World News
Maersk Parent Invests EUR 20m in Green Hydrogen Project
Maersk parent A.P. Møller Holding has invested EUR 20 million in green hydrogen firm Green Hydrogen Systems.
So-called "green hydrogen" uses renewable energy as an integral part of its production process, negating the environmental impact of traditional hydrogen production techniques such as steam methane reformation.
Green Hydrogen Systems says it is pioneering wind-to-hydrogen projects in Denmark.
Use of hydrogen is seen a promising route to decarbonization in general, and is considered one of the candidate marine fuels of the future.
Green Hydrogen Systems said A.P. Møller's investment is being made as part of a convertible loan with Nordic Alpha Partners, the major shareholder of Green Hydrogen Systems, also investing an additional sum of approximately EUR 7 million and current shareholder Norlys Holding an additional EUR 1 million as part of the funding round.
As part of the agreement to invest, A. P. Moller Holding will have the right to appoint one member to the board of directors of Green Hydrogen Systems.
The monies will be used "to meet the accelerating demand for electrolyzer capacity," the firm added.
"We see hydrogen as an important part of the future green energy mix for industry, shipping and heavy transport," said Jan T. Nielsen, CIO, A. P. Moller Holding.
"Green Hydrogen Systems has a compelling technology platform for electrolytic hydrogen production based on green energy and we are excited to support them in developing this platform further."
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| VLSFO | MGO | |||
|---|---|---|---|---|
| $/mt | +/- | $/mt | +/- | |
| Singapore | 571.00 | 1.50 | 685.50 | 5.50 |
| Rotterdam | 516.50 | 1.50 | 677.50 | 3.50 |
| Houston | 556.00 | 6.00 | 679.00 | 1.00 |
| Fujairah | 565.00 | 4.50 | 755.00 | 1.50 |
| Global 20 Ports Average | 589.00 | 3.00 | 764.50 | 3.50 |
| Global 4 Ports Average | 552.00 | 3.00 | 699.00 | 2.50 |
| Global Average Bunker Price | 635.50 | 1.00 | 811.50 | 11.00 |
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