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px Group to partner with HYDS to increase green hydrogen usage in Europe

px Group has developed a partnership with H2 Solutions (HYDS), a Norwegian company specializing in developing, building and operating green H2 production plants. The collaboration will aim to speed up the energy transition to a low-carbon future.

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“There is an imminent need for an integrated engineering and operating provider specializing in H2 and H2 derivatives, specifically in the Nordic region. We are now looking forward to taking on this role together with HYDS whilst also exploring further decarbonization partnerships and development opportunities throughout the region,” said Geoff Holmes, CEO of px Group.

The partnership will accelerate the development of low-carbon, renewable fuels and power. The Nordic region will be the initial focus with future expansion planned throughout Europe and beyond. 

“We have already cooperated for more than a year, during which we have noticed a set of common values, especially the joint focus on safety. Through our experience from developing, building and operating H2 production plants we foresee the need to secure capacity to handle balance of plant of our own projects. Additionally, we realize the significance of this and the potential that gives us to develop, build and operate also for others, both within our countries and internationally,” said Thor-Henrik W. Hagen, CEO of HYDS.

“Our shared values of safety, putting talented people at the heart of our operations, and commitment to decarbonization make the relationship between HYDS and px Group an exciting one,” said Raymond Smebye, Business Development Director Scandinavia at px Group.

As well as being responsible for multiple strategic and critical energy and infrastructure assets in the UK, px Group is already operating in Norway and is developing activities elsewhere in Europe, including Netherlands, Germany, and Nordics. HYDS operates Stord H2 and Kaupanes H2, both in Norway.

This announcement is the second strategic development in the H2 space in as many months for px Group. In April, px Group acquired a majority stake in Lifte H2, the German H2 engineering solutions business. HYDS is already in the process of developing several new projects. Through this partnership the parties will draw on their common strengths when they optimize the plant designs HYDS will use going forward and prepare for operation of larger H2 production plants. HYDS has several projects where this standard design will be put to use, where several of them are already in the feasibility stage. Concrete agreements and announcements will be announced shortly and the first FIDs are expected in the first half of 2025.  

px Group is backed by private equity firm Ara Partners. HYDS is backed by Dalane Energi AS, Sunnhordland Kraftlag AS and several private investors.