Friday, October 9, 2020

Hydrogen: France's Total Adds Fuel-Cell Truck Maker to Alternative Energy Bets

From Bloomberg, October 9:

Total SE is making an investment as part of a small funding round in U.S. fuel-cell truck startup Hyzon Motors, an effort by the French oil giant to boost development of cleaner energy sources.

The strategic investment was made by the company’s venture-capital arm, Total Carbon Neutrality Ventures, and included other investors such as Ascent Hydrogen Fund, Hydrogen Capital Partners and Audacy Ventures Ltd. The size of the round was not disclosed but totaled more than $15 million and valued Hyzon at around $200 million, according to people familiar with the matter. It could rise to $20 million, said the people, who asked not to be named discussing private information.

The funding follows other recent alternative-energy investments made by Total, including production of electric-vehicle batteries and biofuels. It and other European oil companies are ramping up their exposure to renewable energy as governments, consumers and investors demand swifter moves to tackle climate change.

“We are pleased to partner with Hyzon, one of the leading suppliers of hydrogen-fuel-cell-powered commercial vehicles and look forward to working closely with them as they expand their operations around the world,” Girish Nadkarni, Total Carbon Neutrality Ventures’ chief executive officer, said in a statement.

Former GM Plant

Earlier this year, Hyzon was spun out of Singapore-based Horizon Fuel Cell Technologies Pte Ltd., which has been developing fuel-cell technology for commercial applications for more than 17 years. The startup makes hydrogen-powered big rigs, buses and coaches....


"French Oil Major Total Bets Its Future On Renewables And LNG"