Hycamite hydrogen producer secures new international investmentFebruary 18, 2022
The H2 production company uses a thermo-catalytic process and has landed new investors.
Hydrogen producer Hycamite TCD Technologies has announced that it has secured new investors from Hong Kong, Japan and Finland.
The most recent funding round has brought the company an additional €3 million in investments.
Hycamite uses a thermo-catalytic process as a hydrogen producer. That way, it produces H2 in an emission-free way, sometimes known as red H2. In this funding round, shares of the company were acquired by new investors in addition to existing shareholders as well as company 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,” said Hycamite CEO Laura Rahikka.
The hydrogen producer has a small test facility, which it opened with catalyst and process development.
The test facility and catalyst and process development were opened in the Kokkola Industrial Park in 2021. The firm reduces the emission of greenhouse gases through the use of catalysts and heat for methane molecule breakdown. The outcome is natural gas and biogas which is then processed further into H2 and solid clean carbon. The latter substance is usable as a material for producing electric car batteries.
The technology Hycamite is using is based on established research in applied chemistry conducted by University of Oulu, Finland researchers. Zero-emission H2 demand has been rising faster than had been previously expected and H2 production companies are moving fast to secure their place in the market.
“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,” said Hycamite Board of Directors Chair Matti Malkamäki in a news release issued on the subject by the hydrogen producer.