ITOCHU Corporation (Headquarters: Minato-ku, Tokyo; Keita Ishii, President & COO; hereinafter "ITOCHU") announced today that it has acquired shares of Protium Green Solutions Limited (Headquarters: London, the United Kingdom; Christopher Jackson, CEO; hereinafter "Protium"), who is one of the leading green hydrogen solution providers for industrial and transportation sectors.

Green hydrogen, produced from water electrolysis using renewable energy, is widely recognized as an essential energy source for achieving carbon neutrality. In the industrial sector, hydrogen can be used as a heat source to replace fossil fuels to provide heat in manufacturing process of a wide range of products. In the transportation sector, hydrogen fuel cell vehicles (FCVs)^*1 are expected to play a key role to enable decarbonization for heavy duty vehicles due to its short refueling time and long driving range compared to battery electric vehicles.

UK, where Protium is headquartered, is one of the most advanced countries in hydrogen policies and subsidies. The former government introduced first round of Contract for Difference incentive program in 2022 and recently, Starmer administration reconfirmed continued support by allocating large-scale budget on green hydrogen. Since Protium started its first hydrogen production in March 2023, the green hydrogen company has been providing hydrogen solutions to a number of customers in consideration of their respective heat and transport requirements, by offering intensive consultation on hydrogen usage which is specific and also unique to each individual customer. Protium’s customer-oriented approach is in line with our corporate mission which is called “Sampo-yoshi”.

Through this investment, ITOCHU looks to promote green hydrogen solutions brought by Protium into international markets in Asia including Japan, by leveraging our global network with a wide range of customers who are keen to achieving carbon neutrality of its supply chain with green hydrogen. As a strategic shareholder, ITOCHU are committed to enhancing hydrogen society by working closely with Protium and supporting the execution of its growth strategy over the coming years, with the ultimate aim of realizing a low carbon society.