Hydrogen Mem-Tech on prestigious list of promising hydrogen companies

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Hydrogen Mem-Tech
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29/11/2023
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Hydrogen Mem-Tech was recently named one of the 25 most promising hydrogen companies in Europe at the major European Hydrogen Week conference in Brussels. The company also stands out in the field of gender equality.

The hydrogen enterprises on the "The European Hydrogen Tech25" list were selected for their potential for significant revenue growth, impact on the energy market, and expected additional investments in the coming years.

- We are incredibly proud to be included on this list. It represents a very tight selection process, and it's obviously very pleasing that a relatively new and small company like Hydrogen Mem-Tech is mentioned, says CEO Thomas Reinertsen.

Record Emission Garners Attention

Although still relatively small, the Trondheim-based technology company, which develops hydrogen separators, has already attracted some large investors. In 2022, the company raised 170 million Norwegian Kroner (approx. €14M) in a record emission for the development of separators enabling hydrogen production from bio gas and natural gas using palladium metal.

- Being on this list puts us in good company. But it's clear that our 2022 emission has given us the capacity we need to scale up production and attract talented individuals who can help realize the potential of our technology, says Reinertsen.

The companies on the list have together received an impressive 1.73 billion Euros in investments, with 90 percent of these investments coming in the last three years.

Unique Technology Suitable for Small and Large Facilities

Hydrogen Mem-Tech has built a state-of-the-art production facility in Trondheim, with the ambition of producing multiple separators per week. One advantage of the separation technology is that it has no moving parts. It is robust and compact, making it suitable for both small and large facilities, and it doesn't require any use of chemicals to produce hydrogen.

- To realize the potential in hydrogen, we need a range of technologies and methods, and our technology is especially suited for this. We hope and believe that this accolade will make more people curious about how our technology can be used to decarbonize heavy and polluting processes. We are ready to take on more orders," says Reinertsen.

Standing Out in a Male-Dominated Industry

The Trondheim-based hydrogen technology company is also a pioneer in gender equality within the hydrogen industry. There is a clear gender imbalance in the hydrogen sector. 38 percent of the companies on the list have female leaders, but women represent only 10 percent of all leadership positions overall. Hydrogen Mem-Tech, on the other hand, has 43 percent women in its leadership.

- From the start, it has been crucial for us to attract talented people of both genders. We are working to change society, and to do that, we must make sure we attract skilled individuals regardless of gender. Fortunately, we have succeeded in this, and we find that having skilled women in leadership also makes it easier to attract talented women to the company. For us, this is a win-win," says Reinertsen.

In the picture below you can see CEO Thomas Reinertsen together with HR Director Helene Møller Rørvik, HSEQ Director Camilla Berge Jacobsen and COO Hanne Martinussen.

Other key take-aways from the Hydrogen Tech25 report:

The European Hydrogen Tech25 List was selected through a rigorous nomination and voting process by a panel of 25 investors most active in the hydrogen economy. It includes companies from across Europe and across the hydrogen value chain.

Growing interest in the hydrogen business: The companies on the list cumulatively have raised an impressive €1.73 Billion of investment, of which 90% in the past 3 years.
 
High numbers of investors is needed: The high total of 151 unique investors as funders of the 25 listed companies points to the need to raise funding from many investors.
 
Many investors from outside the EU: The United States leads the ranking in number of investors followed by the United Kingdom before France and Germany
 
Growth prospects: The average funding of €69 Million per company is raised in average of 4.3 investment rounds, and underscores the belief in the growth prospects of the 25 companies. The average raised per round in the past 2 years has been substantially higher than the average €21.9 Million over the life of the companies.
 
These facts demonstrate the hopes the investors have in companies like Hydrogen Mem-Tech, stepping up commitment to the growth potential of the companies, with multiple and larger rounds of investments.

View Tech Tour’s the Tech 25 list and infogram here: https://techtour.com/news/2023/news-release-hydrogen-tech25.html