Yara Growth Ventures is one of five major international heavyweights investing NOK 170 million in the Norwegian technology company Hydrogen Mem-Tech.
The Trondheim company can facilitate significant growth in the coming years with fresh capital. It has developed a technology that enables pure hydrogen production from biogas and natural gas.
Yara Growth Ventures, which is Yara’s venture investment team, is now making its first investment in Norway. Together with AP Ventures, Shell Ventures, Saudi Aramco Energy Ventures and Sintef Ventures, Yara Growth Ventures will invest a total of NOK 170 million in Hydrogen Mem-Tech.
The company’s technology separates pure hydrogen from biogas and natural gas at the same time as CO2 and other residual gases are blocked and can be captured due to the hydrogen-selective metal palladium. The palladium membrane technology is developed by Hydrogen Mem-Tech, together with researchers at SINTEF, one of Europe’s largest independent research organisations, and has been successfully piloted and tested over the last ten years.
The investment in Hydrogen Mem-Tech is Yara Growth Ventures’ first investment in Norway. The company has already acquired seven other companies located in the US, Argentina, Kenya, Israel and Turkey. In addition, it has invested in two funds.
Yara Growth Venture makes financial investments in companies that develop technology in hydrogen, ammonia and agricultural technology. Investments are normally between two and five million USD.
The company is now researching whether the technology can also be used in ammonia and thereby help solve hydrogen’s transport and storage challenges. In that case, it will solve a major challenge with hydrogen, which can really accelerate the green shift.
Stian Nygaard, Investment Director at Yara Growth Ventures, who also enters HMTs Board of Directors, said, “Hydrogen Mem-Tech has exciting technology that has been developed in Norway. We believe this technology will be able to trigger new Norwegian industry and help increase the use of hydrogen and ammonia.”
Thomas Reinertsen, CEO of Hydrogen Mem-Tech, said, “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.”