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Tuesday, December 12, 2023

Norwegian cleantech company collects €16M for its palladium membrane technology

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Trondheim-based company Hydrogen Mem-tech has raised over €16M (170MNOK) in funding from many major investors including AP Ventures, Yara Growth Ventures, Shell Ventures, Saudi Aramco Energy Ventures and SINTEF Venture. The company’s palladium membrane technology enables the production of pure hydrogen from biogas and natural gas. This funding will help the company’s growth. Additionally, Yara Growth, having its first investment in Norway, is planning to make more.

International Majors Invest 170 Million NOK in Norwegian Hydrogen Mem-Tech

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.

Hydrogen Mem-Tech, Thomas Reinertsen“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”, says Thomas Reinertsen, CEO of Hydrogen Mem-Tech.

The company has developed a technology where clean hydrogen is produced from bio and natural gas, while CO2 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.

Hydrogen Mem-Tech, Thor Egil Five“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.

Hydrogen Mem-Tech, AP Ventures, Andrew Hinkly“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 decarbonization opportunities across hard to abate industry and mobility.” said Andrew Hinkly, Managing Partner at AP Ventures.

Yara´s investment company for start-ups, ‘Yara Growth Ventures’, are among the new investors.

Hydrogen Mem-Tech, Yara Growth Ventures, Stian Nygaard“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”, says Stian Nygaard, Investment Director at Yara Growth Ventures.

Hydrogen Mem-Tech, Shell, Bilal Ahmad“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”, said Bilal Ahmad, Venture Principal at Shell Ventures.

Hydrogen Mem-Tech, Saudi Aramco Energy Ventures, Richard Riggs“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”, says Richard Riggs, Investment Director at Saudi Aramco Energy Ventures.

Hydrogen Mem-Tech, SINTEF TTO, Asle Jostein Hovda“We are very happy to be able to partner with this highly respected and professional venture investor group to bring HMT one step closer to commercial success. The technology behind the technology is licensed from SINTEF and our investment in HMT supports our key mandate – Technology for a better society, where we invest in companies with SINTEF based technology.” says Asle Jostein Hovda, Investment Director at SINTEF Venture.

Click here to read more funding news.

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Nurcin Metingil
Nurcin Metingil
A permanent student, a passionate first reader and nowadays doing master’s degree in Publishing Management. Beside these, I am up for games! I have been playing games since I was 6. Now, I am whispering "Business. Business. Numbers. Is this working?"

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