Oslo-based hydrogen bunkering company HYON has entered a collaboration agreement with Japanese trading and investment company Mitsui & Co., Ltd. (Mitsui). 

The two companies said they were looking into business opportunities related to creating hydrogen fueling infrastructure in Europe, Asia anywhere else where there is a possibility for hydrogen demand. 

Mitsui, which has a diversified portfolio of business in various sectors, including shipping, offshore development, mobility, infrastructure, chemicals and energy, will make a financial and strategic investment in HYON as part of the deal.

 “With its vast network and global presence, Mitsui is an important strategic partner that will allow us to scale the business volume quickly and thereby provide highly competitive offerings to the market. This agreement is an important step towards making HYON a leading global provider of hydrogen fueling solutions.”, says Jørn K. Lindtvedt, CEO of HYON.

HYON was founded in 2017, with a mission to accelerate the energy transition in the maritime sector. The company says it is set to deliver fast and safe bunkering of hydrogen for ships.

“The hydrogen market is expected to grow significantly within the shipping industry, accelerated by stringent regulations, guidelines and initiatives for GHG emission reductions. By combining Mitsui’s track record and global network in the shipping industry with HYON’s expertise in hydrogen solutions, we aim to capture this growth and penetrate new markets,” says Kensuke Kubota, General Manager of Transportation & Machinery Bus Div. IV at Mitsui.

As a first step of the collaboration, HYON and Mitsui will conduct a feasibility study to define relevant parameters for the global presence of hydrogen fueling solutions, roll-out plan, cost and specification of the technical solutions. The feasibility study will be undertaken in the second half of 2022, lasting a minimum of three to six months, HYON said.

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