Finland-headed Hycamite TCD Technologies, a leader in emission-free methane pyrolysis technology, has announced that it has received an investment totaling EUR 25 million from new and existing investors towards the company's innovative technology for decarbonizing industry.
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New investors include compatriot Stephen Industries Oy and Japan-headed conglomerate Sojitz Group. The Finnish Climate Fund and existing and first external investors HAI Kapital, Holdix, and Turret have also decided to invest in Hycamite.
The investment is the latest vote of confidence in new low-carbon hydrogen and solid carbon production technology based on the thermo-catalytic decomposition of methane (TCD).
The investment makes it possible to scale our technology to launch the production on a commercial scale. We will serve our clients in North America, Japan, and Europe, said Laura Rahikka, CEO and Founder of Hycamite.
Low-cost, low-carbon hydrogen technology
Hycamite decarbonizes industry through its low-carbon hydrogen and provision of sustainable carbon products for demanding industrial applications.
The methane pyrolysis technology, which decomposes large volumes of methane into its component elements: hydrogen and carbon, is based on long-standing research in applied chemistry from the University of Oulu, Finland.
The TCD technology developed by Hycamite does not release greenhouse gas (GHG) emissions into the atmosphere.
Furthermore, its catalysts are sustainable. The company’s technology requires only 13 percent of the energy needed to produce hydrogen by electrolysis.
We are pleased to support Finnish top technology that helps the world to fight climate change, said Kustaa Poutiainen, Chairman of Stephen Industries.
Methane enables rapid scaling
Using methane as feedstock allows hydrogen production to be scaled rapidly. Hydrogen can be produced from methane from natural gas, biomethane (aka renewable natural gas – RNG), or synthetic methane (aka synthetic natural gas – SNG).
With Hycamite’s technology, the petrochemical industry’s side streams can also be used as raw material.
If biomethane or electro-methane (e-methane) made with ambient carbon dioxide (CO2) were used as feedstock, the resulting hydrogen would be carbon negative.
Sojitz strives to realize a decarbonized society through its business activities, and this capital tie-up with Hycamite is strategically important to our company. Hycamite’s revolutionary zero-emission hydrogen technology can contribute to the decarbonization of diverse industries and thus represents a promising choice for the future. We aim to provide new value to the industrial sector through businesses that utilize this technology. Sojitz will leverage its expertise and global networks as it partners with Hycamite to expand society’s use of zero-emission hydrogen and conduct marketing for carbon products, said Taro Okamura, COO of Sojitz Chemicals Division.
Cutting edge CCUS
According to Hycamite, its technology is a cutting-edge carbon capture, utilization, and storage (CCUS) technology.
The hydrogen can be used as either industrial raw material or fuel, and Hycamite’s carbon nanoproducts lend themselves to versatile applications, including Li-ion batteries, concrete, composite materials, and filter purifiers.
Hycamite’s solution diversifies the hydrogen project offering and replaces gray hydrogen in industrial applications. I see an exciting role in the hydrogen economy for it. The carbon from the feed gas used in the process is recovered in solid form and can be used for various applications, commented Paula Laine, CEO of the Finnish Climate Fund.
