MALVERN, PA — Ecovyst Inc. has announced a significant equity investment of $4.5 million in Pajarito Powder, a materials science company specializing in electrolyzers and fuel cell catalysts. This strategic move highlights Ecovyst’s commitment to advancing hydrogen as a low-carbon fuel for heavy-duty transportation and industrial uses.
The investment reflects Ecovyst’s confidence in the future of green hydrogen, which is expected to see massive growth. According to a Bloomberg report, the green hydrogen market is projected to expand more than 20-fold by 2030, reaching 10 million metric tons from an estimated 0.4 million metric tons in 2024. Pajarito Powder has developed a range of supports and catalysts aimed at improving performance and reducing costs for these critical technologies.
Pajarito Powder plans to use the funds to enhance its technology, strengthen customer relationships, and expand its business. The two companies also plan to collaborate on development projects leveraging their shared expertise in material science and manufacturing. Ecovyst will gain a seat on Pajarito Powder’s Board of Directors as part of the investment.
“Ecovyst has already developed deep internal capabilities to serve renewable and sustainable fuels, bio-catalysis, and carbon capture and sequestration. Investing in emerging catalyst technologies focused on the hydrogen economy is a logical next step for us,” said Kurt Bitting, CEO of Ecovyst. “We are excited about expanding our capabilities into the emerging hydrogen economy by partnering with a technology leader such as Pajarito Powder.”
The partnership will also explore the use of mesoporous carbon for new applications. Paul Whittleston, President of Ecovyst’s Advanced Materials & Catalysts segment, noted the company’s four decades of expertise in catalyst development and manufacturing. He stated, “Leveraging our know-how in catalyst scale up and manufacturing along with our global footprint to support Pajarito Powder to achieve its business plan is a natural win-win.”
Tom Stephenson, CEO of Pajarito Powder, echoed the sentiment, emphasizing the strategic fit between the two companies. “We carefully select our investment partners to ensure that their culture and capabilities closely align with our strategic needs. Along with our existing strategic investors Hyundai Motor Company and N.V. Bekaert S.A, we feel Ecovyst provides competencies that will help accelerate our growth in supports and catalysts for electrolyzers and fuel cells.”
The collaboration between Ecovyst and Pajarito Powder marks a significant step towards advancing the hydrogen economy, promising innovations in renewable and sustainable energy technologies.
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