With the investment, MHI will become an industrial partner to HydrogenPro to support its business expansion
Mitsubishi Heavy Industries (MHI) has made an investment in HydrogenPro, a Norway-based producer of electrolysers and devices that produce hydrogen through water electrolysis.
The Japanese industrial company has purchased the company’s shares in an initial public offering (IPO) undertaken by HydrogenPro to expand its business operations.
The partnership with HydrogenPro is expected to further expand MHI’s portfolio of decarbonisation technologies and offer green hydrogen production to the market.
HydrogenPro has developed 9MW class hydrogen production system
Established in 2013 in Norwegian city of Porsgrunn, Telemark County, HydrogenPro is claimed to have developed a 9MW class hydrogen production system with a production capacity of 4.4 tonnes per day.
The firm has plans to achieve a 100MW class plant, which is expected to have a capacity of 48 tonnes per day.
According to market estimates, the demand for green hydrogen production plants is currently growing, especially in Europe.
France aims to achieve 6.5GW in electrolyser capacity by 2030 and Germany has a target of achieving 5GW by 2030, and 10GW by 2040.
The European Union is also planning to secure 40GW of renewable hydrogen electrolysers by 2030.
Last month, Mitsubishi Power, a subsidiary of MHI has secured an engineering, procurement and construction (EPC) contract to build a 1.4GW power plant in Thailand for Hin Kong Power Company.
For the power plant, the company has agreed to supply two of its M701JAC gas turbines for the natural gas-fired turbine combined cycle (GTCC) facility.
The agreement also includes a 25-year long term service agreement for the project.
The power plant is expected to begin operations between March 2024 and January 2025.