A growing number of sizable companies, from mining giants to energy majors, are embracing the hype for natural hydrogen.
It comes as buzz continues to build over the potential for a resource that advocates say could radically reshape the global energy landscape.
Natural hydrogen, sometimes known as white, gold or geologic hydrogen, refers to hydrogen gas that is found in its natural form beneath Earth’s surface. The long-overlooked resource, first discovered by accident in Mali nearly 40 years ago, contains no carbon and produces only water when burned.
Investor interest in the nascent natural hydrogen sector has been intensifying in recent months, fueling optimism initially driven by research startups and junior exploration companies.
Over the past year or so, some of the sector’s established backers include mining giants Rio Tinto and Fortescue, Russia’s state-owned energy giant Gazprom, the venture capital arm of British oil giant BP and Bill Gates‘ clean tech investment fund Breakthrough Energy Ventures.
We can use it to make metals, make fuels, you could even make food, and all with far fewer emissions than conventional approaches.
Eric Toone
Chief technology officer at Breakthrough Energy
Exploratory efforts are currently underway in several countries across the globe, with Canada and the U.S. leading the way in terms of project counts over the last year, according to research published by consultancy Rystad Energy.
Analysts expect the year ahead to be a pivotal one, with industry players hoping their exploration campaigns can soon locate the elusive gas.
Not everyone’s convinced about the clean energy potential of natural hydrogen, however, with critics flagging environmental concerns and distribution challenges. For its part, the International Energy Agency has warned there is a possibility that the resource “is too scattered to be captured in a way that is economically viable.”
A global scramble for ‘white gold’
Minh Khoi Le, head of hydrogen research at Rystad Energy, said it’s difficult to predict whether natural hydrogen can live up to its promise in 2025.
“I guess last year was the year that things got really interesting for the natural hydrogen space because that’s when many companies started to plan drilling campaigns, extraction testing and we started to see some major players start to get involved as well,” Le told CNBC by video call.
“Since then, I would say the progress has been relatively slow. There are only a few companies that have actually started drilling,” he added.
Gauges that are part of the electrolysis plant of the geological hydrogen H2 storage facility.
Alex Halada | Afp | Getty Images
Rystad’s Le, who characterized the global pursuit of natural hydrogen as a “white gold rush” last year, said that while there’d been no major progress over the last 12 months, an upswing in investor interest could help to deliver some meaningful results.
“Now, we are starting to see companies getting investment, so they have money to fund their drilling campaigns. So, if we are to get an answer of whether this thing will work, we’ll get to that conclusion a bit faster this year,” Le said.
Hydrogen has long been billed as one of many potential energy sources that could play a key role in the energy transition, but most of it is produced using fossil fuels such as coal and natural gas, a process that generates significant greenhouse gas emissions.
Green hydrogen, a process that involves splitting water into hydrogen and oxygen using renewable electricity, is one exception to the hydrogen color rainbow. However, its development has been held back by soaring costs and a challenging economic environment.
Clean, homegrown energy
Australia’s HyTerra announced an investment of $21.9 million from Fortescue in August last year, noting that the proceeds would be used to fully fund expanded exploration projects.
A spokesperson for Fortescue, one of the leading green hydrogen developers, said its push into the natural hydrogen sector was in line with its “strategic commitment to exploring zero emissions fuels.”
Acknowledging that more work is required to fully assess natural hydrogen’s emissions profile, Fortescue’s spokesperson described the technology as a “promising opportunity” to accelerate industrial decarbonization.
A hydrogen-powered haul truck, right, at the Fortescue Metals Group Ltd. Christmas Creek mine in the Pilbara region of Western Australia, Australia, on Tuesday, Oct. 17, 2023.
Bloomberg | Bloomberg | Getty Images
Elsewhere, BP Ventures, the venture capital arm of BP, led a Series A funding round of U.K.-based natural hydrogen exploration startup Snowfox Discovery earlier this year, while France-based start-up Mantle8 recently received 3.4 million euros ($3.9 million) in seed funding from investors, including Breakthrough Energy Ventures, a climate and technology fund founded by Bill Gates in 2015.
Eric Toone, chief technology officer at Breakthrough Energy, said the fund had backed the likes of Mantle8 and U.S.-based startup Koloma because the promise of natural hydrogen is such that it “could unlock a new era of clean, homegrown energy.”
“Hydrogen is pure reactive chemical energy. If we have enough hydrogen and it’s cheap enough, we can do almost anything. We can use it to make metals, make fuels, you could even make food, and all with far fewer emissions than conventional approaches,” Toone told CNBC via email.
“We know it’s out there and not just in isolated pockets. Early exploration has identified natural hydrogen across six continents. The challenge now is figuring out how to extract it efficiently, move it safely, and build the systems to put it to work,” he added.
