HYON and Mitsui sign collaboration agreement
The agreement also opens for a financial and strategic commitment from Mitsui to HYON.
HYON AS has entered a collaboration agreement with Japanese trading and investment company Mitsui & Co., Ltd.
The partnership sets the stage for the large-scale development of hydrogen fueling solutions, starting with a joint feasibility study in the second half of 2022.
Together, the parties aim to venture into business opportunities to establish hydrogen fueling infrastructure in Europe, Asia or any other geographies with potential hydrogen demand.
As a first step of the collaboration, HYON and Mitsui will conduct a feasibility study to define relevant parameters for the global presence of hydrogen fueling solutions, roll-out plan, cost and specification of the technical solutions. The feasibility study will be undertaken in the second half of 2022, lasting three to six months.
Jørn K. Lindtvedt, CEO of HYON, said, “With its vast network and global presence, Mitsui is an important strategic partner that will allow us to scale the business volume quickly and thereby provide highly competitive offerings to the market. This agreement is an important step towards making HYON a leading global provider of hydrogen fueling solutions.”
Kensuke Kubota, GM of Transportation & Machinery Bus Div. IV at Mitsui, said, “The hydrogen market is expected to grow significantly within the shipping industry, accelerated by stringent regulations, guidelines and initiatives for GHG emission reductions. By combining Mitsui’s track record and global network in the shipping industry with HYON’s expertise in hydrogen solutions, we aim to capture this growth and penetrate new markets.”