It is hoped Bekaert’s investment will aid Pajarito’s work to improve the performance and cost-efficiency of fuel cell and electrolyser stacks, critical to reducing its costs and improving the financial argument for the global scale-up of hydrogen as a key energy source.

By investing in Pajarito, Bekaert increases its participation in the hydrogen industry and hopes to accelerate the growth of the hydrogen ecosystem, building off the announcement in April (2022), that it had joined a consortium aimed at developing next generation electrolysers.

Read more: New Johnson Matthey consortium is aiming to develop the next-generation of electrolyser

Inge Schildermans, Vice-President of Fibre Technologies at Bekaert, commented, “Bekaert is committed to developing green and sustainable solutions for our customers, with a particular focus on improving the performance of components necessary for the electrolysis needs of the future.

“We are committed to innovation and the scale-up of components and equipment that will make the vision of a global hydrogen economy a near-term reality, and we see Pajarito Powder as a key part of that reality.”

In August last year (2021), Hyundai Motor Company revealed it had made a Series-B investment in the company, seeing Pajarito support Hyundai in its hydrogen-fuelled mission, bringing its high-performance catalyst products to market.

Read more: Hyundai to expand its hydrogen portfolio; invests in Pajarito Powder

Thomas Stephenson, Chairman and CEO of Pajarito Powder, said, “Demand for green hydrogen is increasing as more nations recognise it as a way to meet energy needs while slashing carbon emissions and reducing dependence on oil and gas.

“Bekaert is a highly regarded global company whose backing, combined with our existing backing from Hyundai, further augments the credibility of our work and accelerates our ability to deliver high-performance catalyst products to the rapidly expanding green-hydrogen market.”