In search of the ‘eureka moment’
Aurian Durbuis, chief of staff at France’s Mantle8, said momentum certainly appears to be building from a venture capital perspective.
“There is a growing interest, indeed, especially given the dynamics with green hydrogen right now, unfortunately. People are turning their eyes to other solutions, which is in our favor,” Durbuis told CNBC by video call.
Taking the evolution of US shale-gas as an analogy, even if large finds are made, it will likely take decades to achieve industrial production.
Arnout Everts
Member of the Hydrogen Science Coalition
Based in Grenoble, in the foothills of the French Alps, Mantle8 is targeting the discovery of 10 million tons of natural hydrogen by 2030 to complement the European Union’s goals.
“The question is can we find producible reservoirs, in the oil and gas terminology. That’s really what we need to figure out as an industry,” Durbuis said.
“We think we can drill in 2028 and hopefully that is the eureka moment because if we can find something at that time, then it could obviously be a game changer. If we find highly concentrated hydrogen, with pressure, then this just changes everything,” he added.
What’s next for natural hydrogen?
The Hydrogen Science Coalition, a group of academics, scientists and engineers seeking to bring an evidence-based view to hydrogen’s role in the energy transition, said exploration for natural hydrogen is still at an “embryonic stage” — but even so, the likelihood of locating large finds of nearly pure hydrogen that can be extracted at scale look “relatively slim.”
The world’s only producing hydrogen well in Mali, for example, supplies “just a fraction of the daily energy output of a single wind turbine,” Arnout Everts, a geoscientist and member of the Hydrogen Science Coalition, told CNBC via email.
The team from the Geological Agency of the Ministry of Energy and Mineral Resources (ESDM) took samples of natural hydrogen gas found in One Pute Jaya Village, Morowali Regency, Central Sulawesi Province, Indonesia, 23 October 2023.
Nurphoto | Nurphoto | Getty Images
“Taking the evolution of US shale-gas as an analogy, even if large finds are made, it will likely take decades to achieve industrial production,” Everts said.
Ultimately, the Hydrogen Science Coalition said the pursuit of natural hydrogen risks distracting focus from the renewable hydrogen needed to decarbonize industries today.
Enbridge is going big on solar again in Texas, and Meta is snapping up all the solar power it can get.
Last month, Electrek reported that the Canadian oil and gas pipeline giant just launched its first solar farm in Texas. Now it’s given the green light to Clear Fork, a 600 megawatt (MW) utility-scale solar farm already under construction near San Antonio. The project is expected to come online in summer 2027.
Once it’s up and running, every bit of Clear Fork’s electricity will go to Meta Platforms under a long-term contract. Meta will use the solar power to help run its energy-hungry data centers entirely on clean energy.
The solar farm project’s cost is around $900 million. Enbridge says it expects Clear Fork to boost the company’s cash flow and earnings starting in 2027.
Advertisement – scroll for more content
Enbridge EVP Matthew Akman said the project reflects “growing demand for renewable power across North America from blue-chip companies involved in technology and data center operations.”
Meta’s head of global energy, Urvi Parekh, added that the company is “thrilled to partner with Enbridge to bring new renewable energy to Texas and help support our operations with 100% clean energy.”
Meta’s first multi-gigawatt data center, Prometheus, is expected to come online in 2026.
Clear Fork is part of a growing trend: tech giants like Meta, Amazon, and Google are racing to lock down renewable energy contracts as they expand their fleets of AI-ready data centers, which use massive amounts of electricity.
The 30% federal solar tax credit is ending this year. If you’ve ever considered going solar, now’s the time to act. To make sure you find a trusted, reliable solar installer near you that offers competitive pricing, check out EnergySage, a free service that makes it easy for you to go solar. It has hundreds of pre-vetted solar installers competing for your business, ensuring you get high-quality solutions and save 20-30% compared to going it alone. Plus, it’s free to use, and you won’t get sales calls until you select an installer and share your phone number with them.
Your personalized solar quotes are easy to compare online and you’ll get access to unbiased Energy Advisors to help you every step of the way. Get started here.
FTC: We use income earning auto affiliate links.More.
A fully electric Japanese electric pickup truck? It’s not a Toyota or Honda, but Isuzu’s new electric pickup packs a punch. The D-MAX EV can tow over 7,770 lbs (3,500 kg), plow through nearly 24″ (600 mm) of water, and it even has a dedicated Terrain Mode for extreme off-roading. However, it comes at a cost.
Meet Isuzu’s first electric pickup: The D-MAX EV
After announcing that it had begun building left-hand drive D-MAX EV models at the end of April, Isuzu said that it would start shipping them to Europe in the third quarter.
By the end of the year, Isuzu will begin production of right-hand drive models for the UK. Sales will follow in early 2026.
