Japanese Investment Firm Mitsui Partners to Develop Hydrogen Bunkering
Competition continues to grow to develop the hydrogen infrastructure required to support the development and adoption of the future alternative fuel. In the latest agreement, Norwegian start-up HYON is partnering with Japanese trading and investment company Mitsui & Co. The companies said that this partnership will set the stage for the large-scale development of hydrogen fueling solutions for the maritime sector.
“The hydrogen market is expected to grow significantly within the shipping industry, accelerated by stringent regulations, guidelines, and initiatives for GHG emission reductions,” said Kensuke Kubota, a General Manager of Transportation & Machinery at Mitsui. “By combining Mitsui’s track record and global network in the shipping industry with HYON’s expertise in hydrogen solutions, we aim to capture this growth and penetrate new markets.”
As a first step of the collaboration, HYON and Mitsui will conduct a feasibility study to define relevant parameters for the global presence of hydrogen fueling solutions, roll-out plan, cost and specification of the technical solutions. The feasibility study will be undertaken in the second half of 2022, lasting a minimum of three to six months.
Together, the companies will explore the business opportunities related to establishing hydrogen fueling infrastructure in Europe, Asia, or any other geographies. The agreement also provides the opportunity for a financial and strategic commitment from Mitsui to HYON.
“With its vast network and global presence, Mitsui is an important strategic partner that will allow us to scale the business volume quickly and thereby provide highly competitive offerings to the market,” said Jørn Lindtvedt, CEO of HYON. “This agreement is an important step towards making HYON a leading global provider of hydrogen fueling solutions.”
Mitsui one of the leading Japanese trading and investment companies valued at over $40 billion elected to partner with HYON, which was founded in 2017 with a mission to accelerate the energy transition in the maritime sector. With the support of Mitsui, the company, which has Saga Pure, Norwegian Hydrogen, and Nel as its main owners, looks to acerate the fast and safe development for bunkering of hydrogen for ships.