Lhyfe, a producer and supplier of renewable energy is raising up to € 11 million in funding from Sweden’s Klimatklivet investment program, facilitated by the Swedish Environmental Protection Agency and co-funded by the European Union. Lhyfe will fund the construction of a new renewable hydrogen production facility in Vaggeryd, Jönköping County, southern Sweden.

Vaggeryd is an important location strategically between Stockholm, Gothenburg, and Malmö. Therefore, it can supply hydrogen and meet the region’s growing demand.

Increasing Demand for Hydrogen for Transport Decarbonization

With transport sector decarbonisation, the demand for renewable hydrogen will always keep going up. In this respect, the new production facility will introduce green hydrogen production with a capacity to produce up to 4.4 tons a day using a 10MW electrolyser. The facility’s hydrogen will support the development of a network throughout southern Sweden.

The green hydrogen will power transport, heat local industries, and support production, playing a bigger role in reducing emissions.

A Key Step in Sweden’s Green Hydrogen Strategy

Lhyfe’s Vaggeryd plant will be a key step in Sweden’s green hydrogen development strategy. It will begin production in 2027 and provide customers with its first kilogram of renewable hydrogen. This project adds to Lhyfe’s previous Klimatklivet grant for a Trelleborg facility, expanding the hydrogen network in southern Sweden.

The Vaggeryd project’s investment will cover 35% of costs, supporting development, design, equipment, and construction efforts.

Also read: Lhyfe and Masdar Partner to Boost Green Hydrogen Production

Lhyfe is a green hydrogen leader with facilities in France and Germany and additional facilities under construction across Europe. Lhyfe’s Bouin plant has been running since 2021, and by mid-2024, the company will employ 200 people across 12 countries.

Sara Wihlborg, Country Manager for Lhyfe Sweden, said, “We are delighted to have been awarded this investment support, which marks our second project in Sweden to receive backing from Klimatklivet. Green hydrogen is a key enabler in the transition, strengthening the competitiveness of Swedish industry while increasing domestic energy security with locally produced energy.”

She added, “Additionally, the waste heat generated during the production process will be utilized in the existing district heating network in Vaggeryd. Lhyfe already delivers green hydrogen to industrial customers in Sweden, and with the two facilities now granted Klimatklivet support, Lhyfe ensures a robust and competitive supply solution for green hydrogen for our customers in Sweden moving forward.” 

The hydrogen production process will also generate waste heat to support Vaggeryd’s local heating network.

The next steps include securing approvals, permits, and a final investment decision to move the project forward. After securing the permits, Lhyfe will build the facility and create a strong green hydrogen network in Sweden.

Earth AI, a leader in predictive exploration for clean energy metals, has announced the completion of a $20 million Series B funding round. The oversubscribed round was led by Tamarack Global and Cantos Ventures, with additional participation from Overmatch, Alpaca, Sparkwave Capital, and continued support from existing investors, including Y Combinator and Scrum Ventures.

The new investment will help Earth AI enhance its AI and drilling technologies while expanding its project pipeline significantly. The firm is expanding the operations to more than 50+ exploration sites and increasing its drilling capacity at $100/ meter to up to 100,000 meters.

Headquartered in 2017, Earth AI is reshaping the very face of mining with its AI-based Mineral Targeting Platform or MTP. This platform has allowed Earth AI to rapidly identify mineral resources in previously unexplored areas, helping reduce costs and time compared with conventional methods.

Revolutionizing Mineral Discovery with Cutting-Edge AI

Earth AI uses AI to identify and validate mineral deposits, then sells mining rights to large mining companies for profit. It taps into 400 million data points and satellite imagery to discover new, unexplored greenfield prospects, unlike traditional methods.

Earth AI’s unique method makes it a vital partner for the mining industry, addressing the rising demand for critical minerals. The company’s predictive technology leverages continental-scale datasets, giving it an advantage in discovering new resources in untapped regions.

Also read: Heirloom Secures $150 Million in Series B Funding

Investment to Meet Global Demand for Critical Minerals

Demand for critical minerals is expected to reach $10 trillion by 2050. This will translate to a production growth of 30 times what it is currently. While mining companies are concentrated on extraction, Earth AI fills the gap in exploration, taking advantage of inefficiencies in the fragmented market of micro-cap exploration companies whose effectiveness has declined by about 70% over the last decade.

Roman Teslyuk, founder and CEO of Earth AI, said, “Despite the tremendous global need for mineral resources for everything from the energy transition to day-to-day life, new mineral deposit discoveries are notorious for being expensive and time consuming.”

He added, “Earth AI is changing this paradigm using its proprietary AI and drilling technology that has already made verified discoveries in greenfield regions. This new round of funding will be critical to expanding our operations and establishing a pipeline of attractive new mining projects for the industry.”

With rising demand for critical minerals, Earth AI’s innovative approach positions it as a key driver in the mining industry. Earth AI uses advanced AI to become a key partner for mining companies seeking new assets for clean energy metals.