Mitsui invests 70 million Norwegian Krone in Norwegian Hydrogen. Mitsui becomes the second-largest shareholder in the company, with a 15 percent stake, through the private placement.
Norwegian Hydrogen will develop, construct, and operate green hydrogen production facilities and infrastructure.
“The investment from Mitsui is an important milestone for Norwegian Hydrogen. To have a reputable multinational company as an owner is a confirmation of our business model. At the same time, the private placement enables further development of our company and projects,” said CEO of Norwegian Hydrogen, Jens Berge.
Within the next several months, the company intends to implement a number of new initiatives and a significant expansion of their organization in preparation for rapid expansion. To this purpose, Norwegian Hydrogen plans to conduct a significant capital expansion within the next year and has hired ABG Sundal Collier as a consultant.
“We are excited to reinforce our partnership with Norwegian Hydrogen as the extension of our ongoing partnership including FirstElement Fuel and also in addition to our strategic alliance with Hexagon Composites and Hexagon Purus. With this investment, Mitsui will seek synergies between Norwegian Hydrogen and Mitsui’s existing investment portfolio in the hydrogen space in order to support Norwegian Hydrogen’s growth and to expedite the establishment of a reliable hydrogen market in Europe. We keep committing ourselves to the development of a hydrogen-based economy,” said Takafumi Kasai, GM Functional Materials Division of Mitsui.
