Geneva / Zurich, Switzerland, 2 December 2020 - Trafigura Pte Ltd (“Trafigura”), a market leader in the global commodities industry, has today announced significant investments with H2 Energy Holding AG, a business innovator in green hydrogen solutions (“H2 Energy”). In partnerships with large industrial players and market leaders such as Hyundai, Alpiq and Linde, H2 Energy are the first in the world to deliver fuel cell trucks to commercial users and to create an ecosystem based on green hydrogen, while operating with a strong commercial focus. The trucks are already in operation for large transporters and retailers in Switzerland.
Trafigura has committed to invest an initial USD62 million, with USD20 million as capital injection into H2 Energy Holding AG to further support the development of the production, storage and distribution of green hydrogen for refuelling stations and industrial customers. The remaining part of the investment will be provided to seed and fund the development of a 50:50 joint venture based in Zurich that will roll out green hydrogen-based ecosystems and to invest in hydrogen infrastructure and hydrogen application-related projects across Europe, excluding Switzerland.
“Our investment has enormous potential at a time when the economics for green hydrogen use by heavy duty transport is becoming competitive with traditional fuels,” said Jeremy Weir, Executive Chairman and CEO of Trafigura. “We’re hugely impressed with the passion, talent and achievements of the H2 Energy team. They’ve developed a successful business model that is present in each part of the hydrogen value chain from green production to logistics and created demand for hydrogen by providing large scale fuel cell solutions. We’re looking forward to working with the H2 Energy team and its partners and bringing Trafigura’s ability to evolve traditional supply chains to develop new markets.”
“We consider hydrogen and fuel cell technology as an enabler of the energy transition. It buffers excess electricity production, stores and distributes energy that has been produced by renewables,” said Rolf Huber, Chairman of the Board of H2 Energy.
“We’re delighted that Trafigura will invest in and with H2 Energy. The common goal is to decarbonise various sectors with a commercial focus. The joint venture with Trafigura will enable the partners to execute on planned projects on a Europe-wide scale. In addition, it will allow us to further develop fuel cell applications for the transport sector on land and water, but also for stationary applications,” concluded Mr Huber.
For further information, please contact:
H2 Energy Press Contact: +41 (0) 43 343 90 00 or firstname.lastname@example.org
Trafigura Press Office: +41 (0) 22 592 45 28 or email@example.com
About H2 Energy
H2 Energy was established in Zurich, Switzerland, in 2014 with the vision to fight climate change. Its core business consists of providing (directly or through its subsidiaries) worldwide hydrogen system solutions and engineering work in the field of fuel cell and hydrogen applications. This includes the development, implementation and operation of ecosystems that are based on green hydrogen. The activities of H2 Energy always have a commercial focus and executed either independently or through investments in or partnership with other companies which shared H2 Energy’s vision and ambitions.
Founded in 1993, Trafigura is one of the largest physical commodities trading groups in the world. Trafigura sources, stores, transports and delivers a range of raw materials (including oil and refined products and metals and minerals) to clients around the world. The trading business is supported by industrial and financial assets, including a majority ownership of global zinc and lead producer Nyrstar which has mining, smelting and other operations located in Europe, Americas and Australia; a significant shareholding in global oil products storage and distribution company Puma Energy; global terminals, warehousing and logistics operator Impala Terminals; Trafigura's Mining Group; and Galena Asset Management. The Company is owned by around 700 of its 8,000 employees who work in 80 offices in 41 countries around the world. Trafigura has achieved substantial growth over recent years, growing revenue from USD12 billion in 2003 to USD171.5 billion in 2019. The Group has been connecting its customers to the global economy for more than two decades, growing prosperity by advancing trade.