Starfire fills a massive need for energy storage and transportation as we move to increasing carbon-free energy production and distribution globally.  The market timing for this kind of clean technology is strong and we expect it to grow exponentially during the coming years.”  Peter Adams, Executive Director, Rockies Venture Club.

About Starfire Energy Inc.:

Starfire Energy is a Colorado Public Benefit Corporation with a stated mission to focus company efforts on products and services that reduce CO2 in the earth's atmosphere and promote sustainable and enjoyable human civilization.  The company was co-founded by Jennifer Beach & Joe Beach in 2007 and transitioned from solar work to clean fuels in 2016.  The team of nine will soon be doubling as they move into a larger facility where they will continue to increase the size of their Rapid Ramp NH3 and Prometheus Carbon-free Fire products.

More info: https://www.starfireenergy.com/

About AP Ventures:

AP Ventures is headquartered in London and manages venture capital funds with a global mandate to invest in pioneering new technologies and businesses which aim to solve global challenges such as renewable energy integration, resource scarcity and rapidly changing demographics.

The existing portfolio is focused on the hydrogen value chain and includes investments in Altergy Systems, ERGOSUP, Greyrock Energy, HPNow, HyET, Hydrogenious LOHC Technologies, Insplorion, Plug Power and ZEG Power.

AP Ventures is led by Andrew Hinkly (Managing Partner) and Kevin Eggers (Partner). Investors include Anglo-American Platinum, Impala Platinum, the Mirai Creation Fund, Mitsubishi Corporation, Plastic Omnium, the Public Investment Corporation and Sumitomo Corporation.

More info: www.apventures.com

About Rockies Venture Club:

Rockies Venture Club is the longest running and one of the largest Angel Groups in the U.S.A., founded in 1985, whose mission is to advance economic development by actively connecting investments with the most promising entrepreneurial companies with Angel investors, venture capitalists, and other community members. Every year Rockies Venture Club offers over 140 educational programs, mastermind groups, Angel forums, and two major conferences for both investors and entrepreneurs leading to 25-30 investments per year.

More info: https://www.rockiesventureclub.org/

Johan Theron / E-mail: johan.theron@implats.co.za / T:  +27 (0) 11 731 9013/17 / M: +27 (0) 82 809 0166

Emma Townshend / E-mail : emma.townshend@implats.co.za / T : +27 (0) 21 794 8345 / M : +27 (0) 82 415 3770

About AP Ventures

AP Ventures is headquartered in London and manages venture capital funds with a global mandate to invest in pioneering new technologies and businesses which aim to solve global challenges such as renewable energy integration, resource scarcity and a growing population. The existing portfolio is focused on the hydrogen value chain and includes investments in Altergy Systems, ERGOSUP, Greyrock Energy, HPNow, HyET, Hydrogenious LOHC Technologies, Insplorion, Plug Power and ZEG Power. All these companies either utilise or enable the use of Platinum Group Metals (PGMs).

AP Ventures is led by Andrew Hinkly (Managing Partner) and Kevin Eggers (Partner). Investors include Anglo-American Platinum, Implats, the Mirai Creation Fund, Mitsubishi Corporation, Plastic Omnium, the Public Investment Corporation and Sumitomo Corporation.

More info: www.apventures.com

About Implats

Implats is a leading producer of platinum group metals (PGMs) structured around six mining operations and Impala Refining Services, a toll refining business. 

Implats’ operations are located on the Bushveld Complex in South Africa, the Great Dyke in Zimbabwe – the two most significant PGM-bearing ore bodies in the world – and the Canadian Shield, an igneous domain for PGMs.

Implats employs 50,774 people across its operations and markets and sells products in South Africa, Japan, China, India, the US and Europe. The metals produced are the key to making industrial, medical and electronic items and they contribute to a cleaner, greener world. 

More info: www.implats.co.za

• Funds will be used for scale up and market expansion of HPNow’s autonomous on-site hydrogen-peroxide generation technology solutions

• The round was led by sustainability-focused AP Ventures, together with existing shareholder Evonik Venture Capital

November 30th, 2020. Copenhagen, Denmark – HPNow, a leader in on-site, autonomous, clean hydrogen-peroxide generation technology solutions, announces the closing of a €5M financing round. The round was led by sustainability-focused, globally-mandated AP Ventures, together with the VC arm of Evonik Industries (NASDAQ:EVKIF), a global leader in bulk hydrogen peroxide.

Hydrogen peroxide is one of the world’s most widely used chemicals, with applications ranging from agriculture, municipal and industrial water and wastewater treatment, to healthcare and electronics. Today’s supply chain is greenhouse-gas and toxic-waste intensive, and involves the transport and handling of hazardous high-concentrate peroxide from centralized plants to millions of end users. Using only water and electricity as inputs, HPNow totally bypasses the present-day supply chain, enabling on-site, clean and autonomous production directly at the point of use. Following utilization, the hydrogen peroxide generated by HPNow’s systems breaks down to pure water and oxygen. The process emits no greenhouse gasses or other waste.

“The push towards a more sustainable, safer and carbon-neutral future, as well as towards reduced supply-chain dependence as a result of COVID19, is driving strong demand for our autonomous and clean hydrogen peroxide generation products”, says Ziv Gottesfeld, HPNow’s CEO. “Our products have already been commercially proven in the agriculture segment. The fresh funding and ongoing support from top-tier global investors will enable us to scale-up and expand our offerings towards new and exciting market segments, with chemical-input-free industrial and municipal water treatment next in line”.

“I am delighted to announce our investment into HPNow. The company’s autonomous, safe, low impact hydrogen peroxide production technology is an exciting example of the emerging ‘Power to X’ economy, which will be a critical lever in the global efforts towards decarbonization. I am impressed with the experience and enthusiasm of the HPNow management team and I look forward to joining the board and sharing AP Ventures’ expertise, experience and network to create further value for the Company”, says Kevin Eggers, Partner, AP Ventures.

"This patented technology offers the possibility of a demand-oriented and cost-efficient supply of hydrogen peroxide directly to the customer," said Michael Traexler, head of the Active Oxygens business line at Evonik. "This investment supports our strategy of offering our customers customized system solutions. In addition, the technology makes it possible to use H2O2 in areas where less environmentally friendly techniques have been used in the past."

In an online conference featuring the company's leadership, Plastic Omnium presented its strategic view on hydrogen mobility.

It includes

-          an industrialized and competitive offer across the entire value chain: hydrogen vessels, fuel cell stack and integrated hydrogen system

-          a rapidly expanding market from 2025 climbing to at least 2 million vehicles by 2030

-          €3 billion in revenue for Plastic Omnium in 2030 following an annual investment of €100 million over the coming years.

Find the entire press release and a recording of the conference following this link

https://www.plasticomnium.com/en/article/12-news/news-innovation/329-plastic-omnium-aims-for-world-leadership-in-hydrogen-mobility.html

Insplorion AB (public) developed a Nanoplasmonic Sensing technology (NPS), to enable precise, robust and selective measurements for a wide range of applications. This core technology can be applied to a wide range of gases and applications, such as air quality for cities and HVAC systems, hydrogen equipment and battery development and monitoring.

Insplorion’s development of the fastest hydrogen sensor in the world has developed rapidly and attracted global attention during the last year. The hydrogen sensor can be a crucial component in the rapidly growing market of hydrogen-based energy systems. The development of the hydrogen sensor and the Company’s battery sensor mean individually and together great opportunities for Insplorion, to establish a solid position in two rapidly growing markets, while commercialisation of the Company’s air quality sensors further validates the technology.

Insplorion has completed a directed issue of MSEK 30, has resolved to carry out a fully guaranteed rights issue of a maximum of MSEK 30.3, and intends to change listing to Nasdaq First North. The purpose of the transaction is to finance the acceleration of the Company’s development of its hydrogen and battery sensors, and to facilitate further commercialisation of air quality sensors. Formue Nord A/S, Thorén Tillväxt AB and one additional UK-based investment fund participated in the directed shares issue alongside AP Ventures. Naventus Corporate Finance AB, who is the Company’s financial advisor in connection with the Share Issues, have also subscribed for new shares in the directed issue.

Quotes:

Patrik Dahlqvist, CEO Insplorion
“Our hydrogen sensor has developed rapidly during the year we have been running the project, and has over the same time matched well with the fast developing global market for hydrogen as an energy carrier. The interest for the fastest hydrogen sensor in the world is large on the market, within vehicles, within infrastructure and among component manufacturers. The interest is also high among financiers, where AP Ventures, a London based specialist fund focusing on the hydrogen value chain, participate in our directed issue due to the potential of the hydrogen sensor. Today, we are very happy to strengthen our ownership base with both financial weight and industrial competence, while also receiving funds in order to realise the potential of our full sensor platform.”

Andrew Hinkly, Managing Partner, AP Ventures
“We are delighted to welcome Insplorion into our portfolio and to working closely together in the future. Ensuring safe production, transport, storage and use of hydrogen is key to unlocking the global hydrogen economy and we think that Insplorion’s sensors address these challenges; they can also support the development of more efficient and cost-effective equipment such as Fuel Cells. We are very impressed with the versatility of the technology, which has applications outside of the hydrogen value chain, as well as with the team at Insplorion. We are pleased to be part of the journey as the company scales and commercializes its innovative technology.” 

AP Ventures invests in advanced technology companies which tackle global environmental and sustainability challenges;

• AP Ventures has an existing portfolio of investments with a focus on the hydrogen value chain and fuel-cell electric mobility;

• Sumitomo Corporation joins Anglo American Platinum, the Mirai Creation Fund, Mitsubishi Corporation, Plastic Omnium and the Public Investment Corporation as an investor in AP Ventures.

