JOHANNESBURG (miningweekly.com) – Venture fund firm AP Ventures has closed another promising deal in the fast-growing hydrogen sector, Weekly mining can today pay off.
The fund, which has the Public Investment Corporation of South Africa and Anglo American Platinum as its two main investors, announced that Nysnø Climate Investments, Equinor Ventures and Yara Growth Ventures have become its first Norwegian limited partners in AP Ventures Fund II.
This fund focuses on investments in hydrogen and this latest investment is set up to help establish a functional market and value chain for hydrogen in Norway and globally.
Nysnø Climate Investments, Equinor Ventures and Yara Growth Ventures, a Norwegian consortium with Tier 1 investors, are now part of a dedicated hydrogen venture capital fund, for which Norway is a recognized strategic location.
The AP Ventures fund invests in technologies throughout the hydrogen value chain and its participation provides investors with access to innovation and accelerates the development of a new hydrogen economy.
“We see significant strategic value in hosting a Norwegian consortium of sponsors. Nysno Climate Investments, Equinor Ventures and Yara Growth Ventures are investors that we have known for a long time through our portfolio companies and we are very happy to have formalized our relationship with them. Norway has the potential to lead Europe in the transition to a hydrogen-powered economy and we are delighted with the opportunity this partnership will bring to our portfolio ”, Founder and Partner of AP Ventures Kevin eggers declared in a press release to Weekly mining.
Hydrogen is a promising energy vector for reducing emissions from sectors that are difficult to reduce, such as industrial processes and long-haul transport. Bloomberg New Energy Finance estimates that clean hydrogen could account for 24% of global energy demand by 2050, up from 2% in 2020.
Following the commitments of Nysnø Climate Investments, Equinor Ventures and Yara Growth Ventures, the total assets under management of AP Ventures amount to $ 344 million. Besides the two key investors, other existing investors include South African platinum group metals producer Implats, Mirai Creation Fund, Mitsubishi Corporation, Pavilion Capital, Plastic Omnium and Sumitomo Corporation.
“We look forward to working with experienced hydrogen investors, bringing in-depth industry insight to a value chain of particular interest to Norway. AP Ventures is mobilizing private capital to create a global hydrogen ecosystem and provide Norwegian companies with access to a larger global market ”. Eivind Egeland Olsen, Chief Investment Officer at Nysnø Climate Investments, said in the statement.
STRATEGIC VALUE PARTNERSHIP
“Our ambition is to develop new business opportunities that enable a green transition in energy-intensive industries, such as fertilizer production and maritime transport. Investing in startups that drive innovation along the clean hydrogen value chain is a key area for us.
“We are delighted to join AP Ventures and to work closely with our partners to make the clean hydrogen revolution a reality,” says Yara Growth Ventures. Erkki Aaltonen declared. Yara Growth Ventures is the venture capital arm of Yara International ASA, which focuses on investing in startups and as a sponsor in venture capital funds.
“Equinor’s ambition is to achieve net zero emissions by 2050 and an important tool for success is to develop profitable value chains for carbon and hydrogen capture and storage. In order to develop such value chains, we have to work with partners. Investing in AP Ventures will allow us to explore and expand our knowledge of hydrogen solutions that can play a role in the energy transition. We look forward to working closely with AP Ventures and other partners to create real impact, ”said Equinor Ventures VP Gareth Burns.
By investing in AP Ventures, Nysnø Climate Investments, Equinor Ventures and Yara Growth Ventures contribute to the development of businesses and technologies that build a hydrogen economy with fewer emissions, which helps mitigate climate change.