More investors for hydrogen producer Hycamite
Hycamite TCD Technologies, a company that develops technology to produce emission-free hydrogen via a thermo-catalytic process, has secured new investors from Finland, Japan, and Hong Kong. In the most recent €3 million investment round, company shares were acquired by new investors as well as existing shareholders and staff.
‘We intend to start construction of an industrial pilot plant this year in Kokkola Industrial Park (KIP), Finland, as demand for our products – hydrogen and high-quality, solid carbon – is strong and we have made rapid progress in developing our processes. The catalysts we are developing will enable hydrogen production from methane in a sustainable way with zero emissions and at a very competitive price,’ says Laura Rahikka, CEO of Hycamite.
Hycamite opened a small test facility for hydrogen production as well as catalyst and process development in KIP last year. Hycamite reduces greenhouse gas emissions by using catalysts and heat to break down methane molecules in natural gas and biogas into hydrogen and solid clean carbon, which can be used to make batteries for electric cars. Hycamite's new technology is based on long-standing research in applied chemistry from the University of Oulu, Finland.
‘Investors see great promise in both our technology and the hydrogen market. There were more new investors ready to invest than we were able to take in this round. We are now starting a new, larger financing round to expand our operations,’ says Matti Malkamäki, Chairman of Hycamite's Board of Directors.
The demand for zero-emission hydrogen is growing at a rate faster than previously estimated. This is due to the unforeseen rapid increase in the European Union Emissions Trading System’s price of carbon dioxide to almost €100 per tonne, increased customer demand, political pressure on companies to reduce emissions, and better financing opportunities for zero-emission production. The production of catalytic zero-emission hydrogen is needed to complement the production of electrolytic hydrogen as the demand for zero-emission hydrogen will be significantly higher than the supply for a very long time.
Hycamite's technology also enables the production of low-carbon hydrogen from industrial side-stream processes. This will allow for a reduction in the carbon footprint of the chemical industry, which would otherwise not be possible.