London, United Kingdom, 27 October 2020: AP Ventures today announces that Sumitomo Corporation has become a Limited Partner in AP Ventures Fund II.

AP Ventures investment strategy is focused on companies developing technologies which are capable of sustainably solving global challenges such as renewable energy integration and resource scarcity. A key area of focus is the decarbonisation of transport and heavy industry. Through fuel cells, green hydrogen enables zero emission mobility while the use of hydrogen for heat can enable the decarbonisation of industries such as steel and cement manufacturing currently reliant on hydrocarbon fuels.

In welcoming Sumitomo Corporation as its sixth Limited Partner, AP Ventures and its portfolio companies look forward to benefitting from working with a global partner which has a strong focus on developing the hydrogen economy.

Commenting on the investment by Sumitomo Corporation, Andrew Hinkly, Managing Partner, AP Ventures said:

“We are delighted to welcome Sumitomo Corporation as an investor in Fund II. The development of the hydrogen economy is gaining momentum and we are excited to have the opportunity to work in partnership with a team that has a strong focus on this area. Our strategic investors’ expertise together with our experience and industry network allows AP Ventures to provide its portfolio companies with a unique combination of investment and development opportunities.”

Commenting on today’s announcement Hajime Mori, Executive Officer, General Manager of Energy Division for Sumitomo Corporation said:

“As a member of the Hydrogen Council, Sumitomo Corporation has given a priority to contributing to build a sustainable hydrogen ecosystem. On 1 October 2020, with the establishment of Hydrogen Business Department, we are entering into a new phase to accelerate hydrogen related business activities. AP Ventures has proven its ability to identify hydrogen technology start-ups and create value while facilitating collaborations between strategic corporate partners and its portfolio companies. We are excited about the opportunity to work with AP Ventures and its portfolio companies which bring innovation to our hydrogen business in the critical decades to come for climate change."

About AP Ventures:

AP Ventures is headquartered in London and manages venture capital funds with a global mandate to invest in pioneering new technologies and businesses which aim to solve global challenges such as renewable energy integration, resource scarcity and a growing population. The existing portfolio is focused on the hydrogen value chain and includes investments in Altergy Systems, ERGOSUP, Greyrock Energy, HyET, Hydrogenious Technologies, Plug Power and ZEG Power. All these companies either utilise or enable the use of Platinum Group Metals (PGMs).

AP Ventures is led by Andrew Hinkly (Managing Partner) and Kevin Eggers (Partner). Investors include Anglo-American Platinum, the Mirai Creation Fund, Mitsubishi Corporation, Plastic Omnium, the Public Investment Corporation and Sumitomo Corporation.

More info: www.apventures.com

About Sumitomo Corporation

Sumitomo Corporation is a leading Fortune 500 global trading and business investment company with 132 locations (Japan: 22, Overseas: 110) in 66 countries and regions. The entire Sumitomo Corporation Group consists of more than 900 companies. Sumitomo Corporation conducts commodity transactions in all industries utilizing worldwide networks, provides customers with financing, serves as an organizer and a coordinator for various projects, and invests in companies to promote greater growth potential. SC’s core business areas include Metal Products, Transportation and Construction Systems, Infrastructure, Media and Digital, Living Related and Real Estate, Mineral Resources, Energy, and Chemical and Electronics.

www.sumitomocorp.com

PERTH, AUSTRALIA; 12 October 2020: Hazer Group Limited (ASX: HZR) (Hazer) is delighted to advise that it has executed a non-binding term sheet with AP Ventures Fund II GP LLP (APV) for an investment in Hazer by APV.

AP Ventures is headquartered in London and manages venture capital funds with a global mandate to invest in pioneering new technologies and businesses which aim to solve global challenges such as renewable energy integration, resource scarcity and rapidly changing demographics (www.apventures.com). AP Ventures’ portfolio is concentrated in the hydrogen sector, with its investments supporting companies through their commercialisation and scale up phases. Presently, AP Ventures’ holdings in the hydrogen sector include Altergy Systems, Hydrogenious Technologies, ZEG Power, ERGOSUP, HyET and Plug Power and previously have included Ballard Power Systems as well as United Hydrogen Group.

Under the terms of the proposed agreement, APV will make a $4 million investment in Hazer and acquire 4 million unlisted notes and 2.25 million unlisted options in Hazer.

The transaction will be conditional on receipt of all necessary approvals, including any approvals required under the ASX Listing Rules, the Corporations Act 2001 (Cth) and the Foreign Acquisitions and Takeovers Act 1975 (Cth). Subject to receipt of required approvals, a representative of AP Ventures will be invited to join the Board of Hazer Group.

Tim Goldsmith, Chair of Hazer Group commented, “We are delighted to have agreed these indicative terms with APV and look forward to completing the documentation and approvals promptly and welcoming APV to the Hazer Board. The Board and I believe that APV’s deep global hydrogen experience will be extremely valuable as we commercialise the Hazer process and progress through scale-up and first commercial operations over the next few years. There is significant global focus on the transition to cleaner energy and cleaner industry, a focus that has accelerated as major economies look to transition from the impact of Covid-19. We expect hydrogen to play a major role in this. We are delighted to welcome APV to Hazer and look forward to working with them closely as we progress through the exciting times ahead.”

Andrew Hinkly, Managing Partner of AP Ventures said “We are excited to welcome Hazer Group into our portfolio and to working closely together in the future. The production of low-carbon and low-cost hydrogen is the key to unlocking the global hydrogen economy and we believe Hazer’s technology offers a unique and elegant solution. We are very impressed with the team at Hazer and are pleased to be part of the journey as the company scales and commercializes its innovative technology.”

The proposed terms are non-binding and remain subject to execution of definitive binding documentation.

ABOUT HAZER GROUP LIMITED Hazer Group Limited (“Hazer” or “the Company”) is an ASX-listed technology development company undertaking the commercialisation of the Hazer Process, a low-emission hydrogen and graphite production process. The Hazer Process enables the effective conversion of natural gas and similar methane feedstocks, into hydrogen and high-quality graphite, using iron ore as a process catalyst.

More info: www.hazergroup.com.au

ABOUT AP Ventures:

AP Ventures is headquartered in London and manages venture capital funds with a global mandate to invest in pioneering new technologies and businesses which aim to solve global challenges such as renewable energy integration, resource scarcity and rapidly changing demographics.

The existing portfolio is focused on the hydrogen value chain and includes investments in Altergy Systems, ERGOSUP, Greyrock Energy, HyET, Hydrogenious Technologies, Plug Power and ZEG Power. All these companies either utilise or enable the use of Platinum Group Metals (PGMs).

AP Ventures is led by Andrew Hinkly (Managing Partner) and Kevin Eggers (Partner). Investors include Anglo-American Platinum, the Mirai Creation Fund, Mitsubishi Corporation, Plastic Omnium, and the Public Investment Corporation.

More info: www.apventures.com

Written by Charlie Clark, one of our Investment Associates, the article highlights how disruptive we believe LOHC and Hydrogenious can be, and how together they can establish hydrogen as a globally traded commodity. Well worth a read and we’d love to get your thoughts and comments. Copy this link to read the article https://www.linkedin.com/pulse/unlocking-global-hydrogen-opportunity-charlie-clark/ .

ZEG Power and Coast Center Base (CCB) have entered into a project partnership to deploy ZEG Power’s blue hydrogen production technology at the CCB Kollsnes Energy Park, located next to the Northern Lights onshore CO2-terminal, the project will go on to sequester CO2 from the ZEG Power technology. The first of kind plant that will demonstrate cost efficient production of hydrogen, for use in the maritime mobility sector. The project is targeting start-up of blue hydrogen production as soon as 2022.

Enova, the Norwegian Ministry of Climate and Environment owned body, will support the demonstration project with NOK 77m of grant capital. This project falls under the umbrella of Enova’s mission to reduce greenhouse gas emissions, develop energy and climate technology and strengthen security of supply. 

To read the Company press release use the link below: 

https://www.zegpower.no/ccb-and-zeg-receives-a-nok-77m-grant-from-enova-to-establish-pilot-plant-for-clean-hydrogen-production/?lang=en

AP Ventures' founding partner Kevin Eggers interviewed virtually with Mining Weekly against the background of Germany last month specifically including hydrogen in its economic recovery plans and other countries increasingly doing the same as part of their stimulus spending plans.

Kevin (sporting full lockdown hair) discusses the growing momentum in the hydrogen economy and the positive impact of post Covid-19 fiscal stimulus on the sector. 

Click below to watch the interview.

https://www.miningweekly.com/article/covid-19-is-an-important-catalyst-for-hydrogen-economys-take-off-ap-ventures-2020-06-22

The article highlights a heightened awareness and demand for a cleaner environment, reduced carbon dioxide production and an acceleration towards a sustainable energy future.

“It’s clear to us at AP Ventures that hydrogen has an important role to play in this, and we have witnessed a growing momentum for hydrogen and new hydrogen technologies in being able to facilitate this transition to a more sustainable energy economy."

To read the full article, please click the link below.

https://www.miningweekly.com/article/hydrogen-gaining-increasing-levels-of-interest-ap-ventures-2020-05-13

AP Ventures will ramp-up its presence in South Africa to help unlock value from this dynamic emerging market, which is central to the Platinum Group Metals', and thereby Hydrogen, value chain. To support this, we are recruiting for two roles to be based in the country. We are looking specifically for South African candidates.

Investment Associate: The Investment Associate will be responsible for the overall business development and investment process of our South African office. The candidate will also have the opportunity to work with our Cornerstone LPs. Primary to this work will be facilitating the introduction of AP Ventures’ portfolio companies into the SA market, shaping new project opportunities and building an extensive group of partners from both government and the private sector. 

