Major Firms Invest in Norwegian Hydrogen Palladium Membrane Technology
TRONDHEIM, Norway--(BUSINESS WIRE)--AP Ventures, Yara Growth Ventures, Shell Ventures, Saudi Aramco Energy Ventures and SINTEF Venture are investing 170 million Norwegian Krone (NOK) into Hydrogen Mem-Tech (HMT). HMT´s palladium membrane technology separates hydrogen from bio and natural gas.
The innovative technology involves a palladium membrane which separates hydrogen from CO2 pre-combustion in a specially designed separator. This makes it possible to both capture CO2 and produce hydrogen in the same process.
The Norwegian Company's membrane technology can operate at a lower cost compared to other solutions on the market. It also doesn't require chemicals nor a large space to operate. Therefore, the innovation is scalable and can be used in energy facilities of various sizes and in different sectors, according to Mem-Tech's website.
The technology can be used for the production of clean hydrogen by refineries, bio-refineries and chemical plants, steel production, power generation, gas networks, transportation, marine, aviation and agriculture.
"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”, said Thomas Reinertsen, CEO of Hydrogen Mem-Tech.
“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.” said Thor Egil Five, Chairman of the board at Hydrogen Mem-Tech.
“We are delighted to have led the investment round for Hydrogen Mem-Tech with a strong group of co-investors. As an established investor in the hydrogen value chain, we understand the exciting potential of this technology to unlock decarbonisation opportunities across hard to abate industry and mobility.” said Andrew Hinkly, Managing Partner at AP Ventures.