Public Investment Corporation (PIC) chairperson Dr David Masondo on June 24 visited HyPlat, a Cape Town-based subsidiary of emerging South African hydrogen technology company Bambili Energy.

The PIC is a shareholder in Bambili Energy and the visit formed part of an ongoing oversight programme showcasing how pension capital is being deployed to support South Africa’s long-term economic development.

HyPlat is said to be pivotal to Bambili Energy’s hydrogen technology platform. The company manufactures membrane electrode assemblies (MEAs). It was incubated through South Africa’s Hydrogen South Africa programme and is a spin-out from the University of Cape Town.

These MEAs form the core of hydrogen fuel cells and electrolysers and represent one of the highest-value applications of South Africa’s platinum group metals, with the country hosting the majority of the world’s resources.

HyPlat is highlighted as the first South African manufacturer and exporter of MEAs to European customers.

The PIC invested in Bambili Energy in October 2023 under the mandates of the Government Employees Pension Fund and the Department of Science, Technology and Innovation, acquiring a 15% shareholding to support the company’s progression from research and development toward commercialisation.

The company has since completed a comprehensive bankable feasibility study, positioning it to raise capital to establish a large-scale manufacturing facility, the PIC points out.

“The purpose of today’s visit is to ensure that the board exercises effective oversight and assesses the outcomes of the PIC’s investments on the ground. 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.

“This represents critical South African innovation, deepens industrial capacity and creates new opportunities in sectors that will shape the future global economy,” Masondo said.

The oversight visit also afforded the PIC board an opportunity to assess the company’s progress against the original investment case, review the commercial milestones achieved to date, and engage with management on future growth plans as the business advances toward full-scale manufacturing.

Hydrogen technologies are increasingly recognised as a strategic growth sector globally, the PIC highlights. Bambili Energy operates across the hydrogen manufacturing value chain, producing MEAs, platinum-based catalysts and fuel cell systems.

The investment also supports South Africa’s longstanding objective of mineral beneficiation, the PIC avers. By transforming locally sourced PGMs into advanced manufactured products rather than exporting raw materials, Bambili Energy is said to strengthen domestic industrial capacity while supporting future demand for these strategic mineral resources.

The planned manufacturing facility is anticipated to position the country at the forefront of advanced hydrogen technology manufacturing.

Strategically located near research institutions, logistics infrastructure, and the country's platinum-mining ecosystem, the facility is expected to anchor a new hydrogen manufacturing cluster that supports localisation, industrialisation and export-led growth.

The completed feasibility study indicates that the project would support about 440 direct jobs during construction, increasing to about 1 200 direct jobs once manufacturing reaches full production.

Beyond employment, 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.

Notably, Bambili Energy has already partnered with the University of Pretoria to develop specialised fuel cell skills, producing 30 qualified fuel cell technicians, with further technology transfer expected as manufacturing expands.

Their training programme has received Quality Council for Trade and Occupations approval.