**Closing date 06/07/2020 - no longer accepting applications**

Fund Accountant: The Fund Accountant is an exciting position for a confident Accountant with relevant fund accounting experience with the potential to be involved in deal execution. The successful candidate will be integral to the establishment of best practice reporting processes, enjoying significant growth and ownership of processes especially as the funds continue to grow. For more details please email Pam Darchiville (pdarchiville@apventuresllp.com).

If you are interested in applying to either of these positions, please send your CV to the following AP Ventures team members:

Fund Accountant: Pam Darchiville (pdarchiville@apventuresllp.com)

Three years ago, the Hydrogen Council catapulted hydrogen to the forefront as a source of energy for transport and industrial companies.

Now, the Green Hydrogen Consortium is attracting the attention of more companies as it puts strong emphasis on green hydrogen and fuel cell technology for mobility and power generation in mining. The consortium was initiated by Anglo-American, BHP, Hatch and Fortescue.

To read the full article, follow the link below.

https://www.miningweekly.com/article/global-mining-majors-putting-bright-new-spotlight-on-green-hydrogen-2020-03-25

ZEG Power raises NOK 130m to deploy its zero-emission hydrogen production technology

ZEG Power’s ground-breaking technology for clean hydrogen production is attracting significant attention. The globally mandated AP Ventures and SPARX Group (Mirai Creation Fund), in addition to Nysnø, the Norwegian state-owned climate investment fund, are among investors investing over NOK 130 million into the company.

ZEG Power develops clean hydrogen production technology with integrated carbon capture, based on sorbent enhanced reforming, producing streams of high purity hydrogen and high purity carbon dioxide ready for utilisation or storage. The technology was originally developed at the Institute for Energy Technology (IFE), which through its venture arm IFE Invest, will remain ZEG Power’s major owner.

The Norwegian start-up has concluded an over-subscribed round of 130 million NOK, surpassing the 100 million NOK original target. Existing investors IFE Invest and Stratel are joined by AP Ventures, Nysnø, SPARX Mirai, Nordea Investment Management, Danske Capital, CCB, and CO2 Management. The company’s near-term goals are to focus on the upscaling and commercialisation of their technology to the 250 - 5000 tonnes H2/pa scale, the recruitment of a high-performing team, and growth of key partnerships.

The integrated and cost-competitive system will meet the growing demand for zero-emission hydrogen for both mobility and industrial applications. The first ZEG-H2 plant will be built in CCB Energy Park at Kollsnes, adjacent to the planned Northern Lights large scale CO2 storage facility. Production of clean hydrogen will start as early as 2022. Until the Northern Lights CO2 storage facility is established, ZEG Power will use renewable biogas as input-gas in order to enable clean hydrogen production.

Hydrogen production from the first ZEG-H2 plant and future site expansion shall provide zero-emission fuels to Norwegian and international transport and industry users. This will accelerate the transition to hydrogen as part of wider decarbonisation efforts by the Norwegian economy.

Quotes

“This overwhelming interest, from some of the world’s leading technology players, clearly shows how important the efficient production of emission-free hydrogen is for the future. It has been important for us to attract these types of investors, bringing “smart capital” to the table. Having these key players on board provides ZEG Power with financial muscles and the ability to succeed with our ambitious plans, both in Norway and internationally.” says Kathrine K. Ryengen, CEO, ZEG Power.

“The development of low-cost clean hydrogen technologies is critical to the decarbonisation of hard to abate sectors and the accelerated adoption of hydrogen mobility. I am very impressed by the ZEG Power team, and the innovative technology they are set to rollout to market. As a board member, I look forward to working with ZEG Power; sharing AP Venture’s expertise, experience and network within the global hydrogen economy to create further value for the Company.”, says Kevin Eggers, Partner, AP Ventures

- The ZEG technology is an important next step to ramp-up clean hydrogen production, and enables Norway to build on existing industries and new markets towards the hydrogen economy. It is especially attractive that ZEG Power brings together value chains for hydrogen with carbon capture and storage, bringing new opportunities for Norway as an energy nation. We look forward to supporting ZEG Power through this next phase of commercialization at Kollsnes and beyond, says Siri Kalvig, CEO of Nysnø Climate Investments.

“The production of low-carbon and low-cost hydrogen is key to unlocking the benefits of a hydrogen society. I am very excited by the potential of ZEG Power’s technology and look forward to supporting ZEG Power through scale-up and commercialisation.”, says Masatoshi Fukami, Representative Director, Executive Deputy President, for the Mirai Creation Fund,  SPARX Group.

“We are actively searching for companies that can help traditional industry companies transform to a future low-carbon regime. We believe ZEG Power have the potential to be one of those and are pleased to be an investor in the company”, says Lars Erik Moen, Head of Equity, Danske Invest. 

“IFE has researched and developed the technology since 2001, and has put considerable efforts and resources into developing ZEG Power. We are very pleased to now get new investors onboard, with relevant competencies, network and capital to develop the company further”, says Nils Morten Huseby, President Institute of Energy Technology (IFE).

“We are looking forward to further develop and scale-up the ZEG technology together with our new investors. Our clean technology will contribute to reach climate neutrality as hydrogen becomes key in many industrial sectors.” says Jørgen Lundberg, CEO of IFE Invest AS.

“Our investment philosophy is Fun, Sense and Profit. So far, our investment in ZEG Power has made significant sense. Looking forward, with the new team, excellent partners, and highly regarded new owners in place, we look forward to fulfilling the remaining two; Fun and Profit!, says Reidar Lorentzen, Chairman, Stratel AS.

“It has been fascinating to follow ZEG Power as a Board member and seed investor on the journey from R&D project to a commercial scale-up that has attracted specialised international and national investors. ZEG Power strikes a nerve in the current energy transition with its relevant technology for producing hydrogen including carbon capture”, says Audun Abelsnes, Managing Director of Techstars Energy

“CCB has a strategic ambition to become an active participator in building a total value chain, providing clean energy to the market. Based on ZEG Power’s technology, CCB will contribute to establish a future large-scale production and distribution of emission-free hydrogen at CCB Energy Park. This will be the best location for providing clean energy in various forms, both compressed and liquefied H2, and other future emission-free products”, says Ronny Haufe, EVP, Coast Center Base AS.

ABG Sundal Collier and First Corporate acted as financial advisors to ZEG Power in connection with the capital raise. Schjødt acted as legal advisor to ZEG Power.

About ZEG Power

Created in 2008, ZEG Power is a Norwegian company located in Oslo, that aims to offer the world a cost efficient, clean alternative for energy production.   

ZEG Power delivers technology for the efficient production of clean hydrogen from hydrocarbon gases, with integrated carbon capture. Examples of hydrocarbon gases are natural gas and biogas. Natural gas is currently the largest source of hydrogen. Hydrogen from biogas combined with carbon capture can achieve a negative carbon footprint.

ZEG Power’s technology is based on research and development originated from the Institute for Energy Technology (IFE).

More info: www.zegpower.com

About Investors

About AP Ventures

AP Ventures is a venture capital fund headquartered in London. The Fund operates a global mandate to invest in pioneering new technologies and businesses which aim to solve global challenges such as renewable energy integration, resource scarcity and a growing population.

Focus areas include: the hydrogen value chain; fuel-cell electric mobility; energy storage platforms; water treatment solutions; sensors; durable electronics; and biomedical devices.

The existing portfolio includes investments in Altergy Systems, Food Freshness Technology Holdings, ERGOSUP, Greyrock Energy, High-Yield Energy Technologies, Hydrogenious Technologies and United Hydrogen Group. All these companies either utilise or enable the use of Platinum Group Metals (PGMs).

AP Ventures is led by Andrew Hinkly (Managing Partner) and Kevin Eggers (Partner). Investors include Anglo-American Platinum, the Mirai Creation Fund, Mitsubishi Corporation, Plastic Omnium, and the Public Investment Corporation.

More info: www.apventuresllp.com

About SPARX Group

The Mirai Creation Fund I began operations in November 2015 with financing of JPY 13.5 billion from three companies: Toyota Motor Corporation, Sumitomo Mitsui Banking Corporation, and SPARX, the Fund's general partner. Ultimately, the Fund received contributions from 20 companies, including the above three. Casting intelligent technologies, robotics, and hydrogen-economy technologies as core technologies of the future, Fund I has invested in approximately 50 companies and projects—from the US, the UK, Israel, Singapore, and Japan—that possess innovative technologies in these fields. In H2 2018, SPARX began managing the Mirai Creation Fund II, which targets the three existing Mirai Creation fields along with the two additional areas of electrification and new materials. As of February 28, 2020, the combined AUM for Fund I and Fund II were JPY 109.3 billion.

Mirai Creation Fund investment track record: https://mirai.sparx.co.jp/en/investment

About Nysnø Climate InvestmentsNysnø Climate Investments is a state-owned investment company established in 2017 and based in Stavanger, Norway. Nysnø Climate Investments manages NOK 1.4 billion and invests in companies and funds with profitable and smart solutions to climate change. Focus areas for investments are renewable energy, resource efficiency, enabling technologies, sustainable demand and circular economy. The existing portfolio includes Otovo, eSmart Systems, Disruptive Technologies, NorSun, Sarsia Seed II and ArcTern Ventures Fund II.  For more information see www.nysnoinvest.no/en 

About CCB

Coast Center Base (CCB) is a Norwegian company with extensive experience and expertise within providing facilities, services, production, engineering and maintenance. CCB has a strong focus on value chain management and is well established for operating and participating through networking. CCB is a 24/7 company with locations along the Norwegian coast and in Las Palmas.

