As the journey to the global energy transition continues, various companies from different regions and sectors are collaborating to meet global decarbonization goals. These companies find ways to contribute by utilizing their unique skill sets. An equipment manufacturer may focus on hydrogen (H2) internal combustion engines, while a petrochemical manufacturer may focus on green ammonia as a fertilizer, which can also be used as a H2 carrier. An example of this is the French-American company, Dioxycle. The company is utilizing its electrolyzer technology to produce sustainable ethylene from recycled carbon dioxide (CO2) and has recently raised $17 MM at the close of its Series A funding round.
Of course, Dioxycle is not the only company raising funds to progress technologies and projects. Varo Energy secured $3.33 B in its latest financing round to fund its sustainable energy projects. The company aims to invest about $2.3 B in sustainable energy projects by 2026, consisting of H2 and biofuel projects.
Hycamite has raised more than $27 MM from various investment groups to scale its methane (CH4) pyrolysis technology. The technology decomposes methane (CH4) into H2 and carbon without releasing greenhouse gases (GHG) into the atmosphere. According to Hycamite, the technology requires 13% of the energy needed to produce H2 by electrolysis.
Compact Syngas Solutions (CSS) won about $4 MM in funding from the Bioenergy with Carbon Capture and Storage Innovation Program, run by the U.S. Department for Energy Security and Net Zero. CSS’ gasification process generates H2 gas from waste products by converting the waste into synthetic gas (syngas) that can produce H2. The funding will enable the company to build a full-scale rig that will run for 1,000 hr to test its reliability before commercialization. CSS plans to build 50 modules, each capable of producing 750 kg/d of H2 and capturing 1,600 kg/d of CO2.
Yosemite Clean Energy (YCE) was awarded a $5-MM grant from the California Energy Commission. The grant is in support of developing the company’s H2 production plant in Oroville, California. YCE plans to convert biomass into green H2 at this plant, which is projected to be completed in early 2026.
Johnson Matthey (JM) has signed an investment agreement with the Jiading District in Shanghai to accelerate China’s H2 economy. The district plans to build a catalyst-coated membrane production facility. These membranes are predicted to increase fuel cell and electrolyzer performance. The facility’s initial capacity will be up to 5 GW with the potential to expand.
Acquiring stakes in smaller businesses is also a method used to increase a company’s stake in the energy transition. Fortescue Future Industries (FFI) invested $24 MM to acquire a 100% interest in Phoenix Hydrogen Hub from an affiliate of Nikola. The company is developing a green H2 project in Buckeye, Arizona capable of producing up to 12,000 tpy of liquified green H2. Cummins recently announced the buyout of Air Liquide’s 19% interest in Hydrogenics, securing its fuel cell and electrolyzer technologies. bp completed a $1.3-B acquisition of TravelCenters of America. With this acquisition, bp plans to expand its mobility business, offering electric vehicle charging stations and, eventually, H2 refueling stations.
Investments such as these, whether in innovative technologies, production methods or projects, are necessary to achieve real global net-zero targets. The energy transition will require continued action, support and resources to become a reality. H2T