HYON enters a collaboration agreement with the Japanese trading and investment company Mitsui & Co., Ltd. The partnership sets the stage for large-scale development of hydrogen fueling solutions, starting with a joint feasibility study in the second half of 2022.
Together, the parties aim to venture into business opportunities related to establishing hydrogen fueling infrastructure in Europe, Asia or any other geographies with potential hydrogen demand. The agreement also opens for a financial and strategic commitment from Mitsui into HYON.
Mitsui is a leading Japanese trading and investment company, with a diversified portfolio of business in various sectors, including shipping, offshore development, mobility, infrastructure, chemicals and energy. It has an extensive global footprint, with current operations in 63 countries and regions worldwide and approx. 44,500 employees (consolidated basis). The company is listed on the Tokyo Stock Exchange with a market capitalization of over USD 40 billion.
“With its vast network and global presence, Mitsui is an important strategic partner that will allow us to scale the business volume quickly and thereby provide highly competitive offerings to the market. This agreement is an important step towards making HYON a leading global provider of hydrogen fueling solutions.”, says Jørn K. Lindtvedt, CEO of HYON.
HYON was founded in 2017 on a mission to accelerate the energy transition in the maritime sector. The company is set to deliver fast and safe bunkering of hydrogen for ships.
“The hydrogen market is expected to grow significantly within the shipping industry, accelerated by stringent regulations, guidelines and initiatives for GHG emission reductions. By combining Mitsui’s track record and global network in the shipping industry with HYON’s expertise in hydrogen solutions, we aim to capture this growth and penetrate new markets.”, says Kensuke Kubota, General Manager of Transportation & Machinery Bus Div. IV at Mitsui.
As a first step of the collaboration, HYON and Mitsui will conduct a feasibility study to define relevant parameters for the global presence of hydrogen fueling solutions, roll-out plan, cost and specification of the technical solutions. The feasibility study will be undertaken in the second half of 2022, lasting a minimum of three to six months.