Plagazi

Plagazi is a Swedish producer of green hydrogen using all types of waste. The company’s proprietary Plagazi process uses plasma gasification technology to convert all types of waste including auto shredder residue, wind turbine blades, car tires, household waste, industrial waste, hazardous waste, and medical waste into green hydrogen.

Plagazi’s largest green hydrogen project, Köping Hydrogen Park, will be deployed in Sweden and is planned to be operational in 2H 2025. The project will be developed in cooperation with Petrofac. The company has several active projects across Europe and aims to help the continent meet its climate goals.

Key customers and partnerships

In January 2021, Plagazi joined the Gádor project in Almeria, Spain, partnering with Enagás, CEMEX, and White Summit Capital, to deliver synthetic gas and hydrogen to the project. Plagazi has also signed letters of intent with customers to enter into long-term offtake agreements for green hydrogen. These include WIRTZ Energie + Mineralöl for 4,000 tons for its filling stations (March 2022), Blu-Power for 2,000 tons for its filling stations (October 2022), and the Inlandsbanan Railway to support its efforts to transition to hydrogen-powered freight and passenger transport (March 2022).

In April 2023, Plagazi entered into a strategic collaboration with Quantron, a German developer of electric and hydrogen commercial vehicles, to supply green hydrogen for the first 100 trucks in Europe by 2026.

Plagazi has also undertaken several feasibility studies for the implementation of its production facilities, such as with German waste recycling company Korn Recycling; Swedish ferry and transport service provider Gotlandsbolaget; Project NICE, a project to establish a carbon capture hub in Stockholm’s Norvik Harbor; and Swiss retailer Migros Group.

In January 2024, Plagazi partnered with transport and logistics expert Samat to load, transport, and deliver liquid CO2 to various geological sites identified by Plagazi for storage. Previously, in November 2023, the company signed an agreement with transport company Litra to transport circular hydrogen from Plagazi to various industrial sites and off-takers. In April 2022, the company signed a letter of intent with Carbfix, an Icelandic carbon sequestration company, for the transportation and storage of CO2 at the planned Coda Terminal project in Straumsvík, Iceland.

In July 2021, Plagazi partnered with Dordtech Circular Energy Solutions, Dutch engineering and technology company, to provide engineering, construction, environmental, and project management expertise, and to lead the Plagazi sales network in Belgium, the Netherlands, and Luxembourg.

Funding and financials

In November 2023, German family office Wermuth Asset Management announced its commitment to invest in Plagazi through its Green Growth Fund 2 and the upcoming Clean Industrialization Fund. The company’s most recent funding was in April 2023, when it raised SEK 20 million (~USD 2 million) in an extended Series A funding round led by Uturn2innovation, an investment company focused primarily on renewable energy projects. The company intended to use the funds to support the development of its Köping Hydrogen Park.

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