US startup Pajarito Powder has received a Series B investment from Hyundai Motor Company. The investment is intended to enable Hyundai Motor to expand its portfolio in the value chain of the hydrogen industry and strengthen the establishment of the hydrogen ecosystem.
“With one of the most successful fuel cell programs in the world, Hyundai’s investment and backing adds high-level credibility to our work and accelerates our ability to bring high-performance catalyst products to the rapidly growing green-hydrogen market,” said Pajarito Powder CEO and chairman, Thomas Stephenson.
“We have structured the investment to maintain our independence. This structure allows Pajarito Powder to continue to provide its next-generation catalyst products to existing and new customers around the globe. With Hyundai’s support, we aim to make the vision of the hydrogen future a near-term reality.”
Based in Albuquerque, New Mexico, Pajarito Powder is working toward the commercialization of advanced electrocatalysts for fuel cells and electrolyzers. It manufactures a range of catalyst products based on its intellectual property as well as intellectual property licensed from the University of New Mexico, Los Alamos National Laboratory and Institut National de la Recherche Scientifique. The catalysts are for use in proton-exchange membranes (PEM) and alkaline fuel cells and electrolyzers; it also manufactures a proprietary Precious-Metal-Free catalyst for fuel cells.