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Thai Oil Public Limited Company (TOP), an oil refining company in Thailand acquires a stake in Versogen, a US-based green hydrogen company. Versogen uses solar and winds energy to generate green hydrogen. TOP is a subsidiary of PTT Group.
Wirat Uanarumit, TOP President and CEO said that this acquisition will support the company’s clean energy technology development which is anticipated to grow in the future.
Green hydrogen is environment friendly and it will support the government’s carbon-neutral goals. The share percentage wasn’t revealed by TOP.
TOP expects to have carbon neutrality by the end of 2050 and net-zero targets by 2065. Versogen on the other hand raised funds through selling its shares.
Versogen, an industry-leading green energy startup raised $14.5M in a Series A funding round led by Doosan Corporation and its affiliate HyAxiom, Inc. Other investors include The Chemours Company, TechEnergy Ventures, Wenstone H2Tech LLC, TOP Ventures America LLC, a CVC arm of Thai Oil Public Company Limited, DSC Investment and CN Innovations Investments Limited.