Bangchak Corporation invests in UK hydrogen focused company, transitus energy.
Transitus Energy Limited (“Transitus” or the “Company”), announce that Bangchak Corporation Public Company Limited (BCP) a diversified energy conglomerate based in Thailand, acting through its clean energy subsidiary BCP Innovation PTE LTD, (BCPI), have agreed terms to make an initial financial commitment in Transitus, alongside its founders and leadership team.
BCPI will be the Company’s cornerstone investor investing with a 40% capital stake in the company.
Transitus is looking to be an agent of change, assisting and enabling oil and gas operators seeking to transition their upstream operations to cleaner energy. The Company intends to repurpose mid-to-late-life natural gas fields in the North Sea, operate carbon dioxide storage assets developed from depleted gas fields and aquifers, and transition natural gas production to blue hydrogen.
The Transitus team is experienced in developing industrial companies and has a complementary skillset within all aspects of oil & gas operations, refining and hydrogen operations, as well as business development, finance and society issues.
The team consists of Jack Peck, CEO; Bjørn Inge Tønnessen, Executive Chair; Neil Morris, Advisor to the Board Hydrogen; Mike Sparkes, Advisor to the Board Upstream; Brita Holstad, COO; Alex Williams, EVP Strategy & Communication; Mark Bracewell, EVP Facilities Engineering and Manuel Santiago, EVP Corporate Finance.
Jack Peck, CEO of Transitus Energy commented:
Hydrogen will be our best chance of reaching Net Zero carbon targets, because hydrogen decarbonises those parts of the economy that electrification cannot meet.
“Hydrogen is especially suitable for domestic and industrial heating, long distance transportation, industrial manufacturing, shipping, air travel, and power balancing. The objective of Transitus Energy is to repurpose the enormous expertise from the North Sea energy sector towards rapid and immediate decarbonisation in order to accelerate the energy transition.”
“Today’s investment from Bangchak, a large energy industrial company with an energy transition focus, demonstrates the timeliness of our business strategy – hydrogen is the future and that future is arriving fast.”
“We are delighted that BCPI are joining us as our cornerstone investor, and are pleased to be working with a company with such a robust commitment to energy transition.”
Mr. Chaiwat Kovavisarach, President and Group Chief Executive Officer, Bangchak Group commented:
Bangchak is accelerating our policy of investing in world-changing business, such as hydrogen and carbon capture, utilization and storage (CCUS), which are critical technologies that will help the world transition to zero greenhouse gases emissions in the coming decades.
“Hydrogen will be a major enabler of pollution-free energy in the future, with natural gas as a transitional energy source from which hydrogen can be refined (natural gas is a hydrocarbon mixture having both hydrogen and carbon).”
“Blue Hydrogen is when natural gas is split into hydrogen and CO2, and the separated CO2 is stored in depleted natural gas fields or aquifers. Bangchak is proud to take part in this world-changing technology and business model with Transitus. Once proven, we may look into opportunities to use this technology in Thailand.” Thanks for staying up to date with Hydrogen Central.
About Bangchak
Bangchak Corporation Public Company Limited, the Energy Transition Leader, operates 5 main businesses, namely
1) Refinery Business Group is a modern Complex Refinery and is a Niche Product Refinery to produce low emission products 2) Marketing Business Group has a network of over 1,200 service stations, completed by various non-oil business such as Inthanin Coffee, Furio lubricants, and EV Chargers 3) Green Power Business from the renewable energy businesses operated by BCPG, and entering the battery business for large energy storage 4) Bio-Based Product Business, operated by BBGI, the largest producer and retailer of biofuels in Thailand and expanding bio-based High Value Products (HVP) 5) Natural Resources and New Business, investing in petroleum exploration and production through investments in OKEA ASA, Norway which is renowned for its environmental policies and Bangchak Initiative and Innovation Center (BiiC) a Corporate Venture Capital investor focused on new businesses domestically and internationally, as well as building green innovation ecosystem promoting green energy and bio-based innovation.
Additionally, it has established the Carbon Markets Club to promote carbon credit trading supporting the Energy Transition and setting a network for future bio-based technology, the Syn Bio Consortium.
Bangchak was assessed by S&P Global, the assessor of the Dow Jones Sustainability Indices (DJSI) and awarded the S&P Global Sustainability Award 2022 – Silver Class, Global Top 3, and received the MSCI ESG Rating of AA, which is the highest for the Energy Sector in Thailand, and has consecutively received the recognition since 2018. It targets Carbon Neutrality by 2030, and Net Zero GHG Emission by 2050.
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Bangchak Corporation invests in UK-based hydrogen focused company, Transitus Energy, February 14, 2022