The Chairperson of the Public Investment Corporation (PIC) Board, Dr David Masondo, visited HyPlat in Cape Town on Wednesday as part of the corporation's oversight programme to assess investments aimed at supporting South Africa's long-term economic development.
HyPlat is a subsidiary of Bambili Energy, a South African hydrogen technology company in which the PIC acquired a 15% shareholding in October 2023 through investment mandates from the Government Employees Pension Fund (GEPF) and the Department of Science, Technology and Innovation (DSTI).
The company manufactures membrane electrode assemblies (MEAs), a key component used in hydrogen fuel cells and electrolysers.
Developed through South Africa's Hydrogen South Africa (HySA) programme and run out of the University of Cape Town, HyPlat is the country's first manufacturer and exporter of MEAs to European customers.
The PIC said its investment was intended to support Bambili Energy's transition from research and development to commercialisation. The company has since completed a bankable feasibility study, positioning it to raise capital for a planned large-scale manufacturing facility.
Speaking during the visit, Masondo said the oversight programme allows the PIC Board to assess the impact of its investments.
"Investments such as Bambili Energy demonstrate how patient capital is driving industrialisation, adding value to our minerals, such as platinum, while enhancing energy security and supporting decarbonisation through hydrogen energy," he said.
Bambili Energy operates across the hydrogen manufacturing value chain, producing membrane electrode assemblies, platinum-based catalysts and fuel cell systems.
The PIC said the investment supports South Africa's objective of mineral beneficiation by converting locally sourced platinum group metals into higher-value manufactured products instead of exporting raw materials.
According to the completed feasibility study, the planned manufacturing facility is expected to create approximately 440 direct jobs during construction and around 1 200 direct jobs once it reaches full production.
The project is expected to develop specialised technical skills, expand exports of locally manufactured technology and strengthen South Africa's position in global clean energy value chains.
The facility is planned to be located near research institutions, logistics infrastructure and South Africa's platinum mining ecosystem to support localisation, industrialisation and export-led growth.
Bambili Energy has also partnered with the University of Pretoria to develop specialised fuel cell skills. The partnership has already produced 30 qualified fuel cell technicians, while the company's training programme has received approval from the Quality Council for Trades and Occupations (QCTO).
The PIC said the oversight visit enabled its Board to review the company's progress against the original investment case, assess commercial milestones achieved since the investment and engage management on future growth plans as the business moves towards full-scale manufacturing.
The visit forms part of the PIC Board's broader oversight programme aimed at strengthening governance, accountability and transparency through direct engagement with companies in which it has invested.
The PIC manages approximately R3 trillion in assets on behalf of its clients and says it remains committed to investing responsibly while supporting sustainable economic development, industrial expansion and long-term value creation. – SAnews.gov.za
