Amsterdam-based Power2X, an energy management service provider, announced that it has entered a long term investment partnership with Canada Pension Plan Investment Board (CPP Investments) to advance its role in the global clean energy transition.
The partnership plans to invest an initial €130M to accelerate the growth of Power2X as a development platform and fund green molecule projects.
With this investment, the Dutch company aims to develop, own, and operate next-gen energy assets focusing on green hydrogen, green methanol, and ammonia.
Under the terms of the deal, CPP Investments will acquire a majority interest in Power2X.
Power2X: Hydrogen project developer
Founded in 2020, Power2X develops large-scale new energy assets and infrastructure focusing on decarbonising industrial value chains and heavy transport in collaboration with industrial companies globally.Â
The company is focused on clean hydrogen, ammonia, and methanol, with a diverse portfolio of projects initially prioritising European demand.
Occo Roelofsen, CEO of Power2X, says, “In 2020, we founded Power2X to have a lasting impact on the world’s energy transition by focusing on green and clean molecules. Working with CPP Investments will enable us to accelerate our ambition to become a leader in green molecules and, in doing so, continue on our journey as a long-term and serious player in this critical arena of global sustainability.”
“Announcing this partnership with CPP Investments today shows how far our team has come in a very short time. We are actively participating in hydrogen projects, such as ErasmoPower2X, a €1B solar and hydrogen plant, and MadoquaPower2X, a €1B industrial-scale hydrogen and green ammonia project,” adds Roelofsen.
Canada Pension Plan Investment Board
Canada Pension Plan Investment Board (CPP Investments) is a professional investment management organisation that manages the fund in the best interest of the more than 21M contributors and beneficiaries of the Canada Pension Plan.
CPP Investments has committed its portfolio and operations to be net zero of GHG emissions across all scopes by 2050. The organisation is focused on enabling an economy-wide evolution to a low-carbon future.
The CPP Investments Sustainable Energies group has a diverse portfolio that mainly consists of long-term tangible assets.
They invest in renewable and conventional energy, carbon capture, utilities, and power generation, as well as emerging and disruptive opportunities.
As of March 31, 2023, the net assets of the Sustainable Energies group portfolio amounted to C$32B.
Headquartered in Toronto, and with offices in Hong Kong, London, Luxembourg, Mumbai, New York City, San Francisco, São Paulo, and Sydney, CPP Investments is governed and managed independently of the Canada Pension Plan and at arm’s length from governments.
On March 31, 2023, the Fund totaled C$570B.
Read the orginal article: https://siliconcanals.com/news/startups/power2x-joins-with-cpp-investments/
