H2 View understands some of the capital will be used for the development of Norwegian Hydrogen’s Hellesylt factory, which is set to boast a 3MW electrolyser, offering green hydrogen production capacity of up to 1,300kg per day.

Read more: Major milestone achieved at Norwegian hydrogen hub

The investment comes off the back of a cooperation agreement between Norwegian Hydrogen, Mitsui and FirstElement Fuel to establish a hydrogen refuelling network across all of the Nordic countries.

Read more: Collaboration to forge Nordic hydrogen refuelling network

Mitsui is already shareholder of Hexagon Composites and its subsidiary, Hexagon Purus, one of the largest shareholders in the Norwegian firm.

Jens Berge, CEO of Norwegian Hydrogen, said, “The investment from Mitsui is an important milestone for Norwegian Hydrogen. To have a reputable multinational company as an owner is a confirmation of our business model. At the same time, the private placement enables further development of our company and projects.”

With plans of growth, several new projects and substantial upscaling of the organisation on the horizon, Norwegian Hydrogen says it intends to complete a larger capital raise net year and has engaged ABG Sundal Collier as an adviser.

Berge added, “We have extensive long-term ambitions in the hydrogen market, and with our growth strategy we are also keeping an eye on early-phase companies to acquire.”

Commenting on the company’s investment, Takafumi Kasai, General Manager of Functional Materials Division at Mitsui, said, “We are excited to reinforce our partnership with Norwegian Hydrogen as the extension of our ongoing partnership including FirstElement Fuel and also in addition to our strategic alliance with Hexagon Composites and Hexagon Purus.

“With this investment, Mitsui will seek synergies between Norwegian Hydrogen and Mitsui’s existing investment portfolio in the hydrogen space in order to support Norwegian Hydrogen’s growth and to expedite the establishment of a reliable hydrogen market in Europe. We keep committing ourselves to the development of a hydrogen-based economy.”