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One of the world's richest men – Bill Gates – is continuing to back the hunt for natural hydrogen with another significant investment in a start-up.

Gates' Breakthrough Energy Ventures has joined a US$3.4m fundraise in French company Mantle8, one of a cohort of companies racing to find natural hydrogen.

Interest in the sector is ticking up. In January, natural hydrogen startup Snowfox, a spinout from the University of Oxford, said it had raised an undisclosed sum from mining conglomerate Rio Tinto and oil and gas major BP.

In the US, Koloma, raised $245m in 2023 – the industry’s largest round to date – including backing from Gates' Breakthrough Energy Ventures.

Interest in natural hydrogen is booming in part because of confirmed finds like that made by Gold Hydrogen of a clean fuel that when burned produces nearly zero carbon. Many climate-friendly technologies would benefit from its commercialisation,  from green steel manufacturing to the production of cleaner shipping fuels.

Natural hydrogen would be produced at a significant discount to man-made hydrogen.

Bill Gates previously shared his excitement for the potential of natural hydrogen, telling The Economist: “It could be gigantic or it could be a bust, but if it’s really there... wow!”

Full article on the Mantle8 announcement is here.

Gates doubles down on natural hydrogen