Mitsui Invests in EKONA Power; Enersense invests in P2X

Mitsui & Co., Ltd. has closed an investment deal in EKONA Power Inc., which works on a methane pyrolysis process for making clean hydrogen from natural gas.

EKONA methane pyrolysis process will enable the production of hydrogen and solid carbon from methane under high temperatures. This technology will lower CO2 emissions in the production process while curbing the production cost to the same level as other conventional hydrogen production technologies, such as steam methane reforming. Most carbon would be generated in solid form, eliminating the need for CCS.

Furthermore, existing infrastructures for natural gas and LNG can be used for this production process. Amid the rapid shift toward industrial decarbonisation, Mitsui will explore a clean hydrogen business opportunity in Japan through EKONA’s technology.

Severstal has also invested in Ekona Power Inc. Ekona’s fully commercialised hydrogen production plants will generate up to 100 thousand tons of hydrogen per year for under $1.5 per kilogram.

Enersense invests in P2X

Enersense International Plc (a provider of zero-emission energy solutions) signed an agreement on a €13–18 million equity investment in green hydrogen producer P2X Solutions Oy (P2X) and related partnership arrangements.

Enersense will, subject to the completion of the investment, subscribe for new shares in P2X so that its holding in P2X will be around 16.3–22.5%. Enersense’s investment is subject to completing the arrangement €13 million. Based on the investment and after potential options, Enersense’s ownership in P2X would be around 16.3%. The remaining conditions are expected to be fulfilled, and the arrangement is expected to be completed during February 2022.

Jussi Holopainen, CEO of Enersense International Plc, said, “Enersense will obtain an excellent position in the promotion of the hydrogen economy, which will enhance our role in the value chain of zero-emission energy solutions.”