Norwegian company Hyon has entered a collaboration agreement with the Japanese trading and investment company Mitsui, starting with a joint feasibility study for large-scale development of hydrogen ship fuelling solutions.
Together, the parties aim to venture into business opportunities related to establishing hydrogen fuelling infrastructure in Europe, Asia or any other geographies with potential hydrogen demand. The agreement includes the possibility of a financial and strategic commitment from Mitsui into 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.
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 about. 44,500 employees. The company is listed on the Tokyo Stock Exchange with a market capitalisation of over US$ 40bn.
Hyon CEO Jørn K. Lindtvedt said: “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 fuelling solutions.”
Kensuke Kubota, Mitsui GM Transportation and Machinery, said: “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.”
The joint feasibility study will define relevant parameters for the global presence of hydrogen fuelling 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.