Our ambition is to operate in a best possible environmental way. We organize our locations and design our activities in such a way that our customers and environment can act or conduct their business with a reduced carbon footprint.

For more information, see: www.ccb.no

About Danske Invest

Danske Invest Asset Management AS is a Norwegian asset manager wholly owned by Copenhagen-listed Danske Bank A/S, one of the 20 largest banking groups in Europe. The firm manages Norwegian equities and fixed income, in addition to a number of multi-asset funds and discretionary mandates.

About Stratel

Stratel AS is a family owned Norwegian investment and development company, with the investment philosophy for Fun, Sense and Profit. The company is well known for successful investments in both startups and ventures: www.stratel.no

About IFE

IFE is a leading international research institute within energy, health and industrial development.
IFE Invest AS is a fully-owned subsidiary of IFE, established to strengthen the commercialization effort from the institute and to contribute to a more active development of the spin-out companies. IFE Invest is responsible for all commercialization activities from IFE. 

As a preamble to their spring industry conference, the World Hydrogen Congress, Green Power Global invited AP Ventures to participate in a panel on hydrogen finance and investment. Andrew Hinkly, AP Ventures Managing Partner, was one of two key experts in hydrogen to present their viewpoints on the fast developing clean hydrogen sector.

The speakers debated on where they saw the opportunities in financing hydrogen infrastructure and technology. The panel was completed with Dr. Alena Fargere from SWEN Capital Partners.

Greyrock Energy hosted a panel at last week’s Cleantech Conference in San Francisco discussing Power-to-X technologies and commercialization.  The panel brought together thought leaders in the energy sector from Total, Mitsubishi, Morgan Stanley, AP Ventures, and Thyssenkrup

Power-to-X describes the use of power, primarily renewable, for production of fuels, chemicals or other products. Panelists discussed the use of renewable power to meet new demand drivers for low carbon products, the importance of ESG in investment decisions, challenges and opportunities in infrastructure and scale, commercial financing mechanisms and credit programs, advancements and cost reduction in electrolysis technology, and new R&D in this field.

The panelists predicted advancements in technology, cost reductions across key elements of the value chain, and a growing interest in Power-to-X during the coming year. 

Greyrock is commercializing its Carbon Recycling Solutions Power-to-X platform by developing projects that focus on the use of stranded or otherwise low-cost renewable power and industrial waste carbon dioxide as feedstocks for the production of fuels and chemicals.

Initial projects will be sited to solve logistical challenges experienced by renewable power generators, such as transmission constraints, while also addressing carbon dioxide emission challenges. 

Hydrogenious LOHC Technologies successfully concludes its present fundraising round with an investment by the Winkelmann Group adding 3.5 million to 17 million euros secured from other strategic investors in July.

At year’s close Hydrogenious LOHC Technologies GmbH welcomes another strategic investor to the Erlangen based technology start-up. In addition to Royal Vopak, Mitsubishi Corporation, Covestro and AP Ventures – who invested in July 2019 – the Winkelmann Group joins the shareholders of the company with an investment of 3.5 million euros.

The Winkelmann Group is a globally active, owner-managed company and a leader in the field of metal forming with customers from the automotive, aviation and heating industries. “Hydrogen will be a fuel for mobility as well as a source of heat and power. The technology of Hydrogenious LOHC Technologies enables hydrogen transport and storage using existing infrastructure and can therefore make an important contribution to the establishment of a hydrogen as a source of energy,” says Heinrich Winkelmann, co-owner and CEO. His company is active in both plant engineering and series production and intends to bring these competencies into the partnership with Hydrogenious LOHC Technologies.

With the expertise of the new partners and the strong financial foundation, Hydrogenious LOHC Technologies will further accelerate scaling and commercialization of the innovative LOHC hydrogen storage technology. “We are very pleased to welcome Winkelmann as an investor and strategic partner. This partnership will help us advance our vision of the LOHC-based global hydrogen infrastructure,” says Daniel Teichmann, CEO of Hydrogenious LOHC Technologies.

The LOHC technology stores large-volumes of hydrogen in an oil-like carrier fluid enabling it to be transported easily, safely and efficiently in the existing infrastructure for conventional fuels.

About the Winkelmann Group
With its three business divisions Automotive, Building + Industry and Flowforming, the Winkelmann Group is one of the leading corporate groups in the field of metal forming for major customers from a wide variety of industrial sectors.

The Winkelmann Group has its head office in Ahlen/Germany and production sites in Germany, Poland, Turkey and China and is active on global markets in a variety of industrial sectors. 

AP Ventures was approached by Mining Weekly, a leading South African mining publication, to give inputs to a special report on fuel cells and hydrogen.

The report highlighted the growing significance of the hydrogen economy globally, and the role South Africa can play in providing critical elements in the transition to an emission-free future.

Kevin Eggers, Partner of AP Ventures, was also featured in this edition as mining personality of the week.

To read the full article and Kevin's profile, follow the link

http://cdn.creamermedia.com/e-magazines/engineering-news/MiningWeeklyon20September2019/index.html

Report - pages 14 & 15

Profile -  page 54

• AP Ventures invests in advanced technology companies which tackle global environmental and sustainability challenges;

• AP Ventures has an existing portfolio of investments with a focus on the hydrogen value chain and fuel-cell electric mobility;

• Plastic Omnium joins Anglo American Platinum, the Mirai Creation Fund, Mitsubishi Corporation and The Public Investment Corporation as an investor in AP Ventures.

London, United Kingdom, 4 September 2019 - AP Ventures today announces that Compagnie Plastic Omnium (‘Plastic Omnium’) has become a Limited Partner and Advisory Board Member in AP Ventures Fund II following their commitment of $30 million in the fund.

AP Ventures’ investment strategy is focused on companies developing technologies in the hydrogen value chain, fuel-cell electric mobility and energy storage markets which are dependent upon the high-performance characteristics of Platinum Group Metals.

There is considerable common interest between AP Ventures and Plastic Omnium, a leading supplier to the automotive industry. Both organisations are committed to clean and sustainable mobility. Technological innovation and a wide geographical spread of customers characterise a business which is forward thinking and nimble. Plastic Omnium’s focus on investment, innovation and leadership has allowed the business to provide pioneering solutions for its global customer base.

In welcoming Plastic Omnium as its fifth Limited Partner, AP Ventures and its portfolio companies look forward to working with a partner which is focused on developing products which will benefit its customers as the transportation sector evolves. Plastic Omnium joins an exceptionally strong group of investors represented by Anglo American Platinum with its position in the Platinum Group Metal markets, the South African Public Investment Corporation (PIC) and the Mirai Creation Fund both with strong experience of global investment, and Mitsubishi Corporation which brings significant industrial scope and a commitment to develop new strategic activities.

Commenting on the investment by Plastic Omnium, Andrew Hinkly, Managing Partner, AP Ventures said:

“We are delighted to welcome Plastic Omnium as an investor in Fund II and member of the Advisory Board. Plastic Omnium is committed to technological innovation within the transportation sector and I see much value in this partnership. Our strategic investors’ expertise together with our experience and industry network allows us to provide our portfolio companies with a unique combination of investment and development opportunities.

Commenting on today’s announcement, Félicie Burelle, Senior Executive Vice-President, Strategy and Development, Plastic Omnium said:

“The automotive world is living through tremendous technological disruption; we are accelerating and diversifying our strategy for innovation which will allow us to provide essential technology solutions for clean and carbon-free cars. Investing in AP Ventures alongside major industrial players demonstrates Plastic Omnium‘s commitment to the development of the hydrogen ecosystem.”

Vopak, Mitsubishi Corporation, Covestro and AP Ventures invest Euro 17 million into Hydrogenious LOHC Technologies

●      Investment agreement signed with strategic partners for Hydrogenious LOHC Technologies

●      Funding round of 17 million Euro led by Royal Vopak

●      Investment enables further development of international hydrogen infrastructure and global distribution of green hydrogen

Erlangen, Germany, 31 July 2019 - Royal Vopak, Mitsubishi Corporation, Covestro and AP Ventures invest Euro 17 million into Hydrogenious LOHC Technologies GmbH and its Liquid Organic Hydrogen Carrier (LOHC) technology for hydrogen logistics.

With its innovative Liquid Organic Hydrogen Carrier technology, Hydrogenious LOHC Technologies was able to attract further strong partners. In addition to AP Ventures, who invested in the German-based company in 2014, Royal Vopak, Mitsubishi Corporation and Covestro joined as investors at Hydrogenious LOHC Technologies.  “We warmly welcome our new investors and are very excited to work with them as strategic partners who share our vision of a LOHC-based worldwide hydrogen infrastructure," said Daniel Teichmann, CEO of Hydrogenious LOHC Technologies. “With these investments, our company will be strengthening our international industrial base, using the funding to bring additional projects to market.”

The advantages of the partnership are not limited to financial support. The strategic international investors are committed to developing the LOHC technology as an essential component of the international hydrogen infrastructure. The operational expertise of Vopak and the other new investors will enable international distribution of renewable energies via hydrogen. Stored in the carrier oil, hydrogen can be transported as easily and efficiently as conventional liquid fuels. “The combination of Vopak’s global terminal and knowledge network with this LOHC technology is a breakthrough in the storage and logistics of renewable energies. This strategic partnership will facilitate development of transregional and global transport of hydrogen and contribute to the development of hydrogen-based economies,” said Marcel van de Kar, Director New Energies at Vopak.

"Asian countries have recognised hydrogen as a valuable energy carrier and the LOHC technology is expected to provide an economical viable solution that is ideal for storing large volumes of hydrogen in densely populated urban areas as well as distributing it over long distances. We expect that LOHC will play an important role in Asian energy market in the future," says Junya Nagase, GM for Precious Metals, Mineral Resources Trading Division, Mitsubishi Corporation.

