The Public Investment Corporation (PIC) says its investment in hydrogen-focused company Bambili Energy is part of a broader push to support industrialisation, mineral beneficiation and long-term economic development in South Africa.
Board chairperson Dr David Masondo visited HyPlat, a Cape Town-based subsidiary of Bambili Energy, on Thursday as part of an oversight programme aimed at assessing the impact of investments funded through public sector pension capital.
The PIC, which manages about R3 trillion in assets on behalf of public sector clients, said it remains committed to deploying capital in a way that balances sustainable development objectives with long-term returns for pension fund members.
During the visit, Masondo highlighted the strategic role of the investment in supporting emerging industries linked to the global hydrogen economy.
“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.”
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), taking a 15% stake to support the company’s transition from research and development into commercial production.
Since the investment, Bambili Energy has completed a bankable feasibility study, enabling plans to raise capital for a large-scale manufacturing facility.
HyPlat, one of its subsidiaries, manufactures membrane electrode assemblies (MEAs), a key component used in hydrogen fuel cells and electrolysers. The company emerged from the University of Cape Town through the Hydrogen South Africa (HySA) programme and has become South Africa’s first producer and exporter of MEAs to European markets.
Bambili Energy operates across the hydrogen value chain, including the production of platinum-based catalysts and fuel cell systems. The investment is also aligned with efforts to increase local beneficiation of platinum group metals (PGMs), a key resource in which South Africa holds a significant global advantage.
Instead of exporting raw materials, the company aims to expand local manufacturing of hydrogen technologies, strengthening domestic industrial capacity and supporting demand for locally mined PGMs.
According to the completed feasibility study, the planned facility is expected to create about 440 direct jobs during the construction phase. Once operational, employment is projected to rise to approximately 1,200 permanent jobs.
Beyond job creation, the project is expected to build specialised technical skills, boost exports of hydrogen technologies and strengthen South Africa’s position in the global clean-energy value chain.
The facility is planned to be located near research institutions, logistics infrastructure and the country’s platinum mining sector, positioning it as a potential anchor for a broader hydrogen manufacturing cluster.
Bambili Energy has also partnered with the University of Pretoria to develop skills for the sector, producing 30 trained fuel cell technicians. The programme has been accredited by the Quality Council for Trades and Occupations (QCTO).
During the visit, the PIC board reviewed progress against the original investment objectives, assessed commercial milestones and discussed the company’s expansion plans as it moves toward large-scale production.
The engagement forms part of the PIC’s wider governance programme, which involves direct oversight of investee companies across key sectors of the economy.
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