Isuzu announced prices this week, boasting the D-MAX EV features the same “no compromise durability” of the current diesel version.
Advertisement – scroll for more content
The D-MAX EV pickup features a full-time 4WD system, a towing capacity of up to 3.5 tons (7,700 lbs), and an added Terrain Mode, which Isuzu says is designed for “extreme off-road capability.” With 210 mm (8.3″) of ground clearance, Isuzu’s electric pickup can wade through up to 600 mm (24″) of water.
Powered by a 66.9 kWh battery, Isuzu’s electric pickup offers a WLTP range of 163 miles. With charging speeds of up to 50 kW, the D-MAX EV can recharge from 20% to 80% in about an hour.
The electric version is nearly identical to the current diesel-powered D-Max, both inside and out, but prices will be significantly higher.
Isuzu D-Max EV specs and prices
Drive System
Full-time 4×4
Battery Type
Lithium-ion
Battery Capacity
66.9 kWh
WLTP driving range
163 miles
Max Output
130 kW (174 hp)
Max Torque
325 Nm
Max Speed
Over 130 km/h (+80 mph)
Max Payload
1,000 kg (+2,200 lbs)
Max Towing Capacity
3.5t (+7,700 lbs)
Ground Clearance
210 mm
Wading Depth
600 mm
Starting Price (*Ex. VAT)
£59,995 ($81,000)
Isuzu D-Max EV electric pickup prices and specs
Isuzu’s electric pickup will be priced from £59,995 ($81,000), not including VAT. The double cab variant starts at £60,995 ($82,500). In comparison, the diesel model starts at £36,755 ($50,000).
The EV pickup will launch in extended and double cab variants with two premium trims: the eDL40 and V-Cross. Pre-sales will begin later this year with the first UK arrivals scheduled for February 2026. Customer deliveries are set to follow in March.
FTC: We use income earning auto affiliate links.More.
In this photo illustration, Claude AI logo is seen on a smartphone and Anthropic logo on a pc screen. (Photo Illustration by Pavlo Gonchar/SOPA Images/LightRocket via Getty Images)
Sopa Images | Lightrocket | Getty Images
OpenAI and Anthropic continue to lead a fundraising bonanza in artificial intelligence, raising historic rounds and stratospheric valuations.
But when it comes to finding AI exits for venture firms, the market looks a lot different.
AI startups raised $104.3 billion in the U.S. in the first half of this year, nearly matching the $104.4 billion total for 2024, according to PitchBook. Almost two-thirds of all U.S. venture funding went to AI, up from 49% last year, PitchBook said.
The biggest deals follow a familiar theme. OpenAI raised a record $40 billion in March in a round led by SoftBank. Meta poured $14.3 billion into Scale AI in June as part of a way to hire away CEO Alexandr Wang and a few other top staffers. OpenAI rival Anthropic raised $3.5 billion, while Safe Superintelligence, a nascent startup started by OpenAI co-founder Ilya Sutskever, raised $2 billion.
While Meta’s massive investment into Scale AI amounted to a lucrative exit of sorts for early investors, the overarching trend has been a lot more money going in than coming out.
In the first half, there were 281 VC-backed exits totaling $36 billion, according to PitchBook. That includes the roughly $700 million acquisition of EvolutionIQ, an AI platform for disability and injury claims management, by CCC Intelligent Solutions, and the public listing of Slide Insurance, which builds AI-powered insurance offerings for homeowners. Slide is valued at about $2.3 billion.
Read more CNBC reporting on AI
“The dominant exit trend right now is frequent but lower-value acquisitions and fewer IPOs with significantly higher value,” said Dimitri Zabelin, PitchBook’s senior research analyst for AI and cybersecurity.
CoreWeave’s IPO, which took place at the very end of the first quarter, was the exception on the infrastructure side. The stock shot up 340% in the second quarter, and the company is now valued at over $63 billion.
Zabelin said the pattern of more investments in applications with smaller deals has been in place for the past year.
“Vertical solutions tend to plug more easily into existing enterprise gaps,” Zabelin said.
The acquisitions wave is being driven, in part, by what Zabelin calls bolt-on deals where larger companies buy smaller startups to enhance their own future valuations, hoping to enhance their value ahead of a future sale or IPO.
“That also has to do with the current liquidity conditions in the macro environment,” Zabelin said.
Outside of AI, activity is slow. U.S. fintech funding dropped 42% in the first half of the year to $10.5 billion, according to Tracxn. Cloud software and crypto have also seen sharp pullbacks.
Zabelin said IPO activity could pick up if economic conditions improve and if interest rates come down. Investors clearly want opportunities to back promising AI companies, he said.
“The appetite for AI, specifically vertical applications, will continue to remain robust,” Zabelin said.
— CNBC’s Kevin Schmidt contributed to this report.