Hydrogen and fuel cell catalyst maker Pajarito Powder receives Series-B investment from Hyundai Motor
August 4, 2021
Investment helps accelerate scale-up of Pajarito Powder’s advanced catalysts
ALBUQUERQUE, NEW MEXICO – August 4, 2021 – U.S.-based startup Pajarito Powder has received a Series-B investment from Hyundai Motor Company. The investment is intended to allow Hyundai Motor to expand its portfolio in the value chain of the hydrogen industry and strengthen the establishment of the hydrogen ecosystem.
See the full press release, here.
“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 J. Stephenson.
“We have structured the investment to maintain our independence,” Stephenson said. “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” Stephenson said.
About Pajarito Powder
Based in Albuquerque, New Mexico, USA, Pajarito Powder, LLC 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. Pajarito Powder manufacturers catalysts for use with proton-exchange membranes (PEM) and alkaline fuel cells and electrolyzers; it also manufactures a proprietary Precious-Metal-Free catalyst for fuel cells. Pajarito Powder materials more effectively use the platinum group metals (PGM) component of catalysts, resulting in higher performance, better stability and improved durability.
Pajarito Powder is a venture-backed startup funded by Hyundai Motor Company, Verge Fund, Omphalos Venture Partners and other private investors.
Pajarito Powder benefits from resources provided by the State of New Mexico Economic Development Department: JTIP, STEP and other programs through the Office of Science and Technology.