Public Investment Company Supports Bambili Energy

Why the Investment Matters

The Public Investment Company (PIC) sees its stake in Bambili Energy as a step toward boosting South Africa’s industrial base. By putting public‑sector pension money into a hydrogen‑focused firm, PIC aims to link the country’s rich platinum resources with clean‑energy technology, promote local manufacturing, and help pension funds earn steady, long‑term returns.

A Board Visit to See Progress

Dr. David Masondo, PIC’s Board Chairman, toured HyPlat—a Cape Town subsidiary of Bambili Energy—on Thursday. The stop was part of PIC’s routine monitoring program, designed to check how investments funded by public pension capital are performing on the ground. Masondo stressed that the visit lets the Board verify results, ensure good oversight, and see how patient capital can spark new industries.

What Bambili Energy Does

Bambili Energy works across the hydrogen value chain. Its activities include:

• Making platinum‑based catalysts for fuel cells and electrolyzers
• Producing membrane electrode assemblies (MEAs) through its HyPlat unit—these are essential parts of hydrogen fuel cells
• Developing fuel‑cell systems and exploring ways to turn raw platinum into finished hydrogen products

The company grew out of the University of Cape Town’s Hydrogen South Africa (HySA) program and is now South Africa’s first exporter of MEAs to European markets.

From Research to Production

PIC bought a 15 % share in Bambili Energy in October 2023, using funds from the Government Employees Pension Fund (GEPF) and the Department of Science, Technology and Innovation (DSTI). Since then the firm has:

• Completed a bankable feasibility study for a large‑scale production plant
• Set the stage to raise additional capital for building that facility

The planned plant will be located near research centres, logistics hubs, and platinum mines, making it a potential anchor for a wider hydrogen cluster in the country.

Jobs, Skills, and Export Growth

According to the feasibility study:

• Construction will create about 440 direct jobs
• Once the plant runs, it should employ roughly 1,200 permanent workers

Beyond headcount, the project aims to:

• Build specialised technical expertise in hydrogen technology
• Increase exports of South African‑made hydrogen components
• Strengthen the nation’s place in the global clean‑energy supply chain

Bambili Energy also teamed up with the University of Pretoria to train 30 fuel‑cell engineers. The program is accredited by the Quality Council for Trades and Occupations (QCTO), helping to grow a skilled workforce for the emerging sector.

Checking the Milestones

During the HyPlat visit, the PIC Board reviewed:

• How far Bambili Energy has come compared with the original investment goals
• Commercial milestones already hit
• The company’s plans to expand toward full‑scale production

This review is part of PIC’s broader governance approach, which includes direct oversight of investees in key economic sectors.

Conclusion

PIC’s investment in Bambili Energy shows how public pension money can be used to support innovation, industrialisation, and sustainable development. By turning South Africa’s platinum advantage into locally made hydrogen technologies, the initiative promises jobs, skills, export earnings, and a stronger role for the country in the future global economy.