HYDROGEN MEM-TECH
Waste Gas-to-Hydrogen Technology
We are excited to announce our investment in Hydrogen Mem-Tech, a Norway-based hydrogen company, that designs and manufactures separators using their proprietary palladium membrane technology, to produce clean hydrogen at the customer's desired purity level.
Peak has co-led an investment in Hydrogen Mem-Tech with London-based AP Ventures, amounting to a 10.5% ownership stake for Peak in the company.
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As one of India's leading sustainability venture capital firms, Peak's investment represents a significant milestone for Hydrogen Mem-Tech as the Trondheim-based company continues to grow its international presence and develop advanced hydrogen technologies.
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The strategic investment from Peak is part of Hydrogen Mem-Tech's capital raising round targeting up to NOK 75 Million ($6.6 Million). In addition to AP Ventures, existing investors including Aramco Ventures, Yara Growth Ventures and SINTEF also participated in the round.
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Peak's investment in Hydrogen Mem-Tech is based on the strong and trustworthy relationships built over the past 18 months. The investment aligns well with Peak's core strategy which is to back innovative and deep tech early-stage companies addressing climate problems and to help them scale in India, and globally.​
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Samir Shah, Managing Partner of Peak Sustainability Ventures, commented "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. 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."
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Thomas Reinertsen, CEO of Hydrogen Mem-Tech stated "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."​
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Accelerate the Hydrogen Economy
Hydrogen Mem-Tech’s technology can be very useful for applications for petroleum companies and in steel annealing. Peak is keen to accelerate the hydrogen economy in India, piloting Hydrogen Mem-Tech’s technology and scaling it to address energy transition issues.​ 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. India, which has committed to substantial emissions reductions, is a prime example of such market opportunities.
“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.” says Reinertsen.
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​Ambitious Growth Plans
Samir Shah will join Hydrogen Mem-Tech’s board of directors. He will bring his understanding of the Indian ecosystem, strategic mindset, and skills in building early-stage companies to the fore through this partnership.
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As part of its growth strategy, 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.
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“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,” says Reinertsen.​​​​​​​​​​​​​​​​​​​​​​​​​​​​
Partner's Note: At Peak, we take time to understand complex problems deeply. While majority of focus has gone into Green Hydrogen, we thought about another way to look at the Hydrogen sector. In addition, it's important that we build a strong relationship with management before becoming involved in a company. We spent significant time with Thomas and the team at HMT, to understand HMT's technology, determine Peak's value-add, and strategise together to have a global positive impact on decarbonisation efforts. Our focus is on scaling global climate technologies for India, bringing to market transformative solutions that will contribute directly to India’s national sustainability objectives. Hydrogen Mem-Tech’s advanced hydrogen separation technology aligns seamlessly with Peak’s mission to harness deep tech innovations to accelerate India’s energy transition. Our investment will enable Hydrogen Mem-Tech to fulfill its ambition of accelerating green hydrogen production globally while maintaining a strong emphasis on making the technology viable for India’s energy sector.