ZEG Power raises NOK 130m to deploy its zero-emission hydrogen production technology
ZEG Power’s ground-breaking technology for clean hydrogen production is attracting significant attention. The globally mandated AP Ventures and SPARX Group (Mirai Creation Fund), in addition to Nysnø, the Norwegian state-owned climate investment fund, are among investors investing over NOK 130 million into the company.
ZEG Power develops clean hydrogen production technology with integrated carbon capture, based on sorbent enhanced reforming, producing streams of high purity hydrogen and high purity carbon dioxide ready for utilisation or storage. The technology was originally developed at the Institute for Energy Technology (IFE), which through its venture arm IFE Invest, will remain ZEG Power’s major owner.
The Norwegian start-up has concluded an over-subscribed round of 130 million NOK, surpassing the 100 million NOK original target. Existing investors IFE Invest and Stratel are joined by AP Ventures, Nysnø, SPARX Mirai, Nordea Investment Management, Danske Capital, CCB, and CO2 Management. The company’s near-term goals are to focus on the upscaling and commercialisation of their technology to the 250 – 5000 tonnes H2/pa scale, the recruitment of a high-performing team, and growth of key partnerships.
The integrated and cost-competitive system will meet the growing demand for zero-emission hydrogen for both mobility and industrial applications. The first ZEG-H2 plant will be built in CCB Energy Park at Kollsnes, adjacent to the planned Northern Lights large scale CO2 storage facility. Production of clean hydrogen will start as early as 2022. Until the Northern Lights CO2 storage facility is established, ZEG Power will use renewable biogas as input-gas in order to enable clean hydrogen production.
Hydrogen production from the first ZEG-H2 plant and future site expansion shall provide zero-emission fuels to Norwegian and international transport and industry users. This will accelerate the transition to hydrogen as part of wider decarbonisation efforts by the Norwegian economy.
About ZEG Power
Created in 2008, ZEG Power is a Norwegian company located in Oslo, that aims to offer the world a cost efficient, clean alternative for energy production.
ZEG Power delivers technology for the efficient production of clean hydrogen from hydrocarbon gases, with integrated carbon capture. Examples of hydrocarbon gases are natural gas and biogas. Natural gas is currently the largest source of hydrogen. Hydrogen from biogas combined with carbon capture can achieve a negative carbon footprint.
ZEG Power’s technology is based on research and development originated from the Institute for Energy Technology (IFE).
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