Leading international industrial group Mitsubishi Heavy Industries (MHI) is the latest to join the rush to develop “white” hydrogen in the US.

Like Australian junior HyTerra (ASX: HYT), mining giant Andrew Forrest, billionaire Bill Gates and a number of prominent US oil and gas companies, Mitsubishi has taken up a position in one of the world’s hottest energy plays.

MHI has made its move by investing in the Bill Gates-backed Koloma.

Major syndicate

The investment in Koloma has been executed through Mitsubishi Heavy Industries America, which joins a syndicate of investors including Breakthrough Energy Ventures, Amazon’s Climate Pledge Fund, United Airlines’ Sustainable Flight Fund and Energy Impact Partners.

Denver-headquartered startup Koloma leverages its technology, proprietary data and human capital advantages to identify and commercialise geologic hydrogen on a global scale.

It is actively engaged in the exploration and appraisal of assets that will play a significant role in global decarbonisation efforts.

Hydrogen solution

“Building a hydrogen solution ecosystem is one of the core strategies in the energy transition business for MHI,” MHI America president Takajiro Ishikawa said.

“In MHI’s role as a value chain solutions provider, we are aiming to accelerate the hydrogen economy by both offering cutting-edge technologies and enabling breakthrough innovations in the hydrogen space through investments in startups.”

Koloma chief executive officer Pete Johnson said partnerships with industrial leaders like MHI would maximise the positive impact geologic hydrogen can have as a new clean primary energy source.

“We look forward to collaborating and innovating together to drive progress in this field and in the broader energy transition.”

Key investment

HyTerra executive director Dr Avon McIntyre welcomed the news.

“It is great to see further investment in white hydrogen exploration, and we are excited to see what MHI and Koloma can do working together.”

Mr Forrest is planning to invest $21.9 million in HyTerra’s Kansas exploration plans, with the Australian energy company now looking to triple the number of wells it will drill in a maiden program set to kick off later this year.

HyTerra has already used the confidence boost provided by Mr Forrest’s backing to increase its prime white hydrogen position, recently adding a further 13,000 acres to its Nemaha project.