ZEG gets NOK 200M funding for hydrogen

ZEG secures fresh investment for clean hydrogen production technologies of NOK 200 million.

This strategic investment round will increase ZEG’s capability for industrialization and provide access to possibilities on the international market.

In a series B fundraising round, ZEG Power (ZEG) secures NOK 200 million to expand its zero-emission hydrogen generation technology. The financing was led by Schlumberger’s New Energy division, with assistance from current owners, individual investors, and ZEG staff members.

The cash raised is a substantial endorsement of the revolutionary ZEG ICCTM technology for producing clean hydrogen from hydrocarbon gas and a key step towards scale and worldwide growth.

For a variety of end-user applications, including the industry and mobility sectors, ZEG offers clean hydrogen generation technology with integrated carbon capture (ZEG ICCTM technology). The method was initially created at the Institute for Energy Technology (IFE), a renowned research center in Norway, and it is based on sorbent-enhanced reforming.

The Northern Lights CO2 storage infrastructure will be close by at the CCB Energy Park in Kollsnes, where the first commercial ZEG plant will be completed by the end of 2022 and put into service in 2023.

Schlumberger, who served as the round’s lead investor, joins other important investors who have already participated, including IFE Invest, Stratel, AP Ventures, Nysn Klimainvesteringer, SPARX Mirai, StartupLab Founders Fund, Nordea Asset Management, and Danske Invest.