Being one of the leading suppliers of premium polymers, Covestro sees innovation and sustainability as the driving forces behind the continuous development of any of the company’s products, processes and facilities. The advantages of LOHC technology in terms of scalability and feasibility of hydrogen transportation therefore perfectly fit this approach and are exactly the advantages in which Covestro is investing. “Affordable and clean energy is a key issue for the chemical industry and we believe Hydrogen has the potential to become an important energy vector in the future. We do believe that the LOHC technology is a promising solution for its transportation and storage,” concludes Dietrich Firnhaber, Head of Strategy & Portfolio Development from Covestro.

Commenting on this latest investment into Hydrogenious LOHC Technologies Andrew Hinkly, Managing Partner at AP Ventures said, “I’m delighted to welcome these new strategic investors to Hydrogenious LOHC Technologies.  Daniel and his team have made significant developments in this technology during the past five years and I look forward to the next stage in the development of the business”.

AP Ventures hosted its Innovation Conference in Oxford on July 9th and 10th.

The event attracted good interest with over 45 attendees from portfolio companies, corporates, investors and industry experts. The group reflected on the future trends in the fields of plastic waste, sustainable energy transition, urbanisation, energy storage and mobility and what those could look like in the next 5 years. 

AP Ventures also welcomed clean tech entrepreneurs Jack Cheng, founder of EV manufacturer Nio, and Adrian Pike, founder of Anesco, who shared their experiences of building a company and their advice to making a venture succesful. Then, the group discussed in details the journey of a product from idea origination to execution as well as the implications of impact investing.

The event concluded on a workshop adressing a sector many AP Ventures portoflio companies work in - the hydrogen industry. The workshop gathered both start-ups and industrials in the field of hydrogen and discussed challenges and opportunities in this space. Takeaways included the importance of partnerhsips and access to capital. 

AP Ventures welcomes the Mirai Creation Fund II as a new investor 

• AP Ventures invests in advanced technology companies which tackle global environmental and sustainability challenges;  

• AP Ventures has an existing portfolio of investments with a focus on the hydrogen value chain and fuel-cell electric mobility;

• The Mirai Creation Fund II joins Anglo American Platinum, Mitsubishi Corporation and The Public Investment Corporation as an investor in AP Ventures. 

London, United Kingdom, 9 July 2019 - AP Ventures today announces that the Mirai Creation Fund II (Mirai Creation Fund) has become a Limited Partner in AP Ventures Fund II. 

AP Ventures investment strategy is focused on companies developing technologies in the hydrogen value chain, fuel-cell electric mobility and energy storage markets which are dependent upon the high-performance characteristics of Platinum Group Metals. 

There is considerable common interest between AP Ventures and the Mirai Creation Fund, backed by Toyota Motor Corporation as a key limited partner, which focuses on investing in businesses which are integral to promoting a hydrogen-based economy. 

In welcoming the Mirai Creation Fund as our fourth Limited Partner, AP Ventures and its portfolio companies look forward to benefitting from working with a partner which has similar investment themes and a complementary global investment portfolio. AP Ventures has an exceptionally strong group of investors represented by Anglo American Platinum with its position in the Platinum Group Metal markets, the South African Public Investment Corporation (PIC) with strong experience of global investment, and Mitsubishi Corporation which brings significant industrial scope and a commitment to develop new strategic activities.

Commenting on the investment by the Mirai Creation Fund, Andrew Hinkly, Managing Partner, AP Ventures said: 

“We are delighted to welcome the Mirai Creation Fund as an investor in Fund II. We are excited by the opportunity to work with a team with such an established track record in the market place, I see much value in this partnership. Our strategic investors’ expertise together with our experience and industry network allows us to provide our portfolio companies with a unique combination of investment and development opportunities. In addition, this partnership is invaluable as we assess our strong pipeline of new opportunities for Fund II.” 

Commenting on today’s announcement Masatoshi Fukami, Representative Director, Executive Deputy President, for the Mirai Creation Fund said: 

“In today’s environmentally-challenged society, it is essential to identify and nurture advanced technologies that address our global environmental and sustainable issues. Working closely together with AP Ventures and the Limited Partners, we hope to contribute towards the development of an innovative hydrogen society.”

Contact

AP Ventures LLP Investor relations 

fund@apventuresllp.com

About AP Ventures 

AP Ventures is a venture capital fund headquartered in London. The Fund operates a global mandate to invest in pioneering new technologies and businesses which solve global challenges such as renewable energy integration, resource scarcity and a growing population. 

Focus areas include: the hydrogen value chain; fuel-cell electric mobility; energy storage platforms; water treatment solutions; sensors; durable electronics; and biomedical devices. 

The existing portfolio includes investments in Altergy Systems, Food Freshness Technology Holdings, ERGOSUP, Greyrock Energy, High-Yield Energy Technologies, Hydrogenious Technologies and United Hydrogen Group. All these companies either utilise or enable the use of Platinum Group Metals (PGMs). 

AP Ventures is led by Andrew Hinkly (Managing Partner) and Kevin Eggers (Partner). Investors include Anglo-American Platinum, the Mirai Creation Fund, Mitsubishi Corporation and The Public Investment Corporation.

More info: www.apventuresllp.com 

About Mirai Creation Fund I and Mirai Creation Fund II

The Mirai Creation Fund I began operations in November 2015 with financing amounting to roughly JPY13.5 billion from three companies: Toyota Motor Corporation, Sumitomo Mitsui Banking Corporation, and SPARX, the Fund's general partner. Ultimately, the Fund received contributions from 20 companies, including the above three. Seeing intelligent technologies, robotics, and technologies that promote a hydrogen economy as core technologies of the future, Fund I has invested in approximately 50 companies and projects from the US, the UK, Israel, Singapore, and Japan that possess innovative technologies in these fields. In H2 2018, SPARX began managing the Mirai Creation Fund II, which targets the three existing Mirai Creation fields, along with the two additional domains of electrification and new materials. As of April 30, 2019, the combined AUM for Funds Ⅰ(one) and Ⅱ(two) are 109.3 billion.

Mirai Creation investment track record: https://mirai.sparx.co.jp/investment/

About SPARX Group

SPARX Group is one of the largest independent asset management groups in Asia with the vision: "To become the most trusted and respected investment company in the world". SPARX Group’s long-term goal is to become the “Center for Asia Investment Intelligence.” We have worked to contribute to society by developing its core investment business model and growing its client's assets through an innovative and cutting-edge investment style.

http://www.sparxgroup.com/

Andrew Hinkly, Managing Partner of AP Ventures, participates in the Hydrogen Council G20 Investor Forum, in Karuizawa, Japan

AP Ventures participated, through its managing partner Andrew Hinkly, in the Hydrogen Council G20 Investor Forum, which took place in June 2019 in Karuizawa, Japan. This event marked the start of the 2019 G20 Summit in Japan and focused on ways to solve the biggest issues facing the international energy community. At a time when hydrogen technologies are gaining unprecedented momentum and support from governments and industry, hydrogen was on the agenda for several ministerial-level sessions.

The Hydrogen Council hosted a forum where industry, investors and government officials discussed the innovative financing schemes necessary to increase the development and deployment of real-world hydrogen projects around the globe. This event brought together leaders of transport, energy and industry multinationals, investors and policy-makers to discuss existing flagship projects and how to tackle the existing bottlenecks that prevent large scale investment. Collaboration was the recurring theme throughout the week end, with the common objective of unlocking mass markets for hydrogen technologies. 

For more information, consult http://hydrogencouncil.com/g20-in-japan-hydrogen-takes-centre-stage/

A key step in the development of the French start-up: ERGOSUP inaugurates its first compact H2 production and storage station at Lyon 1 University on June 19th.

After two years of R&D, ERGOSUP begins a new phase of its development with the commercialisation of hydrogen stations based on its unique technology electrolysing water at very high pressure. 

Named HyRiS Lab, it is an ideal solution to produce the small quantities of hydrogen required within a university laboratory - for teachers, researchers and students. The system will be used starting September 2019. 

With the trademarked HyRis Lab we are taking our first steps in the market by addressing the hydrogen needs of both university and industrial laboratories. It is the first product in our range of integrated hydrogen production and storage stations. The University of Lyon will be the first laboratory to produce its hydrogen thanks to our innovation! With a production capacity of 100 bar of 0.7 to 4 kg per week, it meets the specific requirements of laboratories using hydrogen for their work.

HyRiS Lab brings numerous advantages in terms of logistics, cost and security when compared with traditional solutions currently used. For the ERGOSUP team, which is fully committed to the development of these decentralized and low-carbon energy solutions, this is a key step, since we are moving from R & D to implementation in real-life conditions.”, explains Lucile Voiron, Deputy Chief Executive Officer of ERGOSUP.

HyRiS Lab relies on the patented high-pressure electrolysis production and storage technology developed by ERGOSUP. After the prototyping phase validated and tested at the end of 2018, the solution entered the industrialization and production phase at the beginning of 2019. The production of a series of five new machines has started with the goal of introducing them into the market by the end of 2019.

AP Ventures announces a follow-on investment in Greyrock Energy, Inc. (Greyrock), a global leader in small scale gas-to-liquids (GTL) technology. Greyrock's systems are designed to transform a variety of gas resources (including natural gas, flare gas, bio-gas, natural gas liquids, and other feedstocks) into premium transportation fuels.

Greyrock’s small GTL systems provide a solution to the flaring of associated natural gas.   The Global Gas Flaring Reduction Partnership, a World Bank initiative, notes that billions of cubic meters of natural gas are flared annually at oil production sites, wasting valuable energy resources and contributing to climate change by releasing millions of tons of CO2 into the atmosphere. 

