Energy Valley member ZEG Power raises 200 million (NOK) in a series B funding round to scale up its zero-emission hydrogen production technology. Schlumberger, another member of Energy Valley, becomes their biggest new lead investor.
This strategic investment round will expand the industrialization capacity and open access to global market opportunities for ZEG differentiated technology, they write in their press release.
The round was led by Schlumberger’s New Energy business and complemented by existing owners, private investors, and ZEG employees. The capital raise is a significant validation of the ground-breaking ZEG ICCTM technology for clean hydrogen production from hydrocarbon gas and a solid step towards global expansion and scale.
“To have a technology leader of such caliber as Schlumberger, with a worldwide footprint and network, brings vast opportunities for ZEG”, says Arild Selvig, CEO of ZEG. “We expect this new investment to provide a significant catalyst for ZEG’s expansion into global markets. We look forward to continuing to develop business opportunities with Schlumberger as a strategic partner.”
The first commercial ZEG plant will be installed year-end 2022 and put into operation in 2023 at CCB Energy Park at Kollsnes, adjacent to the planned Northern Lights CO2 storage infrastructure. The lead investor in the round, Schlumberger, joins existing key investors including IFE Invest, Stratel, AP Ventures, Nysnø Klimainvesteringer, SPARX Mirai, StartupLab Founders Fund, Nordea Asset Management, and Danske Invest.
ZEG develops clean hydrogen production technology with integrated carbon capture (ZEG ICCTM technology) for various end-user applications, including industry and mobility sectors. The technology is based on sorbent-enhanced reforming and was originally developed at the Institute for Energy Technology (IFE), a highly recognized research institute in Norway.