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NEWS Vopak, Mitsubishi Corporation, Covestro and AP Ventures invest Euro 17 million into Hydrogenious LOHC Technologies
● Investment agreement signed with strategic partners for Hydrogenious LOHC Technologies
● Funding round of 17 million Euro led by Royal Vopak
● Investment enables further development of international hydrogen infrastructure and global distribution of green hydrogen
Royal Vopak, Mitsubishi Corporation, Covestro and AP Ventures invest Euro 17 million into Hydrogenious LOHC Technologies GmbH and its Liquid Organic Hydrogen Carrier (LOHC) technology for hydrogen logistics.
With its innovative Liquid Organic Hydrogen Carrier technology, Hydrogenious LOHC Technologies was able to attract further strong partners. In addition to AP Ventures, who invested in the German-based company in 2014, Royal Vopak, Mitsubishi Corporation and Covestro joined as investors at Hydrogenious LOHC Technologies. “We warmly welcome our new investors and are very excited to work with them as strategic partners who share our vision of a LOHC-based worldwide hydrogen infrastructure; said Daniel Teichmann, CEO of Hydrogenious LOHC Technologies. “With these investments, our company will be strengthening our international industrial base, using the funding to bring additional projects to market.”
The advantages of the partnership are not limited to financial support. The strategic international investors are committed to developing the LOHC technology as an essential component of the international hydrogen infrastructure. The operational expertise of Vopak and the other new investors will enable international distribution of renewable energies via hydrogen. Stored in the carrier oil, hydrogen can be transported as easily and efficiently as conventional liquid fuels. “The combination of Vopak’s global terminal and knowledge network with this LOHC technology is a breakthrough in the storage and logistics of renewable energies. This strategic partnership will facilitate development of transregional and global transport of hydrogen and contribute to the development of hydrogen-based economies,” said Marcel van de Kar, Director New Energies at Vopak.
Asian countries have recognised hydrogen as a valuable energy carrier and the LOHC technology is expected to provide an economical viable solution that is ideal for storing large volumes of hydrogen in densely populated urban areas as well as distributing it over long distances. We expect that LOHC will play an important role in Asian energy market in the future," says Junya Nagase, GM for Precious Metals, Mineral Resources Trading Division, Mitsubishi Corporation.
Being one of the leading suppliers of premium polymers, Covestro sees innovation and sustainability as the driving forces behind the continuous development of any of the company’s products, processes and facilities. The advantages of LOHC technology in terms of scalability and feasibility of hydrogen transportation therefore perfectly fit this approach and are exactly the advantages in which Covestro is investing. “Affordable and clean energy is a key issue for the chemical industry and we believe Hydrogen has the potential to become an important energy vector in the future. We do believe that the LOHC technology is a promising solution for its transportation and storage,” concludes Dietrich Firnhaber, Head of Strategy & Portfolio Development from Covestro.
Commenting on this latest investment into Hydrogenious LOHC Technologies Andrew Hinkly, Managing Partner at AP Ventures said, “I’m delighted to welcome these new strategic investors to Hydrogenious LOHC Technologies. Daniel and his team have made significant developments in this technology during the past five years and I look forward to the next stage in the development of the business”.
About our LOHC Technology
Hydrogen will play an important role in the low-carbon energy demand of the future. Storing hydrogen, using dibenzyltoluene as the Liquid Organic Carrier enables safe and efficient handling of hydrogen within existing fuel infrastructure. Hydrogenious’ LOHC technology makes it possible for example to store hydrogen produced in areas where there is a surplus of renewable energy and efficiently transport it using existing fuel infrastructure to locations where there is a demand for renewable energy. Video
About Hydrogenious LOHC Technologies GmbH
Hydrogenious LOHC Technologies GmbH was established in 2013 as a spin-off of Friedrich-Alexander-Universität Erlangen-Nürnberg with the aim of developing LOHC technology. On the basis of recent investments from Royal Vopak, Covestro and Mitsubishi Corporation and initial investments from AP Ventures and partnerships with companies such as Frames, Clariant, Eastman Chemicals and MAN, Hydrogenious LOHC Technologies is very well positioned to make its vision of LOHC-based hydrogen infrastructure a reality. Hydrogenious LOHC Technologies is based in Erlangen, Germany and employs 70 highly skilled team members making it a global leader in the field of hydrogen storage technologies based on Liquid Organic Hydrogen Carriers (LOHC). The company builds plants for the hydrogen logistics industry and hydrogen refueling stations based on the LOHC technology.
About Royal Vopak
Royal Vopak is the world’s leading independent tank storage company. We store vital products with care. With a history of over 400 years and a focus on sustainability, we ensure safe, clean and efficient storage and handling of bulk liquid products and gases for our customers. By doing so, we enable the delivery of products that are vital to our economy and daily lives, ranging from chemicals, oils, gases and LNG to biofuels and vegoils. We are determined to develop key infrastructure solutions for the world’s changing energy systems, while simultaneously investing in digitalization and innovation. Vopak is listed on the Euronext Amsterdam and is headquartered in Rotterdam, the Netherlands. Including our joint ventures and associates, we employ an international workforce of over 5,500 people. As of 31 July 2019, Vopak operates a global network of 69 terminals in 24 countries located at strategic locations along major trade routes, with a combined storage capacity of 36.9 million cbm. www.vopak.com
About Mitsubishi Corporation
Mitsubishi Corporation (MC) is a global integrated business enterprise that develops and operates businesses together with its offices and subsidiaries in approximately 90 countries and regions worldwide, as well as a global network of around 1,400 group companies. MC has 10 Business Groups that operate across virtually every industry: Natural Gas, Industrial Materials, Petroleum & Chemicals, Mineral Resources, Industrial Infrastructure, Automotive Mobility, Food Industry, Consumer Industry, Power Solution and Urban Development. Through these 10 Business Groups, MC’s current activities have expanded far beyond its traditional trading operations to include project development, production and manufacturing operations, working in collaboration with our trusted partners around the globe. With an unwavering commitment to conducting business with integrity and fairness, MC remains fully dedicated to growing its businesses while contributing to a prosperous society.
More information: https://www.mitsubishicorp.com/jp/en/
About Covestro AG
With 2018 sales of EUR 14.6 billion, Covestro is among the world’s largest polymer companies. Business activities focus on the manufacture of high-tech polymer materials and the development of innovative solutions for products used in many areas of daily life. The main segments served are the automotive, construction, wood processing and furniture, and electrical and electronics industries. Other sectors include sports and leisure, cosmetics, health, and the chemical industry itself. Covestro has 30 production sites around the globe and employed approximately 16,800 people (full-time equivalents) as of the end of 2018.
About AP Ventures
AP Ventures is a venture capital fund headquartered in London. The Fund operates a global mandate to invest in pioneering new technologies and businesses which solve global challenges such as renewable energy integration, resource scarcity and a growing population. Focus areas include: the hydrogen value chain; fuel-cell electric mobility; energy storage platforms; water treatment solutions; sensors; durable electronics; and biomedical devices. The existing portfolio includes investments in Altergy Systems, Food Freshness Technology Holdings, ERGOSUP, Greyrock Energy, High-Yield Energy Technologies, Hydrogenious LOHC Technologies and United Hydrogen Group. All these companies either utilise or enable the use of Platinum Group Metals (PGMs).AP Ventures is led by Andrew Hinkly (Managing Partner) and Kevin Eggers (Partner). Investors include Anglo-American Platinum, the Mirai Creation Fund, Mitsubishi Corporation and The Public Investment Corporation. More info: www.apventuresllp.com