Vitol has acquired a 10% equity interest in Gen2 Energy, a Norwegian company that produces green hydrogen using surplus hydroelectric power.
The price paid for the share was not disclosed.
Gen2 Energy produces green hydrogen, which will be transported and sold to customers principally in Europe.
Work at the company’s initial site in the north of Norway is under way and will have a capacity of at least 80 MW, producing 11.7kt per annum of green hydrogen. Production at this site is expected to commence by December 2023.
Simultaneously, Gen2 Energy is developing a second green hydrogen facility in the southwest of Norway with an eventual capacity of 300 MW.
“We are very pleased to successfully complete our strategic financing round with Vitol as an Anchor Investor,” said Jonas Meyer, chief executive officer of Gen2 Energy. “Gen2 Energy is working diligently to build large-scale production and distribution of green hydrogen with zero emissions throughout the value chain, and we could not have wished for a better partner than Vitol.”
“We are pleased to be involved in this exciting project. Hydrogen will be a core component of the energy mix of the future and key part of the path to net-zero,” said Chris Bake, managing director, Vitol.