New partners join Norwegian hydrogen fund


Norway Norwegian Limited Partners have gained new partners in AP Ventures Fund II, focused on investing in the hydrogen economy.

The partners include Nysnø Climate Investments, Equinor Ventures and Yara Growth Ventures. The fund is focused on investing in the fast-growing hydrogen industry. This investment is set up to contribute to establishing a well-functioning market and value chain for hydrogen in Norway and around the world.

Focus on Norway

Norway is an area of focus for the Fund as a strategic location for green and blue hydrogen – due to the availability of hydropower, carbon capture, utilization and storage (CCUS) capability, strong shipping and offshore industries and a leading position in the process industry. AP Ventures has already invested in two Norwegian technology companies, ZEG Power and Hystar. ZEG Power produces blue hydrogen with integrated carbon capture and Hystar produces green hydrogen through PEM electrolysis.

Partnership of strategic value

By investing in AP Ventures, Nysnø Climate Investments, Equinor Ventures and Yara Growth Ventures contribute to developing companies and technologies that build a hydrogen economy with less emissions.

Hydrogen is a promising energy carrier to reduce emissions from hard-to-abate sectors, like industrial processes and long-haul transport. Bloomberg New Energy Finance estimates that clean hydrogen could account for 24 percent of global energy demand by 2050, up from 2 percent in 2020.

Following the commitments from Nysnø Climate Investments, Equinor Ventures and Yara Growth Ventures, AP Ventures’ total assets under management are USD 344 million. Existing investors include Anglo-American Platinum, Implats, the Mirai Creation Fund, Mitsubishi Corporation, Pavilion Capital, Plastic Omnium, the Public Investment Corporation and Sumitomo Corporation.