Power2X Secures Major Investment from CPP Investments to Lead Green Molecules Sector
Power2X, a leader in green energy development, has secured a significant investment from Fidelity Investments to drive its mission of becoming a key player in the green molecules sector. The deal, which sees Fidelity Investments acquire a majority stake in Power2X, is set to accelerate the company's growth and contribute to the global clean energy transition.
Occo Roelofsen, CEO of Power2X, expressed his enthusiasm about the partnership, stating that Fidelity Investments' support will enable Power2X to lead the way in green molecules. Bruce Hogg, Managing Director and Head of Sustainable Energies at Fidelity Investments, echoed this sentiment, emphasizing the vital role green molecules play in industrial decarbonization.
Power2X, with its focus on next-generation energy assets such as green hydrogen, ammonia, and methanol, has already collaborated with industry heavyweights like Siemens Energy, Linde, and Air Liquide on hydrogen and other green molecule-based projects. Some of Power2X's current hydrogen projects include ErasmoPower2X and MadoquaPower2X.
Fidelity Investments, committed to achieving net-zero greenhouse gas emissions across all scopes by 2050, will initially invest €130 million to fuel Power2X's growth and fund green molecule projects. The Sustainable Energies group at Fidelity Investments, which manages a C$32 billion portfolio as of March 31, 2023, sees this partnership as a strategic move in its long-term investment strategy.
The Power2X and Fidelity Investments partnership is set to propel Power2X's role in the global clean energy transition. With Fidelity Investments' significant investment and expertise, Power2X is poised to become a leader in green molecules, driving progress towards a more sustainable future.
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