- Investment in Pajarito Powder, LLC aligns with Ecovyst's
strategy to strengthen and expand our Advanced Materials &
Catalysts capabilities into emerging markets
- Pajarito Powder technology enables the hydrogen economy
through supports and catalysts for green hydrogen and fuel
cells
MALVERN,
Pa., July 25, 2024 /PRNewswire/ -- Ecovyst Inc.
(the "Company"), a leading innovative and integrated global
provider of advanced materials, specialty catalysts and services,
is proud to announce a key equity investment of $4.5 million in Pajarito Powder, an innovative
materials science company that specializes in supports and
catalysts required for electrolyzers and fuel cells.
This investment in Pajarito Powder reflects Ecovyst's belief
that hydrogen produced via electrolysis will become a widely used,
low-carbon fuel for heavy-duty transportation and Industrial
applications. As noted in a recent report by Bloomberg, the green
hydrogen market is expected to grow more than 20 times by 2030 to
10 million metric tons, from an estimated 0.4 million metric tons
in 2024. Pajarito Powder has successfully developed a broad range
of supports and catalysts targeting improved performance and lower
costs for electrolyzers and fuel cells, which are critical
technologies to enable growth in the hydrogen economy.
Pajarito Powder is expected to deploy the Ecovyst investment to
advance its strongly positioned technology, deepen customer
partnerships, and build its business. In conjunction with this
investment, Ecovyst and Pajarito also expect to engage in joint
development efforts that take advantage of both companies'
competencies in material science and manufacturing. As a result of
its investment, Ecovyst will also appoint a representative to the
Board of Directors of Pajarito Powder.
"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," highlighted 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."
Pajarito Powder and Ecovyst plan to initiate various joint
development agreements to develop the technology platforms of each
company, including the use of mesoporous carbon for new
applications.
"We have deep materials science and catalyst capabilities
developed over four decades," said Paul Whittleston, President of
the Advanced Materials & Catalysts segment at Ecovyst.
"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. We also believe
there are great opportunities to build on the mesoporous carbon
capabilities of Pajarito Powder for many new growth applications,
including carbon capture."
Tom Stephenson, Pajarito Powder's
CEO, added: "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."
About Ecovyst (www.ecovyst.com):
Ecovyst Inc. and subsidiaries is a leading integrated and
innovative global provider of advanced materials, specialty
catalysts and services. We support customers globally through our
strategically located network of manufacturing facilities. We
believe that our products, which are predominantly inorganic, and
services contribute to improving the sustainability of the
environment.
We have two uniquely positioned specialty businesses:
Ecoservices provides sulfuric acid recycling to the North American
refining industry for the production of alkylate and provides
on-purpose virgin sulfuric acid for water treatment, mining, and
industrial applications; and Advanced Materials & Catalysts
provides finished silica catalysts and catalyst supports necessary
to produce high strength and high stiffness plastics and, through
its Zeolyst joint venture, supplies zeolites used for catalysts
that help produce renewable fuels, remove nitrogen oxides from
diesel engine emissions as well as sulfur from fuels during the
refining process.
About Pajarito Powder (www.pajaritopowder.com)
Pajarito Powder is a world leader in the development and
commercialization of advanced electrocatalysts for fuel cells and
electrolyzers. Pajarito Powder manufactures a range of catalyst
products using its own 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 Albuquerque, New-Mexico-based
company manufactures advanced catalysts for PEM fuel cells and
electrolyzers. including Platinum Group Metal (PGM) catalysts and
Engineered Catalyst Supports™ (ECS products), Engineered
Electrolyzer Catalysts™ (EEC products), and Precious Metal
Free™ (PMF) catalysts that are entirely free of platinum-group
metals.
Pajarito Powder is a venture-backed startup funded by NV Bekaert
SA, Hyundai Motor Company, Verge Fund, Omphalos
Venture Partners, and other private investors. The
company has received essential support from the United States
Department of Energy, the State of New Mexico Economic Development
Department and the New Mexico International Trade
Alliance.
Note on Forward-Looking Statements
Some of the information contained in this press release
constitutes "forward-looking statements." Forward-looking
statements can be identified by words such as "anticipates,"
"intends," "plans," "seeks," "believes," "estimates," "expects,"
"projects," "sees" and similar references to future periods.
Forward-looking statements are based on our current expectations
and assumptions regarding our business, the economy and other
future conditions. Because forward-looking statements relate to the
future, they are subject to inherent uncertainties, risks and
changes in circumstances that are difficult to predict. Our actual
results may differ materially from those contemplated by the
forward-looking statements. We caution you, therefore, against
relying on any of these forward-looking statements. They are
neither statements of historical fact nor guarantees or assurances
of future performance. These forward-looking statements speak only
as of the date of this release. Factors or events that could cause
our actual results to differ may emerge from time to time, and it
is not possible for us to predict all of them. We undertake no
obligation to update any forward-looking statement, whether as a
result of new information, future developments or otherwise, except
as may be required by applicable law.
For more information:
Gene
Shiels – Director of Investor Relations
(484) 617 1225
gene.shiels@ecovyst.com
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SOURCE Ecovyst Inc.