Commenting on the investment Andrew Hinkly, Managing Partner AP Ventures said, “I’m delighted with the progress made to commercialize the Greyrock technology since our original investment in Greyrock.  The number of opportunities to develop new commercial projects using Greyrock Technology is rapidly expanding with four projects in various stages of construction and start-up.   This additional investment supports Greyrock’s continued growth and development at an exciting time for the company and the industry.” 

“AP Ventures ongoing investment represents their confidence in Greyrock’s  proprietary technology,” said Robert Schuetzle, CEO of Greyrock, “We are working together to advance Greyrock’s core business while providing solutions to address the significant problem of flared natural gas throughout the world.” 

Greyrock high value fuels are cleaner burning than similar petroleum derived fuels and when blended with traditional fuels can improve vehicular emissions profile without any corresponding change in existing infrastructure.  Additionally, Greyrock’s systems may be deployed in remote oil fields and may be configured to produce high-purity hydrogen as a by-product.  This alternative source for hydrogen is a valuable tool to address the growing demand from fuel-cell electric vehicles and offers strong synergies with AP Ventures’ other portfolio companies which span the hydrogen value chain. 

About AP Ventures

AP Ventures is a venture capital firm headquartered in London. The Fund is dedicated to investing in advanced technology companies utilising the unique high-performance characteristics of Platinum Group Metals (PGMs). The Fund operates a global mandate to invest in pioneering new technologies and businesses which solve global challenges such as renewable energy integration, resource scarcity and a growing population. This includes: hydrogen infrastructure; fuel-cell electric mobility; energy storage platforms; water treatment solutions; sensors; durable electronics; and biomedical devices.

The existing Fund I portfolio includes investments in Altergy Systems, Food Freshness Technology Holdings, Greyrock Energy, High-Yield Energy Technologies, Hydrogenious Technologies and United Hydrogen Group.

About Greyrock

Greyrock has developed its state of the art Direct Fuel Production™ technology, enabling production of clean liquid fuels from a variety of gas resources, including flare gas, bio-gas, natural gas, and natural gas liquids.   Greyrock systems enables its customers to solve key environmental and energy challenges.  For more information, please visit http://www.greyrock.com.    http://www.FlaretoFuels.com

AP Ventures hosts a workshop about the role of Venture Capital in the rise of a hydrogen-powered economy for the Hydrogen Council 

AP Ventures was invited by the Hydrogen Council Finance project team (“Hydrogen Council FPT”) to facilitate a workshop on the role venture capital can and should play in the scale-up of the Hydrogen economy. The FPT is a subset of the Hydrogen Council, focused on identifying innovative approaches to fund the scale-up of hydrogen solutions. Among the many instruments at its disposal, the Hydrogen Council FPT is exploring the value venture capital can bring. 

In this context, the Hydrogen Council FPT invited AP Ventures to facilitate a workshop around the role of venture capital in financing hydrogen powered technologies – in particular AP Ventures was asked to facilitate a discussion on how venture capital can be directed to unlock the technological constraints within the value chain and, by extension, the sector.

During the workshop the Hydrogen Council FPT members were invited to collectively answer the following question – what role should the Hydrogen Council play in attracting more venture capital to the hydrogen sector?  

Answers revealed the need for a platform both to channel the Hydrogen Council members’ investment in Hydrogen and to raise awareness about hydrogen as the energy vector of the future. The participants proposed specific actions to catalyze this effort, including creating a forum where innovative start-ups, large corporates and policy makers can create specific partnerships to bring revolutionary hydrogen technology into the mainstream

ERGOSUP raises €11 million to deploy its green hydrogen production and storage infrastructure

ERGOSUP develops hydrogen infrastructures based on its unique and patented technology of direct electrolysis of water under very high pressure. This integrated, competitive and secure system meets the strongly growing need for carbon-free hydrogen, for both “clean mobility” and low-carbon industrial gas applications.

After a first round of €2.7 million in 2015, the French start-up raised €11 million this year from the PSIM Fund (Major Innovation Support Programme) managed by Bpifrance as part of the Future Investments Programme, AP Ventures, Kouros and Normandie Participations, as well as its long-standing shareholders Air Liquide Venture Capital (ALIAD), Demeter Ventures, GO CAPITAL and Arkéa Capital. Its near term goal are to industrialise the production of its small series electrolysers, develop its marketing function and strengthen its team with the recruitment of ten new employees.

Whereas today 95% of hydrogen is produced from fossil fuels, and less than 0.01% by electrolysis of water, the goal set by the Hulot plan of June 2018 is to achieve 10% carbon-free hydrogen by 2023, and 40% by 2028. This French policy is aligned with an ambitious international agenda for hydrogen where today there is strong support from industrial partners’ investments and commitments from local governments, which have resulted in a host of hydrogen technologies being deployed.

ERGOSUP contributes to this growth thanks to its unique and patented know-how regarding hydrogen production. This allows it to respond to user expectations and target a privileged position, where very few actors are present today. The start-up proposes supplying green hydrogen, which is competitive and safe, closer to end-users, and with a capacity really adapted to needs.

The first markets targeted are “zero emissions” transport with different types of hydrogen-electric vehicles (drones, handling equipment, bicycles, cars, etc.) and the on-site production of industrial gas instead of receiving supplies by tank truck.

In 2015, a first round of funds amounting to €2.7 million helped to strengthen the teams, complete the technology development phase and deploy a prototype and demonstration units. The €11 million capital increase at the beginning of the year will enable the launch of small series production, the development of marketing, plus the recruitment of sales personnel, project managers and technicians.

This funding results from shareholders’ reinvestments, including Air Liquide Venture Capital (ALIAD), Demeter 3 start-up fund managed by Demeter Ventures, GO CAPITAL start-up fund managed by GO CAPITAL and Arkéa Capital Investissement, managed by Arkéa Capital, a subsidiary of the Arkéa group.

To these "historic" investors are added four new leading players: AP Ventures, the PSIM fund (Major Innovation Support Programme) managed by Bpifrance as part of the Investments for the Future Programme, Normandie Participations and Kouros.

"I am very proud of the renewed confidence of our historic shareholders, one of which is a member of the Hydrogen Council. But also, there is the arrival of new international, national and regional funds, again with significant support from the Normandy Region. This operation, which is part of an impressive rise in the use of hydrogen, consolidates our development strategy. Thus, we will be able to accelerate the deployment of our integrated and decentralised sites and reinforce our teams to launch our industrialisation and stimulate commercialisation", explains Patrick PAILLERE, CEO of ERGOSUP.

"Bpifrance has been working with ERGOSUP for almost five years now. Winner of the first phase of the World Innovation Competition (CMI) in 2014, the company was selected for Phase 2 in 2015. The sum of grants and repayable advances received has allowed it to finance research and development the first products. Its qualification for Phase 3 of the CMI last year made it eligible for the PSIM fund (Major Innovation Support Programme), which we manage under the Future Investments Programme. We have been convinced by the relevance of the technology, which allows us to develop solutions adapted to the mobility of tomorrow”, states Laura PANQUET, Senior Investment Officer at Bpifrance.

“I am delighted to announce our investment in ERGOSUP which adds another company to our existing portfolio of assets across the hydrogen value chain. I am very impressed by both ERGOSUP’s team and its unique technology which provides an integrated low-cost solution for distributed green hydrogen. As a board member, I look forward to working with the ERGOSUP; sharing AP Venture’s expertise, experience and network within the global hydrogen economy to create further value for the Company”, says Andrew Hinkly, Managing Partner, AP Ventures.

“ERGOSUP is perfectly in line with developments in the energy, mobility and smart city sectors by proposing a unique solution for the decentralized production of green hydrogen under pressure. The flexibility of this technology allows ERGOSUP to address a multitude of markets ranging from hydrogen mobility, to industrial/laboratory applications to the supply of isolated sites. We are pleased to continue the support of ERGOSUP in its new growth phase and pleased to see that the hydrogen sector draws back financial and corporate investors”, explains Olivier BORDELANNE, Partner in DEMETER’s team.

“The development of the hydrogen value chain is an integral part of the Air Liquide Group’s innovation strategy. ERGOSUP is a remarkable member of this project. Its high-pressure electrolysis technology opens applications that will be the norm for carbon-free mobility and decentralised management of hydrogen-energy. It is the technical and industrial know-how of the ERGOSUP team, combined with the Air Liquide Group’s international expertise in the hydrogen market, which explains the renewed confidence of ALIAD Venture Capital in support of this young company” says Matthieu EYRIES, Managing Director, ALIAD Venture Capital.

“The various steps taken by ERGOSUP since GO CAPITAL’s first investment, the launch in 2019 of the first hydrogen generator model, the HyRiS Lab, and the prospects opened by the expansion of the range, in the short term, to other applications (drones, mobility) convinced GO CAPITAL to participate in this new fundraising. GO CAPITAL, with its GO CAPITAL priming funds I and II, significantly contributes to financing young innovative companies involved in the development of technologies for energy transition: ERGOSUP is one of its treasures”, states Bruno GUICHEUX, Director of Investment at GO CAPITAL.

“We are very proud to renew our support for ERGOSUP and participate in this new fundraising. We have been supporting its leaders and the team since 2015 in the development of this innovative and competitive carbon-free hydrogen production technology, fully in line with the recent measures taken by the government for the country’s energy transition. This new investment by Arkéa Capital is part of a rational approach to supporting regional companies with high potential”, says Sylvie LE BRAS, Investment Officer at Arkéa Capital.

