The Netherlands/Canada – Power2X, a hydrogen project developer, and the Canada Pension Plan Investment Board (CPP Investments) have entered into a long-term investment collaboration focused at advancing Power2X’s leadership role in the worldwide sustainable energy transition.
The alliance intends to contribute an initial €130 million to help Power2X grow as a development platform and to fund green chemical projects. The investment advances Power2X’s goal of being a long-term developer, owner, and operator of next-generation energy assets, with an emphasis on green hydrogen and other clean molecules including green methanol and ammonia.
In conjunction with industrial enterprises throughout the world, Power2X creates large-scale new energy assets and infrastructure with an emphasis on decarbonizing industrial value chains and heavy transport. The company is focused on clean hydrogen, ammonia, and methanol, and has a diverse portfolio of projects, with an initial concentration on European demand. CPP Investments will acquire a majority stake in Power2X under the terms of the agreement.
“Green molecules”
The term “green molecules” refers to the use of green hydrogen and its derivatives, such as green ammonia and green methanol, to reduce the carbon footprint of non-power, difficult-to-abate industrial processes. Notably, these green compounds can be used as direct substitutes for process feedstocks as well as transportation and heating fuels.
CPP Investments has pledged that its portfolio and operations would be net zero in terms of GHG emissions by 2050. The organization is dedicated to facilitating the transition of the entire economy to a low-carbon future.
