PIC Backs Hydrogen Firm to Boost Green Manufacturing

HyPlat, a subsidiary of South African hydrogen technology company Bambili Energy, is developing advanced hydrogen fuel cell components using locally sourced platinum.

The Public Investment Corporation (PIC) has reaffirmed its commitment to supporting South Africa's green industrialisation strategy through investments in hydrogen technology, following an oversight visit to HyPlat in Cape Town. The visit, led by PIC Board Chairperson Dr. David Masondo, formed part of the corporation's ongoing programme to evaluate how its investments are contributing to economic growth, job creation and industrial development.

HyPlat, a subsidiary of South African hydrogen technology company Bambili Energy, is developing advanced hydrogen fuel cell components using locally sourced platinum. The company represents one of South Africa's growing efforts to move beyond exporting raw minerals by manufacturing high-value clean energy products for international markets.

Hydrogen Investment Moves Towards Commercial Production

The Public Investment Corporation acquired a 15% shareholding in Bambili Energy in October 2023 through investment mandates from the Government Employees Pension Fund (GEPF) and the Department of Science, Technology and Innovation (DSTI). The investment was designed to help the company move from research and development into commercial manufacturing.

HyPlat manufactures membrane electrode assemblies (MEAs), one of the most important components used in hydrogen fuel cells and electrolysers. Developed through South Africa's Hydrogen South Africa (HySA) programme at the University of Cape Town, the company has become the country's first manufacturer and exporter of membrane electrode assemblies to customers in Europe. Since receiving PIC funding, Bambili Energy has completed a bankable feasibility study for a large-scale manufacturing facility, an important milestone that positions the company to attract additional investment needed for commercial expansion.

During the oversight visit, Dr. Masondo said the programme allows the PIC Board to assess whether investments are delivering meaningful economic and developmental outcomes. He said investments such as Bambili Energy demonstrate how patient capital can support industrialisation by adding value to South Africa's platinum resources while strengthening energy security and contributing to global decarbonisation through hydrogen technologies.

Mineral Beneficiation and Jobs at the Centre

Bambili Energy operates across several stages of the hydrogen manufacturing value chain, producing membrane electrode assemblies, platinum-based catalysts and complete fuel cell systems.

The PIC said the investment supports South Africa's strategy of mineral beneficiation, which focuses on converting locally mined platinum group metals into advanced manufactured products instead of exporting raw minerals. By processing platinum into specialised clean energy technologies, the company is helping create additional economic value within South Africa while expanding the country's participation in the rapidly growing global hydrogen economy.

According to the completed feasibility study, the proposed manufacturing facility is expected to create approximately 440 direct jobs during construction and around 1,200 permanent direct jobs once production reaches full capacity. Beyond employment, the project is expected to strengthen South Africa's export capabilities, develop highly specialised technical skills and increase the country's competitiveness in international clean energy supply chains.

The planned facility will be located close to major research institutions, logistics infrastructure and South Africa's platinum mining industry, allowing the company to benefit from existing expertise while supporting localisation and export-led industrial growth.

Skills Development Supports Long-Term Growth

Skills development has become another important focus of Bambili Energy's expansion strategy. The company has partnered with the University of Pretoria to train specialists in hydrogen fuel cell technologies, helping build the workforce needed for the country's emerging green hydrogen sector.

The partnership has already produced 30 qualified fuel cell technicians, while the company's training programme has received accreditation from the Quality Council for Trades and Occupations (QCTO). These initiatives are expected to support the long-term development of specialised engineering and manufacturing expertise required for advanced hydrogen technologies.

During the visit, the PIC Board reviewed the company's commercial progress since the initial investment, assessed milestones achieved under the original investment plan and discussed future growth strategies as Bambili Energy prepares for full-scale manufacturing.

The oversight forms part of the PIC's broader governance programme, which focuses on maintaining accountability, transparency and regular engagement with companies in which it invests. The corporation currently manages approximately R3 trillion in assets on behalf of its clients and says it remains committed to supporting investments that generate sustainable economic development, expand local industries and create long-term value for South Africa.