The brief

Analyst view

• Raised $403M from Khosla Ventures, Amazon and Mitsubishi Heavy Industries across Series A and B.
• Holds three Philippine contracts with 4,100+ km² coverage and promising seismic data.
• First commercial natural hydrogen discovery would provide low-cost domestic energy for the region.

Technical approach

As reported

Survey

Seismic and geochemistry

2D seismic surveys and gradiometry map subsurface structures where groundwater meets iron-rich rock.

Exploration

Service contract drilling rights

Government contracts grant exclusive exploration rights, surveys and future production if deposits are confirmed.

Production

Low-cost extraction

Natural hydrogen extraction costs less than electrolysis or reforming if found at commercial scale.