Hydrogen Mem-Tech, a Norway-based hydrogen technology startup, has secured a strategic investment co-led by Peak Sustainability Ventures, an India-based venture capital fund and London-based AP Ventures.
With this deal, Peak Sustainability Ventures holds a 10.5% ownership stake in Hydrogen Mem-Tech. The strategic investment from Peak is part of Hydrogen Mem-Tech’s capital-raising round targeting up to NOK 75 million.
The new funding will support Hydrogen Mem-Tech’s plans to scale up operations, further develop the company’s hydrogen separator technology, and expand into new markets.
Hydrogen Mem-Tech will use the new capital to finance an ambitious business plan over the next 12 months. This includes developing a hydrogen separation unit with five times the current capacity. This innovation will target industries such as oil and gas, and steel production, where large volumes of hydrogen are needed.
Samir Shah, a representative from Peak Sustainability Ventures, will join Hydrogen Mem-Tech’s Board of Directors.
“Peak evaluated several other hydrogen companies before deciding to invest in us. That is a great testament to the potential they see in our technology. It’s exciting to see them choose a relatively small company in Trondheim, Norway as their next big investment,” said Hydrogen Mem-Tech CEO, Thomas Reinertsen.
“With Peak as one of our partners, we now have a direct line to some of the largest companies in India, opening up even more opportunities for us globally. We are seeing more project opportunities than ever before. Particularly in areas such as ammonia and methanol production, which are gaining traction as alternative fuels for the shipping industry,” added Reinertsen.
“We are excited about our investment in Hydrogen Mem-Tech. We firmly believe that their technology can be scaled globally and can play an important role in India’s energy transition,” said Samir Shah, Managing Partner at Peak.
“While we develop cost-effective solutions for green hydrogen, Hydrogen Mem-Tech’s membrane-based separation technology provides an effective solution to extract hydrogen from various gas streams and green ammonia applications at a significant cost and efficiency advantage. This will contribute significantly to achieving global sustainability goals. We are keen to scale this technology in India and globally. Together with Thomas and his team, we look forward to building a great company,” added Shah.
Founded in 2017, Hydrogen Mem-Tech has developed hydrogen separation technology that integrates with carbon capture to produce ultra-pure hydrogen. The company’s flagship product, the Palladium Separator, is a patented technology designed that converts bio- and natural gases into pure hydrogen, catering to various applications, including fuel cells for vehicles and industrial processes. The technology is pivotal for fueling fuel cells in vehicles such as trucks, buses, trains, and ships, as well as various industrial applications.
