🇳🇴 Hydrogen Mem-Tech secures major investment from India-based fund to accelerate growth in hydrogen separation technology

India-based venture capital fund Peak Sustainability Ventures co-leads an investment in Hydrogen Mem-Tech with London-based AP Ventures. This amounts to a 10.5% ownership stake for Peak in the company.

Peak Sustainability Ventures is one of India’s leading sustainability venture capital firms. The investment from Peak represents a significant milestone for Hydrogen Mem-Tech. The Trondheim-based company continues to grow its international presence and develop advanced hydrogen technologies.

The strategic investment from Peak is part of Hydrogen Mem-Tech’s capital raising round targeting up to NOK 75 million. Existing investors also participate.

Peak’s investment in Hydrogen Mem-Tech is based on the strong and trustworthy relationships built over the past 18 months.

Peak backs innovative and deep tech early-stage companies addressing climate problems across four key pillars: New Energy, Water, Food Systems, and Climate Tech.

Peak’s core investment strategy is to scale global climate technologies in India, and India-based technologies globally.

“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,” says Hydrogen Mem-Tech CEO, Thomas Reinertsen.

“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,” says Samir Shah, Managing Partner at Peak.

“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”, says Shah.

Peak is managed by Samir Shah, one of the most successful sustainability investors in India, and Sanjay Nayar, a veteran in India’s private equity landscape.

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.

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.

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.

“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.

Originally published on 16 October by Hydrogen MEM-TECH.

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