Bangchak invests in UK-based “hydrogen” focused start-up “Transitus”

Bangchak Corporation Public Company Limited invests in future clean energy business, Transitus Energy Limited (Transitus Energy), United Kingdom, through its subsidiary BCP Innovation Pte. Ltd. (BCPI), increasing the share of green businesses and reducing carbon dioxide emissions toward its Net Zero target.

Mr. Chaiwat Kovavisarach, President and Group Chief Executive Officer, Bangchak Group, revealed that BCP Innovation Pte. Ltd. (BCPI) recently signed initial financial commitment with Transitus Energy, a UK-based clean energy business, with BCPI as the main investor with a 40% capital stake.

“Bangchak is accelerating our policy of investing in world-changing business, such as hydrogen, 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. Transitus 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, and finally to re-engineer infrastructure to produce green hydrogen.

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.”

Jack Peck, CEO of Transitus Energy commented that “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. The Transitus team is experienced in developing industrial companies and has a complementary skillset within all aspects of oil and gas operations, refining and hydrogen operations, as well as business development, finance and society issues.

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.”

Transitus CEO, Jack Peck.

For more information about Transitus Energy: https://www.transitusenergy.com/