Stuttgart start-up Hy2gen AG, which builds green hydrogen production facilities, has secured global commodities company Trafigura as a shareholder and board member following a financing round.
Hy2gen AG brings together specialists with experience of developing, building and operating plants for the production of green hydrogen and hydrogen-based e-fuels, offering better ways to achieve CO2-free or CO2 neutral fuels and storage solutions.
The first plants will be built in Canada next year, followed by other plants in France, Mexico, Norway and South Africa.
The company aims to become a leader in the hydrogen and e-fuels market for mobility and industry ” all areas where it is currently proving difficult to significantly reduce emissions. Hy2gen AG already has a project pipeline for over 500 MW of electrolyser capacity. As of today, no hydrogen producer has reached this scale.
“We are focusing on large-scale production facilities, as price is an important factor for green hydrogen to become a tradable commodity. As this happens we will be well positioned to grow quickly alongside anticipated commercial demand.” said Hy2gen chief executive Cyril Dufau-Sansot.
Robert Gillon, Senior Manager from Trafigura’s newly created Power and Renewables Trading Division, said becoming a shareholder in Hy2gen marked its first investment in the hydrogen industry. “We see the opportunity in working in this high potential alternative fuels market with a dynamic start-up team.”
As hydrogen and hydrogen-based products can be used across many other sectors beyond mobility and industry, Trafigura and Hy2gen AG will further identify possible areas of collaboration in the coming months.