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 ICCTM 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 ICCTM 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.
Arild SelvigCEO of ZEG
“To have a technology leader of such caliber as Schlumberger, with a worldwide footprint and network, brings vast opportunities for ZEG”, says Arild Selvig, CEO of ZEG. “We expect this new investment to provide a significant catalyst for ZEG’s expansion into global markets. We look forward to continuing to develop business opportunities with Schlumberger as a strategic partner.”
For more information, please contact:
ZEG and SLB sign Strategic Deployment Agreement (SDA) for ZEG’s Clean Hydrogen Production Technology
The strategic agreement will open access to global market opportunities for ZEG’s differentiated technology for clean hydrogen production.
ZEG recognized among the top 25 most promising European hydrogen technology companies
ZEG proudly announces its inclusion in The European Hydrogen Tech25 List, a significant recognition that celebrates the most promising hydrogen tec…
Opening of ZEG H1 at CCB Energy Park
Opening of the world’s first production plant for clean hydrogen with integrated carbon capture at CCB Energy Park at Kollsnes, Norway.