Written by Alexis Garavel and George Irven – AP Ventures
In a world racing toward decarbonisation, the next energy revolution may be quietly unfolding beneath our feet. Natural hydrogen, an abundant, yet largely untapped resource, has the potential to transform the global energy landscape, offering clean fuel at a fraction of today’s costs and emissions. But unlocking this promise requires not only scientific rigour, but also an execution-focused approach that leverages best-in-class exploration methods.
Natural hydrogen, also known as geologic or white hydrogen, is a naturally occurring molecule formed through subsurface processes including water-rock reaction (serpentinisation) and radiolysis. Unlike conventional hydrogen production methods, it is a primary energy source, requiring no feedstock or external power, and can be extracted directly from geological reservoirs, offering the promise of a low-carbon, low-cost hydrogen.
Hydrogen is expected to play a critical role in industrial decarbonisation. However, the cost of electrolytic hydrogen has remained higher than initially forecast. The potential impact is significant: natural hydrogen could offer a Levelised Cost of Hydrogen (LCOH) far below that of grey hydrogen, with some models suggesting costs as low as USD 0.50/kg. In addition, geologic hydrogen has one of the lowest lifecycle carbon footprints of any hydrogen production route. Even with some methane co-production, total emissions are estimated at ~1.5 kg CO₂e per kg H₂, significantly lower than grey hydrogen from unabated natural gas and competitive with, or lower than, the lifecycle emissions of renewable-powered electrolysis. As such, it could accelerate hydrogen adoption across sectors including green steel, sustainable fuels, and long-duration energy storage, as well as displace emissions-intensive grey hydrogen. The U.S. Geological Survey estimates that even a small fraction of the in‑place resource (e.g., ~10⁵ Mt) would supply projected global hydrogen needs for roughly 200 years.
Despite its abundance, natural hydrogen is elusive. It migrates through subsurface rock formations and is often consumed by microbes or converted into other gases. Traditional exploration methods, borrowed from oil and gas, struggle to detect it reliably. However, recent advances in geochemical modelling and subsurface analytics aim to enable a new generation of explorers to identify and target hydrogen accumulations with increasing precision.
Hydrogen seeps have been detected in regions such as Mali and Australia, and early drilling results from several operators have shown promising signs. The opportunity lies not just in confirming its presence, but in developing scalable methods to extract and commercialise it.
The sector is attracting growing interest from both scientific and industrial communities. A number of companies are now applying advanced exploration techniques to secure promising acreage and begin drilling campaigns. These efforts are supported by a mix of academic institutions, energy incumbents, and strategic investors who see natural hydrogen as a key enabler of the energy transition.
AP Ventures recognises the potential impact that natural hydrogen can have on the hydrogen value chain and the broader energy transition. This is why we have invested in Snowfox Discovery, a spin-out from Oxford University, through its Series A round in 2025. What sets Snowfox apart is its ability to integrate deep scientific expertise with a lean, execution-focused approach. Snowfox has built its exploration strategy from the ground up, optimised for hydrogen rather than adapted from hydrocarbons. Its proprietary subsurface analytics and agile operating model allow it to move faster and test hypotheses more efficiently at a global scale. This approach has the potential to be repeatable and scalable, reducing exploration risk and maximising value, which positions Snowfox to lead the emerging natural hydrogen sector.
Natural hydrogen has the potential to reshape the global energy landscape, delivering clean, affordable fuel at scale. By investing in Snowfox Discovery, we’re backing a team that combines scientific rigour with leading exploration experience, positioning itself at the forefront of this emerging sector. As the world accelerates toward a low-carbon future, Snowfox’s innovative approach could unlock a new era of sustainable hydrogen supply.
If you’re passionate about the energy transition or interested in the future of natural hydrogen, connect with us or reach out to learn more about how you can get involved.
References:
Natural hydrogen: future energy and resources (Policy briefing) The Royal Society. (2025).
https://www.royalsociety.org/-/media/policy/projects/natural-hydrogen/natural-hydrogen-policy-briefing.pdf
Geoffrey S. Ellis, Sarah E. Gelman, Model predictions of global geologic hydrogen resources. Science Advances (2024) https://doi.org/10.1126/sciadv.ado0955
Maiga, O., Deville, E., Laval, J. et al. Characterization of the spontaneously recharging natural hydrogen reservoirs of Bourakebougou in Mali. Scientific Reports (2023). https://doi.org/10.1038/s41598-023-38977-y
Natural (geologic) hydrogen and its potential role in a net-zero carbon future (Energy Insight ET38). Oxford Institute for Energy Studies. (2024)
https://www.oxfordenergy.org/wpcms/wp-content/uploads/2024/09/ET38-Natural-geologic-hydrogen-and-its-potential-role-in-a-net-zero-carbon-future.pdf
Ballentine, C.J., Karolytė, R., Cheng, A. et al. Natural hydrogen resource accumulation in the continental crust. Nature Reviews Earth Environment (2025). https://doi.org/10.1038/s43017-025-00670-1
Lollar, B., Onstott, T., Lacrampe-Couloume, G. et al. The contribution of the Precambrian continental lithosphere to global H2 production. Nature (2014). https://doi.org/10.1038/nature14017
