–U.S. fuel-cell component supplier receives new investments to continue work on hydrogen transportation applications

–Investment concludes the company’s B-3 round, following an investment by Ecovyst Catalyst Technologies

Albuquerque, NM, April 14, 2025 – Pajarito Powder, LLC, an innovative materials science company that specializes in catalysts for electrolyzers and fuel cells, announced a new investment from Hyundai Motor Group.

Hyundai Motor Company and Kia Corporation will both invest in the company, closing its B-3 round of fundraising. Hyundai Motor Company originally invested in Pajarito Powder in 2021, and the South Korean automotive giant continues to look for strategic future technologies to support.

“We are gratified for the continued support of one of our most important investors,” said Thomas J. Stephenson, Pajarito Powder’s Board Chair. “In most of our global markets, hydrogen in transportation and heavy industry is considered essential to reduce carbon emissions. This financing from Hyundai Motor Group enables us to continue to innovate and grow. We’ll keep working on ways to reduce the total cost of ownership for fuel cells and green hydrogen. ”

Hyundai Motor Group has been investing in promising global start-ups in a drive to lead in new industries and the technologies of the future. Hyundai Motor Group has been engaged in strategic investment efforts including seed money for new businesses and supporting fundamental technologies for existing businesses. The company is trying to identify new business opportunities and promising future technologies at the same time. 

The current funding completes Pajarito Powder’s B-3 round, led by a $4.5 million commitment from Ecovyst Catalyst Technologies Inc., a leading innovative and integrated global provider of advanced materials, including catalysts for industrial production. Pajarito Powder has been using that investment to refine its technology, deepen customer partnerships and build its hydrogen businesses. Ecovyst has been helping Pajarito Powder to scale global manufacturing operations.

“It’s been a banner year for Pajarito Powder,” said John Rice, the company’s interim Chief Executive Officer. “The important work of building the hydrogen economy at the ground level is continuing at a steady pace.”

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 Hyundai Motor Company, NV Bekaert SA, Ecovyst Catalyst Technologies Inc., 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.

###