H2 Invest and NTI Foundation announce potential creation of venture investment fund to deal with hydrogen technologies

H2 Invest, a member of Gazprombank Group, has executed a memorandum of understanding with National Technology Initiative (NTI Foundation) for the development of domestic hydrogen technologies.

The parties intend to elaborate on the creation of a joint venture investment foundation that will focus on the development of promising domestic hydrogen technologies and are considering the joint financing of investments into hydrogen projects to be followed by the commercialization of promising initiatives.

“We have several very strong NTI Competence Centers. We have already created the first aircraft powered by hydrogen fuel cells, the first unmanned vehicle platform and a number of other solutions. Their economic and industrial scale-up is under consideration”, Dmitry Peskov, special presidential representative on digital and technological development, said.

Last week, during a meeting with the leaders of leading engineering schools and their industrial partners participating in the Advanced Engineering Schools project, Russian President Vladimir Putin said that hydrogen was an inexhaustible energy source that would be definitely in demand and neither wind nor solar energy could match it.

General Director of H2 Invest Anton Kovalevsky stressed that despite the changes in the global energy system, future belonged to hydrogen technologies with domestic hydrogen developments contributing to the energy security and independence of the country. Gazprombank Group’s industrial assets with their unique developments in synergy with NTI Foundation’s expertise will be at the forefront of a new phase envisaging the use of hydrogen and investments into advanced developments.