ZEG raises NOK 200 million in new funding for clean hydrogen production technology

Oslo, September 23, 2022 – ZEG Power (ZEG) raises NOK 200m in a series B funding round to scale up its zero-emission hydrogen production technology. 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 ICC^TM technology for clean hydrogen production from hydrocarbon gas and a solid step towards global expansion and scale.

ZEG develops clean hydrogen production technology with integrated carbon capture (ZEG ICC^TM 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. 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.