“Normandie Participations, as an investment fund in the Normandy Region, is pleased to support the development of ERGOSUP. The company has developed a relevant offer based on a good patent portfolio. Alongside our co-investors, we support the company’s ambitious development plan, which has the necessary qualities to be a leader in a fast- growing market, both in France and abroad”, comments John GUINET, Investment Manager at Normandie Participations.

“Thanks to its unique high-pressure electrolysis technology, ERGOSUP offers a viable solution, which is as close as possible to hydrogen consumers, and contributes to accelerating the development of green hydrogen. For Kouros, an industrial group and investor committed to the fight against global warming, ERGOSUP is a privileged technological partner for the deployment of systems to rebuild a 100% carbon-free energy system”, says Florent BERGERET, Director of Kouros Investments.

About ERGOSUP

Created in 2010, ERGOSUP develops an innovative and patented process for the direct production of hydrogen by electrolysis at very high pressure and storage. Markets targeted are supplying carbon-free hydrogen for industrial applications, hydrogen transport infrastructures, and massive stationary energy storage systems. On the strength of its success, the start-up was awarded the prize for the 2014, 2015 and 2017 World Innovation Competition and the CES 2019 Innovation Award.

ERGOSUP is located in Malataverne (Drôme) and Cherbourg (Manche). It now has 20 employees.

In 2015, it launched a first financing plan and raised €2.7 million. It aims for a turnover of €1 million in 2019 and €6 million in 2020.

About Bpifrance

Bpifrance is the French national investment bank: it finances businesses – at every stage of their development – through loans, guarantees, equity investments and export insurances. Bpifrance also provides extrafinancial services (training, consultancy, etc.). to help entrepreneurs meet their challenges (innovation, export, etc.).

For more information, please visit: www.bpifrance.fr and presse.bpifrance.fr Follow us on Twitter: @Bpifrance - @BpifrancePresse

About the Programme of Investments for the Future (PIA):

The French Secretary general for investment (SGPI) is in charge, under the direct authority of the Prime Minister, to ensure the consistency of the State’s innovation investment policy.

Since 2010, the Secretary general is in charge of implementing the “French Strategic Investment Program” of 57B€ (PIA). It’s also supervising the “Major Investment plan 2018-2022” (57B€), decided by President Macron in September 2017:

• Major Investment Plan: launched in September 2017 for a five-year period. 57 billion euros, to support structural reforms and face the new challenges in modernizing our economy;
• France’s Strategic Investment Program: since 2010, 57 billion euros to provide our economy with long-term growth prospects through the financing of innovative projects.

In addition, the SGPI leads a public investment evaluation mission and is supporting the implementation in France of the “Juncker Plan”, European Investment Plan, led by the European Investment Bank.

Twitter: @SGPI_avenir

About AP Ventures

AP Ventures is a venture capital firm headquartered in London. The Fund is dedicated to investing in advanced technology companies utilising the unique high-performance characteristics of Platinum Group Metals (PGMs). The Fund operates a global mandate to invest in pioneering new technologies and businesses which solve global challenges such as renewable energy integration, resource scarcity and a growing population. This includes: hydrogen infrastructure; fuel-cell electric mobility; energy storage platforms; water treatment solutions; sensors; durable electronics; and biomedical devices.

The existing Fund I portfolio includes investments in Altergy Systems, Food Freshness Technology Holdings, Greyrock Energy, High-Yield Energy Technologies, Hydrogenious Technologies and United Hydrogen Group.

www.apventuresllp.com

About Demeter

Demeter is an independent management company specializing in the management of private equity funds dedicated to the environment (water, waste, air, soil) and energy transition sectors (renewable energy, energy efficiency, clean transportation). Demeter manages €1billion around 3 poles covering the entire value chain of private equity: Innovation (start-up financing), Growth Capital (SMEs financing) and Infrastructure (projects financing). Demeter has already invested in more than 130 companies and infrastructure projects in the environmental and energy transition sectors. Demeter also enjoys a strong European presence through its offices in France (Paris – Grenoble – Metz), Spain (Madrid) and Germany (Munster), as well as its partnerships with investment funds Cycle Capital in Canada and eCapital in Germany, giving it a real international dimension.

The Demeter 3 Amorçage fund, investing in Ergosup, was raised with the support of the National Seed Fund (NSF)

managed by Bpifrance Investment in the framework of the Program Investment of Future and with the support of the European Investment fund (EIF) through the framework Program of the European Union for the Competitiveness and the Innovation (CIP).

About ALIAD

Created in 2013, Air Liquide Venture Capital (ALIAD) is the Air Liquide Group’s venture capital investor. ALIAD's mission is to take minority stakes in innovative technology start-ups. ALIAD's investment strategy targets three sectors concerned with major societal changes: energy transition, health and digital. ALIAD supports start-ups developing technologies of the future. This is done by setting up technological and/or business agreements between these young enterprises and entities within the Group.

For more information: https://www.airliquide.com/group/aliad-venture-capital 

About GO CAPITAL

GO CAPITAL manages €200 million, and finances innovative companies in West and Central France, in various technology sectors: Energy, Digital, Health and Services for Industry. Through several funds (GO CAPITAL Amorçage and Ouest Ventures) GO CAPITAL invests in young innovative enterprises. Funds are available to help them accelerate their development from creation to international deployment. Today, GO CAPITAL has 47 companies in its portfolio. www.gocapital.fr

About Arkéa Capital

As a minority shareholder, Arkéa Capital supports companies from start-ups to mid-size companies at all stages of their development, by maintaining the independence of the decision-making centres. Arkéa Capital is a subsidiary of Arkéa group dedicated to private equity activities. It has been active for more than 30 years in all sectors of activity throughout France, thanks to six regional offices and a team of experts. It supports companies and their managers over the long term through five complementary investment vehicles: Arkéa Capital Investissement, Arkéa Capital Partenaire, Arkéa Capital Managers, West Web Valley and We Positive Invest. Arkéa Capital has stakes in nearly a hundred companies and currently manages equity capital of approximately €1 billion.

For more information: www.arkea-capital.com

About Normandie Participations

Flexible and responsive, Normandie Participations shares in the region’s vitality alongside other local finance organisations. On a principle of co-investment with private funders, Normandie Participations, with capital derived 100% from the Normandy Region, targets at enterprises in the fields of start-up, innovation, development, creation, transmission and recovery. The regional fund has allocated 38 participations; these amount to €27 million of investments in just over two years. Normandie Participations also manages Normandie Horizon, a €40 million regional equity loan fund, and sponsors FFWD, the regional acceleration programme for growth companies.

About Kouros

As an actor in the fight against global warming, the Kouros Group works on the decarbonisation of heavy transport and the production of electricity. Through its Scale-Up Programme, Kouros supports start-ups and small and medium energy enterprises in their industrialisation. A strategic dialogue between company directors and Kouros experts defines the most appropriate form to launch or accelerate the development of innovative energy enterprises through venture capital, industrial and/or commercial partnership agreements.

www.kouros-investment.com

Morrisons is set to trial a new film packaging technology developed by food tech firm It’s Fresh! to prolong the life of fresh produce. Dubbed a ‘purposeful packaging’ technology, 'Infinite' has been designed to reduce food waste in supermarkets, in the supply chain and at home.

A proprietary ‘active ingredient’ is printed directly onto existing packaging for fruit, vegetables and flowers to prolong shelf life and extend freshness and quality by absorbing the natural ripening hormone ethylene.

After three years in development, this  innovative product will soon be trialled on packs of berries in Morrisons.

According to It’s Fresh, tests have proven that Infinite is more efficient and environmentally-friendly than any alternative methods currently in use since the technology is non-invasive and can be used in packs of untreated or uncoated fruit.

Co-founder of It’s Fresh! Simon Lee said: “We are a nation of fresh fruit lovers and are used to being able to buy our favourites all year round, whatever the season. This creates huge challenges for farmers, importers and supermarkets globally to keep produce fresh in transit. There is a big debate about food packaging at the moment. The reality is that the fresh food industry does need packaging. Ours is what we would call ‘purposeful packaging’, which is genuinely helping to reduce food wastage and which will in turn reduce the amount of packaging needed overall as the produce lasts longer.”

(by Fred Searle, for Fruitnet.com, Thursday 13th December 2018)

• Mitsubishi Corporation joins Anglo American Platinum and The Public Investment Corporation as an investor in AP Ventures;
• AP Ventures invests in advanced technology companies utilising the unique high-performance characteristics of Platinum Group Metals;
• AP Ventures has a broad investment theme with a special interest in hydrogen infrastructure, fuel-cell electric mobility and energy storage.

London, United Kingdom, 12 December 2018: AP Ventures today announces that Mitsubishi Corporation has become a Limited Partner in AP Ventures Fund II.

AP Ventures is the first fund of its kind to invest in pioneering technologies and businesses that harness the unique high-performance characteristics of Platinum Group Metals (PGMs).

In welcoming Mitsubishi Corporation as our third Limited Partner AP Ventures and its portfolio companies will benefit from Mitsubishi’s significant industrial scope and its commitment to develop new strategic activities, including those related to the hydrogen economy. Together with Anglo American Platinum’s position in the precious metal markets, which provides competitive advantage for our companies, and the extensive fund management expertise of the South African Public Investment Corporation (PIC), AP Ventures has an exceptionally strong and complementary group of investors.

Commenting on the investment by Mitsubishi Corporation, Andrew Hinkly, Managing Partner, AP Ventures said:

“We are delighted to welcome Mitsubishi Corporation as an investor in Fund II. Even prior to the formal announcement we are already seeing the benefit of our relationship and look forward to developing a strong partnership between AP Ventures, Mitsubishi, Anglo American Platinum and the PIC.”

