Trafigura to invest $62 mil in hydrogen ecosystem around Europe, partner with H2 Energy

London — Trafigura will invest $62 million into building a logistics and infrastructure-based hydrogen ecosystem around Europe, as it partners with other large industrial players, the company said Dec. 2.

The Geneva-based logistics and trading company will invest $20 million of that fund into H2 Energy, which has a 45% stake in the project known as Hydrospider.

Trafigura will look to the project and H2 Energy as it seeks to roll out other similar projects around Europe, Victoria Dix, a spokeswoman, said.

"H2 Energy is the only company that has a proven business model," Dix said. "We are hugely impressed by them and their presence at every level of the hydrogen value chain."

Hydrospider utilizes green hydrogen produced from Alpiq's 2-MW hydro power station in Goesgen to fuel 50 heavy-duty trucks and up to 1,700 vehicles, but plans are to grow to 10 MW capacity by the end of next year, project officials have said.

Swiss utility Alpiq (45%) and Linde Gas (10%) form the rest of the Hydrospider joint venture, which utilizes fuel cell technology to decarbonize various aspects of the transportation sector, including trucks and vehicles produced by Hyundai.

Trafigura's investment into H2 Energy will help support the production, storage, and distribution of green hydrogen for refueling stations and industrial customers, the company said.

The remaining part of the investment will be provided to fund the development of a 50:50 Zurich-based joint venture that will "roll out green hydrogen-based ecosystems and invest in hydrogen infrastructure and hydrogen application-related projects across Europe, excluding Switzerland," Trafigura said.

Within a year, other projects will be announced that could include heavy fuel transport, trucks, barges, buses, and fueling stations, Dix said. Over time, hydrogen could become a commoditized fuel that could be traded, she said.