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Equinor Ventures invests in AP Ventures

(UTC)Last modified

Equinor Ventures is pleased to announce an investment in AP Ventures Fund II, the world's largest venture fund dedicated to the growing hydrogen industry. Nysnø Climate Investments, Yara Growth Ventures and Equinor Ventures are the only Norwegian Limited Partners in the fund.

AP Ventures invests globally in the value chain for hydrogen from production to transport, through storage, and to use.

The fund will focus on Norway as a strategic location for green and blue hydrogen – including business models within carbon capture, utilisation, and storage (CCUS). AP Ventures Fund II has already invested in the Norwegian technology companies ZEG Power that produces blue hydrogen with integrated carbon capture, and Hystar that develops cell architecture for PEM electrolysis.

"Equinor’s ambition is to reach net-zero emissions by 2050 and an important tool for success is to develop profitable value chains for carbon capture and storage and hydrogen. In order to develop such value chains, we need to work together with partners. The investment in AP Ventures will help us explore and expand our knowledge of hydrogen solutions that can play a role in the energy transition. We look forward to working closely with AP Ventures and other partners to create real impact," says Gareth Burns, Vice President Equinor Ventures.

Equinor Ventures, Yara Growth Ventures and Nysnø Climate Investments combined invest USD 13 million, bringing the total assets under management to USD 344 million. Existing investors include Anglo-American Platinum, Implats, the Mirai Creation Fund, Mitsubishi Corporation, Plastic Omnium, the Public Investment Corporation, and Sumitomo Corporation.