Albuquerque, NM — April 14, 2025 — Pajarito Powder, LLC, a U.S.-based materials science company specializing in advanced catalysts for fuel cells and electrolyzers, announced a new strategic investment from Hyundai Motor Group. The funding will help accelerate the company’s work in hydrogen transportation and clean energy technologies.

Specifically, Hyundai Motor Company and Kia Corporation, will invest in Pajarito Powder, officially closing the company’s B-3 funding round. Hyundai Motor Company first invested in Pajarito Powder in 2021. Since then, the global automotive leader has continued to seek strategic technologies that support a low-carbon future.

Strategic Investment to Support Hydrogen Economy Growth

“We are gratified by the continued support of one of our most important investors,” said Thomas J. Stephenson, Chair of the Pajarito Powder Board. “Across global markets, hydrogen is increasingly seen as essential for reducing carbon emissions in transportation and heavy industry. This investment from Hyundai Motor Group allows us to continue innovating and scaling our technologies while reducing the total cost of ownership for fuel cells and green hydrogen systems.”

Moreover, Ecovyst has supported Pajarito Powder in scaling global manufacturing operations. This collaboration has accelerated the company’s ability to meet growing market demand.

B-3 Funding Round Builds on Ecovyst Partnership

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. That funding has enabled Pajarito Powder to further refine its catalyst technology, expand customer partnerships, and scale global manufacturing capabilities for hydrogen-related products

“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

owder is a global leader in the development and commercialization of advanced electrocatalysts for fuel cells and electrolyzers. Based in Albuquerque, New Mexico, the company designs and manufactures high-performance catalyst products using proprietary intellectual property and licensed technologies.

The company’s product portfolio includes:

• Platinum Group Metal (PGM) catalysts

• Engineered Catalyst Supports™ (ECS)

• Engineered Electrolyzer Catalysts™ (EEC)

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 also received critical support from the U.S. Department of Energy, the New Mexico Economic Development Department, and the New Mexico International Trade Alliance.