A consortium of companies are investing €17m in a German firm developing a sustainable technology for storing hydrogen.
Hydrogenious LOHC Technologies was established in 2013 as a spin-off of Friedrich-Alexander-Universität Erlangen-Nürnberg with the aim of developing liquid organic hydrogen carrier (LOHC) technology.
Along with its investors – Royal Vopak, Mitsubishi Corporation, Covestro and AP Ventures, Hydrogenious LOHC Technologies is committed to developing the LOHC technology as an essential component of the international hydrogen infrastructure.
CEO Daniel Teichmann said, “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.”
“With these investments, our company will be strengthening our international industrial base, using the funding to bring additional projects to market.”
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,” said Marcel van de Kar, Director New Energies at Vopak.
“This strategic partnership will facilitate development of transregional and global transport of hydrogen and contribute to the development of hydrogen-based economies.”
Junya Nagase, General Manager for Precious Metals, Mineral Resources Trading Division, Mitsubishi Corporation, added, “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.”
“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,” highlighted Dietrich Firnhaber, Head of Strategy & Portfolio Development from Covestro.
“We do believe that the LOHC technology is a promising solution for its transportation and storage.”