AP Ventures, Yara Growth Ventures, Shell Ventures, Saudi Aramco Energy Ventures and SINTEF Venture are putting their trust and investment into Hydrogen Mem-Tech (HMT).
HMT´s palladium membrane technology separates hydrogen from bio and natural gas.
HMT chief executive Thomas Reinertsen said: “We are 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.”
The company has developed a technology where clean hydrogen is produced from bio and natural gas, while carbon dioxide and other residual gases are captured to be utilized or sequestered.
The HMT palladium membrane technology builds on more than 20 years of research from SINTEF, and it has been extensively tested and piloted over several years.
HMT chairman Thor Egil Five said: “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.”
AP Ventures managing partner Andrew Hinkly said they were delighted to have led the investment round for Hydrogen Mem-Tech with a strong group of co-investors.
Hinkly said: “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.”
Yara´s investment company for start-ups, ‘Yara Growth Ventures’, are among the new investors.
Yara Growth Ventures investment director Stian Nygaard said: “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.”
Shell Ventures venture principal Bilal Ahmad said: “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.”
Saudi Aramco Energy Ventures investment director Richard Riggs said: “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.”