Technologies powered by PGMs are providing solutions to global challenges such as renewable energy integration, resource scarcity and a growing global population. AP Ventures is the only fund of its kind offering investors access to these innovative, fast-growing companies built on the unique properties of PGMs. Our experience and industry network combined with the support of our strategic investors, means we have a high performing portfolio of existing investments as well as a strong pipeline of new opportunities.”

Commenting on today’s announcement Yusaku Yukita, GM for Precious Metals, Mineral Resources Trading Division, Mitsubishi Corporation said:

“What AP Ventures has achieved so far, and sets out to achieve in future, is unique and very valuable to the industry. We believe that precious metals will play an instrumental role in providing solutions to the challenges our global society faces. To realise the full potential of these metals in addressing these challenges, efforts have to be orchestrated amongst the various industry players. Working closely together with AP Ventures and the Limited Partners, and by bringing the diverse capabilities of Mitsubishi Corporation, we hope to nurture the growth of innovative precious metals technologies that will help improve lives and the society we live in.”

Three founders of Hydrogenious Technologies GmbH: Prof. Wolfgang Arlt; Prof. Peter   Wasserscheid; and Dr. Daniel Teichmann have been nominated for the “Deutscher Zukunftspreis”, the German President’s Award for Innovation in Science and Technology 2018. The nomination recognizes the ground-breaking research and development achievements of the scientists in the field of hydrogen storage and its successful commercial implementation as an important contributor to a future sustainable energy system. The “Deutscher Zukunftspreis” will be awarded by the President of the Federal Republic of Germany, Dr. Frank-Walter Steinmeier, in Berlin on November 28th, 2018.

Andrew Hinkly attended the International Hydrogen Fuel Cell Vehicle Congress 2018 in Rugao, China, and chaired the Market and Capital Investment session co-organised by Anglo American and the China Society of Automotive Engineers (SAE). 

The session gathered innovative start-ups, mid-sized companies and investors and explored the solutions and partnerships required to accelerate the adoption of a hydrogen infrastructure in China. 

Recalling the ambitious target set by the SAE for the penetration of 1 million fuel cell electric vehicles in China by 2030, Andrew Hinkly recognised that “what happens in China influences the rest of the world”. He also gave insights on investing in hHydrogen technologies, targeting the constraints which have the potential to unlock the whole hydrogen value chain. He highlighted that adopting this approach in the Chinese ecosystem would have a magnifying effect and recognised the opportunity for an investment firm such as AP Ventures, the venture capital fund he launched in July 2018. 

Andrew Hinkly, the managing Partner at AP Ventures, gave insights on investing in PGM-powered technologies at New York Platinum Week. 

In a 40-minute presentation followed by a 20-minute Q&A session, Andrew highlighted how PGMs power numerous advanced technologies vital to solving global challenges, such as sustainable energy integration, growing resource scarcity and rapidly changing demographics. He explained how industries utilising PGM-powered technologies have a competitive advantage which drives superior returns and underpins the investment opportunity. The Fund he launched with his partner Kevin Eggers in July 2018, AP Ventures, is dedicated to finding these innovative technologies and bringing them to the market. 

• AP Ventures opens to new investment, attracting US$200 million in commitments from cornerstone investors, Anglo American Platinum and Public Investment Corporation 
• An independent fund has been established, supported by the Public Investment Corporation’s mining investment strategy, and the successful track record of the Anglo American Platinum PGM Investment Programme 
• AP Ventures invests in advanced technology companies whose products utilise the unique high-performance characteristics of Platinum Group Metals
• Sectors for investment include hydrogen infrastructure, fuel-cell electric mobility, energy storage platforms and water treatment solutions

London, United Kingdom, 17 July 2018: AP Ventures today announces its launch as an independent venture capital fund to invest in applications for Platinum Group Metals (PGMs). Anglo American Platinum and South Africa’s Public Investment Corporation (PIC), as cornerstone investors, have each committed US$100 million to AP Ventures.

The newly created AP Ventures is the first fund of its kind investing in pioneering technologies and businesses harnessing the unique high performance characteristics of PGMs.

Anglo American Platinum is the world’s leading primary producer of PGMs and is expected to continue to provide AP Ventures with the benefit of industry expertise, market knowledge and access to international networks. The PIC is one of Africa’s largest investment managers, with assets totalling over US$160 billion, and through its extensive investment research expertise brings unrivalled insight to AP Ventures and its portfolio companies. 

Commenting at the launch of AP Ventures, Andrew Hinkly, Managing Partner, said: 

“The world needs solutions to global challenges such as renewable energy integration, resource scarcity and a growing global population. Technologies powered by PGMs are providing solutions to these problems in areas such as hydrogen infrastructure, fuel-cell electric mobility, water purification and medical devices. 

AP Ventures is the only fund of its kind offering investors access to these innovative, fast-growing companies built on the unique properties of PGMs. Our experience and industry network, combined with the support of cornerstone investors Anglo American Platinum and PIC, means we have a high performing portfolio of existing investments as well as a strong pipeline of new opportunities.”  

AP Ventures will operate a global mandate investing in companies that develop patentable technologies using PGMs.

The Fund will invest thematically in sectors which use PGMs to address global challenges such as renewable energy integration, resource scarcity and a growing population. This includes: hydrogen infrastructure; fuel-cell electric mobility; energy storage platforms; water purification; sensors; durable electronics; and medical devices. 

AP Ventures is led by a specialist global investment team with proven expertise and a successful track record. The team previously formed part of Anglo American Platinum’s PGM Investment Programme which was first established in 2014. The Programme made US$60 million of early stage and growth capital investments. The PIC has been instrumental in ensuring AP Venture’s fund structure has the appropriate governance in place to attract ongoing funding.

Commenting on today’s announcement, Dr Daniel Matjila, Chief Executive Officer, Public Investment Corporation, said: 

“Through our investment in the independent AP Ventures, the PIC is funding technology innovation and furthering demand for PGMs, which will ensure the industry has a sustainable future. As a leading global institutional investor, this investment further demonstrates our support of the United Nations Sustainable Development Goals. My view is this investment will stimulate and sustain the demand for PGMs in the long term, benefitting our clients and preserving the long term mineral wealth for all South Africans. In addition, the potential for localisation of these technologies in South Africa, contributes to sustaining jobs in the PGM mining sector and planning for creation of jobs in the manufacturing sectors. The PIC is already a significant investor in the platinum mining industry and regards the long-term sustainability of the industry as being critical to the long-term returns of its portfolios.”

Chris Griffith, CEO of Anglo American Platinum, added: 

“The launch of AP Ventures is an exciting new development which will support the growth of PGM technologies and increase PGM demand. Developing the market for PGMs is a strategic priority for Anglo American Platinum and this investment with AP Ventures is firmly aligned to that priority. Having enjoyed success and built a strong track record as part of Anglo American Platinum’s PGM Investment Programme, we have taken the decision to separate the fund’s activities into an independent structure that will attract additional outside investment and allow AP Ventures to increase the scale of its activities.”  

Headquartered in London, AP Ventures is committed to opening a further office in South Africa and to raise additional capital from other investors. 

As part of Anglo American Platinum’s capital commitment to the independent Fund it will transfer the seed portfolio within its PGM Investment Programme to AP Ventures. 

The existing portfolio includes investments in Altergy Systems, Food Freshness Technology Holdings, Greyrock Energy, HyET Holdings, Hydrogenius Technologies, Primus Power and United Hydrogen Group.

Anglo American plans to spin out its internal venture capital unit to raise funds to invest in hydrogen technologies such as fuel cells, as the world’s biggest producer of platinum seeks to boost demand for the metal.

Chris Griffith, the chief executive of Anglo American’s platinum division, told the Financial Times the spin-out will allow the new company to access outside investors as it looks to take stakes in emerging hydrogen start-ups that could push the adoption of fuel cell cars over battery-powered electric cars. “It’s about growing demand,” Mr Griffith said. “We believe we can do so much more with it with partners alongside us.”

Anglo American’s internal fund has made around $80m of investments over the past six years. Last month it invested in a Dutch hydrogen start-up, High-Yield Energy Technologies, along with oil company Shell. It made its first investment in 2013, with a $4m stake in Canadian fuel cell provider Ballard Power Systems.

Platinum miners are looking to hydrogen fuel cells as the next source of demand for the metal, as diesel cars that use platinum in their catalysts face an uncertain future due to growing concerns about air pollution. Platinum prices are trading close to their lowest levels in 10 years. Autocatalysts have accounted for between 37 per cent to 41 per cent of total platinum demand in the last five years, according to the World Platinum Investment Council. But the market share of diesel cars in Europe is falling following the emissions scandal involving Volkswagen. Gasoline cars also face growing competition from electric cars. The share of diesel cars in Europe is set to fall to 46 per cent this year, from 48 per cent three years ago, according to catalyst maker Johnson Matthey. In contrast hydrogen could power more than 400m cars, 15m to 20m trucks, and 5m buses by mid-century, according to the Hydrogen Council, an industry group of 39 companies, including Anglo American. Fuel cells combine hydrogen with oxygen to create an electric current. Platinum is used as a catalyst, and to lower the operating temperature of the fuel cell. The most popular fuel cell car is the Toyota Mirai. Demand for platinum in fuel cell electric cars could rise to 1m ounces by 2030, Mr Griffith said. Last year, autocatalyst demand for platinum in mostly diesel cars and trucks totalled around 3.3m ounces. That’s likely to be driven by China, which is promoting the use of hydrogen technology in trucks and buses, according to Mr Griffith. “At the moment the big game in town is China,” he said. “They’ve put in place very serious incentives. It’s just phenomenal.”

Read the full article here: 

https://www.ft.com/content/b7cc1554-582f-11e8-b8b2-d6ceb45fa9d0