Save for later Print Download Share LinkedIn Twitter Oil and gas companies are stepping up early-stage investments in companies trying to develop ways to produce and use hydrogen. A group of oil and gas companies and oil service players has taken a stake in Starfire Energy, a start-up developing modular plants for making green hydrogen and green ammonia. Chevron Technology Ventures, Osaka Gas USA and Mitsubishi Heavy Industries were among the companies that lined up for a piece of Denver-based Starfire Energy. Starfire is trying to commercialize a proprietary technology that uses catalysts to produce ammonia by bonding hydrogen with nitrogen. The carbon-free process uses air, water and renewable power. Another Starfire system can then crack the ammonia to free the hydrogen that can be used as fuel for utilities, ships and heavy industry. "Our investment in Starfire Energy gives us visibility into green hydrogen's potential to improve the way ammonia is produced, distributed and consumed," said Chevron's Barbara Burger. The investment is the latest in a rash of such deals as traditional energy players try to understand and gain exposure to the emerging market for hydrogen and ammonia as energy sources (IOD Feb.10'21). Energy service players Chart Industries and Baker Hughes were part of an initial €260 million ($309 million) commitment to London-based FiveT Hydrogen, which bills itself as the first investment fund aimed solely at investing in "clean" hydrogen.
