HomeEnergyAmplats invests $4 million in new fuel cell venture

Amplats invests $4 million in new fuel cell venture

Anglo American Platinum (Amplats) is investing a considerable US$4 million into a new company with the ultimate aim of bolstering the demand for platinum.

The investment is in United Hydrogen Group (UHG), a hydrogen production and distribution business in the United States. Together the focus will be to reduce the delivered costs of hydrogen and support the development of hydrogen refueling stations for fuel cell electric vehicles (FCEVs) in the north-east corridor of the United States.

This should bolster the demand for platinum, which is used in FCEVs.

The investment forms part of Amplats’ PGM Investment Programme, which provides early-stage and growth capital to companies that can demonstrate the commercial viability of their products or of a technology that in turn consumes or enables the consumption of PGMs.

Hydrogen powered FCEVs play a critical role in reducing vehicle emissions and will drive increased demand for platinum by the automotive industry.

UHG’s business and its ambitious plans for growth are complementary to Amplats’ existing portfolio of investments. UHG will work closely with Hydrogenious Technologies, a PGM Investment Programme partner, on delivered hydrogen logistics and costs. Together these companies can reduce the cost of ownership for FCEVs, laying the foundation for mass adoption of this zero emissions technology.

“We ultimately want to reduce the cost of delivered hydrogen and increase access to hydrogen refueling stations. Our investment in UHG goes a long way to achieving both of these goals and supporting development of the FCEV market,” says Andrew Hinkly, Executive Head of Marketing at Amplats.

Vladmir Perad, CEO of United Hydrogen Group, adds, “We are excited to partner with Anglo American Platinum and this investment will allow us to accelerate our participation in the hydrogen infrastructure build-up in the U.S. and provides us with capital to commercialize disruptive technology for the storage and delivery of hydrogen.”

Amplats also has investments in two global fuel cell companies, Ballard Power Systems and Altergy Systems.

Top Stories:

Acacia Mining reports contractor fatality at North Mara in Tanzania

DMR: Marginal improvement in SA mining health and safety statistics in 2015

Kumba Iron Ore to shed 3 933 jobs at Sishen amid workforce reduction process


Comments are closed.