April 30, 2021

Nysnø Climate Investments, Equinor Ventures and Yara Growth Ventures commit to AP Ventures’ second fund dedicated to hydrogen helping to fast-track the Norwegian hydrogen economy

Stavanger 30.4.2021 - Nysnø Climate Investments, Equinor Ventures and Yara Growth Ventures are the first Norwegian Limited Partners in AP Ventures Fund II, focused on investing in the hydrogen economy. The fund is focused on investing in the fast-growing hydrogen industry. This investment is set up to contribute to establishing a well-functioning market and value chain for hydrogen in Norway and around the world.
  • A Norwegian consortium with Tier 1 investors invests in venture fund dedicated to hydrogen
  • Norway recognised as strategic location for hydrogen
  • The Fund invests in technologies throughout the hydrogen value chain
  • Participation in the Fund offers investors access to innovation and accelerates the development of a new hydrogen economy

AP Ventures invests globally in the hydrogen value chain from production to transport, through storage and to end use. Norway is an area of focus for the Fund as a strategic location for green and blue hydrogen – due to the availability of hydropower, carbon capture, utilisation and storage (CCUS) capability, strong shipping and offshore industries and a leading position in the process industry. AP Ventures has already invested in two Norwegian technology companies, ZEG Power and Hystar. ZEG Power produces blue hydrogen with integrated carbon capture and Hystar produces green hydrogen through PEM electrolysis.

“We look forward to collaborating with knowledgeable investors in the hydrogen space - bringing deep industry insight to a value chain that is especially exciting for Norway. AP Ventures mobilises private capital to build up an ecosystem for hydrogen globally and offers Norwegian companies access to a larger global market”, says Eivind Egeland Olsen, Chief Investment Officer at Nysnø Climate Investments.  

Partnership of strategic value

“Our ambition is to grow New Business Opportunities that enable a green transition in fertilizer production, shipping and energy intensive industries. Investing in start-ups that drive innovation throughout the clean hydrogen value chain is a key focus area for us. We are excited to join AP Ventures and work closely with our partners to make the clean hydrogen revolution a reality,” says Erkki Aaltonen , Head of Yara Growth Ventures. Yara Growth Ventures is the venture capital arm of Yara International ASA, focusing on investing in startups and as a Limited Partner in VC funds.

“Equinor’s ambition is to reach net-zero emissions by 2050 and an important tool for success is to develop profitable value chains for carbon capture and storage and hydrogen.  In order to develop such value chains, we need to work together with partners.  The investment in AP Ventures will help us explore and expand our knowledge of hydrogen solutions that can play a role in the energy transition. We look forward to working closely with AP Ventures and other partners to create real impact”, says Gareth Burns, Vice President Equinor Ventures.

By investing in AP Ventures, Nysnø Climate Investments, Equinor Ventures and Yara Growth Ventures contribute to developing companies and technologies that build a hydrogen economy with less emissions.  

“We see significant strategic value in welcoming a Norwegian consortium of Limited Partners. Nysno Climate Investments, Equinor Ventures and Yara Growth Ventures are investors we have known for a long time through our portfolio companies and we are very pleased to have formalised our relationship with them. Norway has the potential of leading Europe in the transition to a hydrogen-powered economy and we are excited for the opportunity this partnership will bring to our portfolio”, says Kevin Eggers, Founder and Partner at AP Ventures.

Hydrogen is a promising energy carrier to reduce emissions from hard-to-abate sectors, like industrial processes and long-haul transport. Bloomberg New Energy Finance estimates that clean hydrogen could account for 24 percent of global energy demand by 2050, up from 2 percent in 2020.

Following the commitments from Nysnø Climate Investments, Equinor Ventures and Yara Growth Ventures, AP Ventures’ total assets under management are USD 344 million. Existing investors include Anglo-American Platinum, Implats, the Mirai Creation Fund, Mitsubishi Corporation, Pavilion Capital, Plastic Omnium, the Public Investment Corporation and Sumitomo Corporation.


Eivind Olsen, CIO at Nysnø, eivind@nysnoinvest.no    + 47 906 55 215   

Lise Andreassen Hagir, Communication Manager in Equinor, lhagi@equinor.com +47 41657507

Josiane Kremer, Director External Communications Yara, Josiane.kremer@yara.com +47 48180451

Kevin Eggers, Partner at AP Ventures  fund@apventures.com

About Nysnø Klimainvesteringer 

Established in 2017, Nysnø Climate Investments (Nysnø) is a Norwegian sovereign climate investor targeting companies and funds with profitable and smart solutions to climate change. With 2.4 billion NOK in assets under management, Nysnø invests in clean energy, digital and enabling technologies, resource efficiency, sustainable demand, and the circular economy. Nysnø is based in Stavanger and owned by the Norwegian Ministry of Trade, Industry & Fisheries. For more information visit www.nysnoinvest.no/en

About Equinor Ventures

Equinor Ventures is Equinor’s corporate venture capital arm dedicated to investing in ambitious early phase and growth companies. We believe that the innovation, creativity and agility of start-ups can drive change and transition the energy industry towards a low carbon future. For more information see: https://www.equinor.com/en/what-we-do/equinor-ventures.html

About Yara  

Yara grows knowledge to responsibly feed the world and protect the planet. Supporting our vision of a world without hunger and a planet respected, we pursue a strategy of sustainable value growth, promoting climate-friendly crop nutrition and zero-emission energy solutions. Yara’s ambition is focused on growing a climate positive food future that creates value for our customers, shareholders and society at large and delivers a more sustainable food value chain.
To achieve our ambition, we have taken the lead in developing digital farming tools for precision farming and work closely with partners throughout the food value chain to improve the efficiency and sustainability of food production. Through our focus on clean ammonia production, we aim to enable the hydrogen economy, driving a green transition of shipping, fertilizer production and other energy intensive industries. Founded in 1905 to solve the emerging famine in Europe, Yara has established a unique position as the industry’s only global crop nutrition company. We operate an integrated business model with around 17,000 employees and operations in over 60 countries, with a proven track record of strong returns. In 2020, Yara reported revenues of USD 11.6 billion.

About AP Ventures

AP Ventures is headquartered in London and manages venture capital funds with a global mandate to invest in pioneering new technologies and businesses which aim to solve global challenges. The existing portfolio is focused on the hydrogen value chain and includes investments in Altergy Systems, C-Zero, ERGOSUP, Greyrock Energy, Hazer Group, HPNow, HRS, HyET Hydrogen, Hydrogenious LOHC Technologies, Hystar, Infinium, Insplorion, Plug Power, Starfire Energy, and ZEG Power. All these companies either utilise or enable the use of Platinum Group Metals (PGMs). AP Ventures is led by Andrew Hinkly (Managing Partner) and Kevin Eggers (Partner). Investors include Anglo-American Platinum, Equinor Ventures, Implats, the Mirai Creation Fund, Mitsubishi Corporation, Nysno Climate Investments, Pavilion Capital, Plastic Omnium, the Public Investment Corporation, Sumitomo Corporation and Yara Growth Ventures. More info: www.apventures.com


Erkki Aaltonen
Erkki Aaltonen
Head of Yara Growth Ventures