Partner for hydrogen start-up

Taranaki hydrogen company Hiringa Energy and global trading and investment enterprise Mitsui & Co have signed a strategic alliance to jointly pursue commercial hydrogen-related projects in New Zealand.

Through the deal, Mitsui will become a partner in projects including the $50 million joint venture between Hiringa and Ballance Agri-Nutrients and Hiringa’s nationwide hydrogen refuelling network, which is due to come online in 2021.

Hiringa chairperson Cathy Clennett said Mitsui was a great fit for the New Zealand hydrogen start-up.

‘‘Mitsui is a natural partner for Hiringa, having already made significant energy investments in New Zealand including cleantech company LanzaTech, and having considerable experience in large scale energy development and investment.

‘‘Mitsui brings expertise, capital and international connections, including the capability to market hydrogen internationally, and compliments the partnerships we have been forming in New Zealand to develop the supply chain and market for green hydrogen.’’

Clennett was unable to reveal how much Mitsui would be investing. She said final investment decisions in the various projects would be made when all parties had completed due diligence.

Both companies were working towards a common goal of creating a viable domestic hydrogen economy and export opportunities. The New Zealand and Japanese governments signed a Memorandum of Cooperation on hydrogen in 2018. – RNZ