Anglo American Platinum invests $4 million into fuel cell electric vehicle value chain
Anglo American Platinum invests $4 million into fuel cell electric vehicle value chain
author Added by FuelCellsWorks, January 29, 2016

Anglo American Platinum has announced that it is investing $4 million to help reduce the delivered costs of hydrogen and support the development of hydrogen refueling stations for fuel cell electric vehicles (FCEVs) in the north-east corridor of the United States. The investment in United Hydrogen Group (UHG), a hydrogen production and distribution business in the United States, is aimed at bolstering the demand for platinum, which is used in FCEVs.

This forms part of Anglo American Platinum’s PGM Investment Programme, which provides 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 PGMs.

Hydrogen powered FCEVs play a critical role in reducing vehicle emissions and will drive increased demand for platinum by the automotive industry.

The investment in UHG aims to reduce the delivered costs of hydrogen and will support the development of hydrogen refueling stations in the north-east corridor of the United States. UHG’s business and its ambitious plans for growth are complementary to Anglo American Platinum’s existing portfolio of investments. UHG will work closely with Hydrogenious Technologies, a PGM Investment Programme partner, on delivered hydrogen logistics and costs. Together these companies can reduce the cost of ownership for FCEVs, laying the foundation for mass adoption of this 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 to achieving both of these goals and supporting development of the FCEV market.”

Vladmir Perad, CEO of United Hydrogen Group, said, ‘“We are excited to partner with Anglo American Platinum and this investment will allow us to accelerate our participation in the hydrogen infrastructure build-up in the U.S. and provides us with capital to commercialize disruptive technology for the storage and delivery of hydrogen.”

Anglo American Platinum also has investments in two global fuel cell companies, Ballard Power Systems and Altergy Systems.

About United Hydrogen Group
United Hydrogen Group (UHG) is an imaginative hydrogen production and distribution business based in the United States. UHG currently distributes gaseous and liquid hydrogen to its industrial customers and owns a hydrogen refueling station in New York. UHG has ambitious plans to introduce new technologies to the hydrogen distribution market and open new frontiers for hydrogen refueling infrastructure for fuel cell electric vehicles.