7 April 2021
Hiringa Energy has been building significant momentum through strategic alliances and partnerships across New Zealand, to introduce a commercially viable nationwide green hydrogen refuelling network, as well as developing industrial scale green hydrogen production opportunities such as Hiringa’s joint venture partnership with Ballance Agri-Nutrients at Kapuni, showcasing Taranaki's new energy future.
In this context, Hiringa is pleased to announce that global trading and investment company, Mitsui & Co. (Asia Pacific) Pte Ltd. (“Mitsui)”, has made an initial investment to become a shareholder in Hiringa Energy Ltd.
Mitsui’s investment is a progression of the relationship between Mitsui and Hiringa dating from 2017. It builds upon the Strategic Alliance Agreement signed in June 2020 between the two companies to develop multiple hydrogen-related commercial projects, including Mitsui’s participation in Hiringa’s Kapuni project and refuelling network project.
Mitsui’s conversion is undertaken in conjunction with seed investor K One W One (“K1W1)” increasing its stake in Hiringa with a follow-on investment. Mitsui and K1W1 have a successful track record of joint investment in innovative climate-tech companies such as Lanzatech. K1W1 brings a deep New Zealand business eco-system and early-stage investment pedigree, while Mitsui provides cross-industrial expertise among power generation, fuel, mobility, machinery, finance & trade, and global reach for future growth to export green hydrogen and know-how.
These investments in Hiringa Energy represent the next stage in the development of the partners commitment to meet the growing demand for the clean fuel through new and emerging low-emissions hydrogen technology. Hiringa Energy’s establishment of New Zealand's first hydrogen refuelling network, will provide New Zealand's heavy transport and commercial industries the necessary scale and access to zero emission technologies and solutions and significantly accelerate the decarbonisation of these sectors.