The commodities giant has become a shareholder and joined the board of German firm Hy2gen AG, which brings together specialists with knowledge of green hydrogen production and hydrogen-based e-fuels.
Located near Stuttgart, Hy2gen AG already has a project pipeline for over 500 megawatts of electrolyser capacity (74,000 tons of CO2-free hydrogen per year from renewable energies, which translates to an annual saving of 810,000 tons of CO2 in comparison with the conventional production of hydrogen.
The company is planning the construction of its first plants in Canada in 2020, to be followed by other plants in France, Mexico, Norway and South Africa.
‘We are focusing on large-scale production facilities as price is an important factor for green hydrogen to become a tradable commodity. As this happens we will be well positioned to grow quickly alongside anticipated commercial demand,’ explained Hy2gen CEO Cyril Dufau-Sansot.
Robert Gillon, Senior Manager from Trafigura’s newly created Power and Renewables Trading Division, also commented: ‘Trafigura welcomed the opportunity to become a shareholder in Hy2gen, its first investment in the hydrogen industry. We see the opportunity in working in this high potential alternative fuels market with a dynamic start-up team.’
The two companies noted that they will be identifying further possible areas of collaboration in the coming months.