The funds have been granted by Bangchak Corporation who additionally gas taken a 40% capital stake in the company as its also aims to support the hydrogen economy.
Transitus intends to transition natural gas production to blue hydrogen which could prove to be a significant development in the UK with the hydrogen ecosystem growing vastly in recent months.
By bringing more hydrogen to the country, it creates both supply and demand for the clean energy carrier and will help scale up the hydrogen economy.
The agreement between the two companies could also see technologies shared between the UK and Thailand meaning that blue hydrogen production could be enhanced in the Asian country.
Jack Peck, CEO of Transitus Energy, said, “Hydrogen will be our best chance of reaching Net Zero carbon targets, because hydrogen decarbonises those parts of the economy that electrification cannot meet. Hydrogen is especially suitable for domestic and industrial heating, long distance transportation, industrial manufacturing, shipping, air travel, and power balancing.
“The objective of Transitus Energy is to repurpose the enormous expertise from the North Sea energy sector towards rapid and immediate decarbonisation in order to accelerate the energy transition.
“Today’s investment from Bangchak, a large energy industrial company with an energy transition focus demonstrates the timeliness of our business strategy – hydrogen is the future and that future is arriving fast.
“We are delighted that BCPI are joining us as our cornerstone investor, and are pleased to be working with a company with such a robust commitment to energy transition.”
Chaiwat Kovavisarach, President and Group CEO of Bangchak Group, said, “Bangchak is accelerating our policy of investing in world-changing business, such as hydrogen and carbon capture, utilization and storage (CCUS), which are critical technologies that will help the world transition to zero greenhouse gases emissions in the coming decades.
Hydrogen will be a major enabler of pollution-free energy in the future, with natural gas as a transitional energy source from which hydrogen can be refined (natural gas is a hydrocarbon mixture having both hydrogen and carbon). Once proven, we may look into opportunities to use this technology in Thailand.”
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