Anglo American Platinum is investing $4 million in United Hydrogen Group (UHG) to help reduce the delivered costs of hydrogen and support the development of hydrogen refueling stations for fuel cell electric vehicles (FCEVs) in the northeast corridor of the United States. The goal of the investment is to bolster demand for platinum used in FCEVs.
The investment is part of an ongoing Anglo American Platinum program to provide early-stage and growth capital to companies that can demonstrate the commercial viability of their products or of a technology that in turn consumes or enables the consumption of platinum group metals. Hydrogen-powered FCEVs have a role to play in reducing vehicle emissions, and Anglo American Platinum anticipates that they will drive increased future demand for platinum from the automobile industry.
UHG currently distributes gaseous and liquid hydrogen to industrial customers and owns a hydrogen refueling station in New York. The company has ambitious plans to introduce new technologies to the hydrogen distribution market and open new frontiers for hydrogen refueling infrastructure for FCEVs.
Anglo American Platinum’s investment in UHG aims to reduce the delivered costs of hydrogen and support the development of hydrogen refueling stations. UHG’s business and its plans for growth are complementary to Anglo American Platinum’s existing portfolio of investments, which include investments in two global fuel cell companies, Ballard Power Systems and Altergy Systems.
UHG will work closely with Hydrogenious Technologies on delivered hydrogen logistics and costs. Together, these companies expect to reduce the cost of ownership for FCEVs and lay the foundation for mass adoption of the zero emissions technology.
Andrew Hinkly, executive head of marketing at Anglo American Platinum, said, “We ultimately want to reduce the cost of delivered hydrogen and increase access to hydrogen refueling stations. Our investment in UHG goes a long way toward achieving both of these goals.”