The investment helps accelerate the expansion of Pajarito Powder’s advanced catalysts
ALBUQUERQUE, NM and Tsvevegem, Belgium, September 1, 2022 /PRNewswire/ — Bekaert has made a Series B investment in US-based startup Pajarito Powder. The investment increases Bekaert’s involvement in the hydrogen industry and accelerates the growth of the hydrogen ecosystem.
Pajarito is a hydrogen and fuel cell catalyst manufacturer whose backers include the Hyundai Motor Company. Bekaert (Euronext Brussels: BEKB) is a €5.9 billion global wire and coatings technology company whose products include critical sub-components for electrolyzers that extract green hydrogen from water.
Bekaert’s investment will support Pajarito’s work to improve the performance and profitability of fuel cells and electrolysis stacks. Longer-lasting electrolysers and fuel cells are critical to reducing their costs and improving the financial case for increased global reliance on hydrogen as a key energy source.
“Demand for green hydrogen is increasing as more nations recognize it as a way to meet energy needs while reducing carbon emissions and reducing dependence on oil and gas,” Pajarito Powder Chairman and CEO Thomas J. Stevenson said. “Bekaert is a highly valued global company whose support, combined with our existing support from Hyundai, further increases confidence in our work and accelerates our ability to deliver highly efficient catalytic products to the rapidly growing green hydrogen market.”
Bekaert VP Fiber Technologies, Inge Schildermans, said Bekaert is impressed with the work Pajarito Powder is doing to make more efficient and effective electrocatalysts for electrolyzers and fuel cells.
“Bekaert is committed to developing environmentally friendly and sustainable solutions for our customers, with a special focus on improving the performance of the components required for the electrolysis needs of the future,” added Inge Schildermans. “We are committed to innovating and scaling up the components and equipment that will make the vision of a global hydrogen economy a near-term reality, and we see Pajarito Powder as a key part of that reality.”
About Pajarito Powder
Located in Albuquerque, New Mexico, USA, Pajarito Powder, LLC is a world leader in the development and commercialization of advanced electrocatalysts for fuel cells and electrolyzers. Pajarito Powder manufactures a range of catalytic products using proprietary intellectual property as well as intellectual property licensed from University of New Mexico,
Los Alamos National Laboratory and the National Institute for Scientific Research. Pajarito Powder manufactures catalysts for use with proton exchange membranes (PEMs) and alkaline fuel cells and electrolyzers; also produces a proprietary catalyst for noble metal-free fuel cells. Pajarito powders make more efficient use of the platinum group metals (PGM) of the catalysts, resulting in higher performance, better stability and improved durability.
Pajarito Powder is backed by a venture startup funded by Hyundai Motor Company, Verge Fund, Omphalos Venture Partners and other private investors.
Bekaert (bekaert.com) is a global market and technology leader in steel wire transformation and coating technologies. Bekaert (Euronext Brussels: BEKB) is a global company with more than 27,000 employees worldwide, headquartered in Belgium and €5.9 billion in combined revenue in 2021.
Bekaert has established a technological and market leadership position in porous transport layers for electrolysis technologies with the Currento® brand. The company is investing in developing next-generation innovative solutions for green hydrogen production, as well as expanding its manufacturing footprint to multiple GW capacity. Bekaert Fiber Technologies’ creativity goes beyond steel, with the development and production of copper, aluminum, titanium and nickel fibers and turning them into porous media for a wide variety of applications.
Contact: Zach Peterson
SOURCE Pajarito Powder