BAKU, Azerbaijan, January 10. ITOCHU Corporation has acquired shares in Protium Green Solutions Limited, one of the leading providers of green hydrogen solutions for industrial and transportation sectors, Trend reports via the company.
Green hydrogen, produced through water electrolysis using renewable energy, is widely recognized as a key contributor to achieving carbon neutrality. In the industrial sector, hydrogen can serve as a heat source, replacing fossil fuels in manufacturing processes. In transportation, hydrogen fuel cell vehicles (FCVs) are emerging as a crucial solution for heavy-duty vehicles due to their short refueling times and long driving ranges compared to battery electric vehicles.
The United Kingdom, where Protium is headquartered, is at the forefront of hydrogen policies and subsidies. The UK government introduced the first round of Contract for Difference incentive programs in 2022, and recently, the Starmer administration has reaffirmed its commitment by allocating significant budgets to support green hydrogen initiatives.
Since Protium began its first hydrogen production in March 2023, the company has been providing customized hydrogen solutions to various customers, tailored to their specific heat and transport needs. Protium’s customer-focused approach aligns closely with ITOCHU's corporate mission, “Sampo-yoshi,” which emphasizes creating shared value for customers, society, and the company.
Through this strategic investment, ITOCHU aims to promote Protium’s green hydrogen solutions across international markets, particularly in Asia, including Japan. By leveraging its extensive global network and customer base, ITOCHU seeks to support companies in achieving carbon neutrality across their supply chains with green hydrogen. As a strategic shareholder, ITOCHU is committed to working closely with Protium to advance the hydrogen society and execute its growth strategy, with the ultimate goal of fostering a low-carbon society.
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