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Tuesday, 23.04.2024, 09:21
Fund of Lithuania's Ignitis Group invests in Israel's H2Pro
The discovering
scientist team of H2Pro is developing an innovative, clean, inexpensive and
safe hydrogen production technology which is called E-TAC
(Electrochemical-Thermally Activated Chemical).
“Hydrogen is often called the fuel of the
future. Green hydrogen production technology, as developed by H2Pro, could
reduce air pollution and the dependence on fossil fuels globally. In the
future, hydrogen is also expected to be used more and more”, said Darius
Maikštėnas, Chairman of the Board and CEO
of Ignitis Group.
It is estimated that conventional hydrogen production from
fossil fuels results in around 2% of annual CO2 emissions. Therefore, a green
and carbon-free hydrogen technology developed by H2Pro could be an important
factor in reducing environmental impact.
H2Pro is planning to bring the cost of renewable hydrogen
production to fossil fuel-derived levels in the next 5 years.
“We are very pleased to enter into this partnership with
H2Pro who are developing this production technology of the fuel of the future,
which, when fully realized, will be the cleanest and most sustainable,” said
Rokas Peciulaitis Managing Partner at Contrarian Ventures. “The years of
research and expertise of the founding team gives them the ability to bring the
world’s most cost-efficient and effective way to produce sustainable hydrogen
at scale.”
Smart Energy Fund powered by Ignitis Group and managed by
Contrarian Ventures supports Ignitis Group Energy Innovation Hub including
programs of Open Infrastructure, Open Partnership and Open Culture.
Smart Energy Fund powered by Ignitis Group and managed by
Contrarian Ventures invests in start-ups that are developing new technologies
in the energy technology field. The Fund also manages AcceleratorOne Program
which together with Ignitis Group invests in start-ups and helps them grow.