Green hydrogen supplier Hiringa Energy will jointly pursue hydrogen-related commercial projects in New Zealand with trading and investment enterprise Mitsui & Co as part of a new agreement.
Under a Strategic Alliance Agreement, Mitsui will participate in multiple hydrogen projects developed by Hiringa including the joint venture with Balance Agri-nutrients and Hiringa’s nationwide refuelling network, which will see stations come online throughout 2021.
In forming this strategic alliance, both companies are working towards a common goal of creating a viable domestic hydrogen economy and export opportunities.
The parties have been discussing the potential of hydrogen in New Zealand since 2017, when Mitsui learnt of the New Zealand Government’s strong aspirations for green hydrogen initiatives and Hiringa’s activities.
“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,” said Hiringa Chairperson Cathy Clennett.
The strategic alliance builds on the New Zealand Government’s $19.9m funding investment announcement into Hiringa’s joint venture with Ballance Agri-Nutrients earlier this year – a $50+m project to create green hydrogen at Ballance’s Kapuni plant in South Taranaki, and support from Hiringa’s seed investors including Sir Stephen Tindall via his investment company K One W One.
The partnership and the projects provide a significant growth opportunity for New Zealand’s economy with potential provision of multiple jobs across the supply chain that showcase New Zealand’s smart, technically advanced and capable economy.
Furthermore, the resulting renewable energy infrastructure and hydrogen production will position New Zealand to be less reliant on imported fossil fuels, providing greater energy resilience and improving New Zealand’s emission profile and sustainability credentials.