PIC board chairperson Dr David Masondo visited HyPlat, a Cape Town-based subsidiary of Bambili Energy, as part of the PIC Board's oversight programme aimed at assessing the impact of investments funded by public sector pension capital.
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The Public Investment Corporation (PIC) has reaffirmed its commitment to South Africa's emerging hydrogen economy, with board chairperson Dr David Masondo highlighting the strategic importance of its investment in Bambili Energy as a driver of industrialisation, mineral beneficiation and long-term economic growth.
As manager of approximately R3 trillion in assets on behalf of public sector clients, the PIC said it remains focused on deploying capital responsibly to support sustainable economic development, industrial expansion and long-term value creation while delivering returns for pension fund members.
Masondo visited HyPlat, a Cape Town-based subsidiary of Bambili Energy, on Thursday as part of the PIC board's oversight programme aimed at assessing the impact of investments funded by public sector pension capital.
HyPlat manufactures membrane electrode assemblies (MEAs), a key component used in hydrogen fuel cells and electrolysers. The company, which originated from the University of Cape Town through the Hydrogen South Africa (HySA) programme, has become South Africa's first manufacturer and exporter of MEAs to European customers.
The PIC invested in Bambili Energy in October 2023 on behalf of the Government Employees Pension Fund (GEPF) and the Department of Science, Technology and Innovation (DSTI), acquiring a 15% stake to help the company transition from research and development to commercial production.
Since then, Bambili Energy has completed a bankable feasibility study, paving the way for raising capital to build a large-scale manufacturing facility.
Masondo said the oversight visit demonstrated the PIC's commitment to ensuring its investments deliver meaningful economic outcomes.
"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," he said.
"This represents critical South African innovation, deepens industrial capacity, and creates new opportunities in sectors that will shape the future global economy."
Hydrogen technologies are increasingly being recognised as a major growth industry globally, with demand expected to rise as countries seek cleaner energy solutions. Bambili Energy operates across the hydrogen value chain, producing membrane electrode assemblies, platinum-based catalysts and fuel cell systems.
The investment also supports South Africa's strategy of increasing local beneficiation of platinum group metals (PGMs), a resource in which the country holds a significant global competitive advantage.
Instead of exporting raw platinum, the company aims to manufacture high-value hydrogen technologies locally, strengthening domestic industrial capacity while creating additional demand for South African-mined PGMs.
According to the completed feasibility study, the planned manufacturing facility is expected to create around 440 direct jobs during construction. Once fully operational, direct employment is projected to increase to approximately 1,200 jobs.
Beyond employment creation, the project is expected to develop specialised technical skills, increase exports of locally manufactured hydrogen technologies and strengthen South Africa's position in the rapidly growing global clean-energy value chain.
The facility is planned to be strategically located close to research institutions, logistics infrastructure and the country's platinum mining ecosystem, positioning it as the anchor of a future hydrogen manufacturing cluster.
Bambili Energy has already begun developing the specialised workforce required for the sector through a partnership with the University of Pretoria. The collaboration has produced 30 qualified fuel cell technicians, while the training programme has received accreditation from the Quality Council for Trades and Occupations (QCTO).
During the oversight visit, the PIC board also reviewed the company's progress against the original investment objectives, assessed commercial milestones achieved since the investment and discussed future expansion plans as the company moves towards large-scale manufacturing.
The visit forms part of the PIC's broader governance and accountability programme, which involves engaging directly with investee companies across key sectors of the economy.
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