Bekaert has made a Series-B investment into US-based startup Pajarito Powder, which would increase Bekaert’s participation in the hydrogen industry and accelerates the growth of the hydrogen ecosystem.
Pajarito is a hydrogen and fuel cell catalyst maker whose backers include Hyundai Motor Company. Bekaert is a global €5.9 billion wire and coating technologies company whose products include critical subcomponents for electrolyzers, which derive green hydrogen from water.
Bekaert’s investment will aid Pajarito’s work in improving the performance and cost-efficiency of fuel cell and electrolyzer stacks. Longer-lasting electrolyzers and fuel cells are critical to reducing costs and improving the financial argument for increased global dependence 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 slashing carbon emissions and reducing dependence on oil and gas.
Thomas J. Stephenson, Chairman and CEO of Pajarito Powder, said, “Bekaert is a highly regarded global company whose backing, combined with our existing backing from Hyundai, further augments the credibility of our work and accelerates our ability to deliver high-performance catalyst products to the rapidly expanding green-hydrogen market.”
Inge Schildermans, Bekaert VP Fiber Technologies, said, “Bekaert is committed to developing green and sustainable solutions for our customers, with a particular focus on improving the performance of components necessary for the electrolysis needs of the future.”