Trafigura invests in H2 Energy
One of the world's largest traders in fossil raw materials, Trafigura, has invested 62 million dollars in H2 Energy AG. A capital contribution of $ 20 million is intended to advance the development of green hydrogen. The rest will flow into the joint venture H2 Energy Europe.
The Dutch commodity trading giant Trafigura , with a branch in Geneva, is investing heavily in the Zurich-based H2 Energy Holding . In a first step, the company has committed, according to its media release , to provide 62 million dollars. 20 million of this will flow into H2 Energie AG as a capital contribution. This is intended to support the development of the production, storage and distribution of green hydrogen for filling stations and industrial customers.
Trafigura, one of the world’s largest traders in fossil fuels, will provide the remaining 40 million dollars to set up and finance a 50:50 joint venture, H2 Energy Europe, based in Zurich. It aims to bring green, hydrogen-based ecosystems to the markets. In addition, it will invest in hydrogen infrastructure and in projects that work with hydrogen throughout Europe, with the exception of Switzerland.
H2 Energy has developed “a successful business model that is present in every part of the hydrogen value chain,” said Jeremy Weir, Executive Chairman and CEO of Trafigura, in the press release. “And by providing fuel cell solutions on a large scale, they have created a demand for hydrogen.” Now Trafigura will contribute its ability to further develop traditional supply chains and open up new markets.
The joint focus is on the profitable decarbonization of various sectors, says H2 Energy boss Rolf Huber. “The joint venture with Trafigura will enable the partners to carry out the planned projects across Europe. In addition, it will enable us to further develop fuel cell applications for the transport sector on land and at sea, but also for stationary applications. “