Hycamite raises €44 million in funding

Hycamite has secured a total of €44 million in a two-step series A investment from a group of investors. The second part of the series was closed to initiate the operations of the company’s industrial-scale demonstration unit. The investment round was led by Sojitz Group, with existing investors Holdix Oy, Turret Oy, and Stephen Industries Oy also participating. New investors OMV Petrom and MOL PLUS joined the investment. OMV Petrom – as part of the broader OMV Group of companies – is the largest integrated energy producer in Southeast Europe, active along the entire energy value chain. MOL PLUS is a corporate VC company wholly owned by Mitsui O.S.K. Lines, Ltd., one of the world’s largest shipping companies. Some private investors and staff members joined the investment round.

“With this important investment, we will be able to reach an important milestone for industrial scaling and take the engagement with our end customers to a completely new and concrete level. We are very pleased with the expanding global interest in our technology and the firm investor support and enthusiasm of our existing and new shareholders.  I can assure our stakeholders that the best is yet to come,” said Ms. Laura Rahikka, CEO and Co-Founder of Hycamite.

"Sojitz Corporation has made an additional investment in Hycamite to promote the practical implementation of innovative methane-splitting technology, a solution in increasing demand. As the largest shareholder of Hycamite, Sojitz will leverage its expertise and global networks to further accelerate the development of businesses related to clean hydrogen and high-performance carbon products.”, said Koji Aonuma, General Manager of Energy Transformation Department.

“This partnership with Hycamite will provide OMV Petrom access to advanced clean energy solutions.  By investing in innovative technologies, we are unlocking new ways to transform natural gas into a cleaner fuel, aligning with our vision for a sustainable energy future”, said Franck Neel, Executive Board Member of OMV Petrom.

“Through our discussions with Hycamite, we are interested in the Turquoise Hydrogen segment, and we strongly feel the potential for collaboration in the direction of utilizing LNG for Vessels, leading us to make this investment and business alliance. It is a significant challenge of verifying its application to vessels, but we are committed to the success of this challenge, along with the other shareholders of Hycamite.”, said Mr. Takuya Sakamoto, CEO of MOL PLUS.

Hycamite produces low-carbon hydrogen and industrial-quality solid carbon by splitting methane using proprietary zero-emission technology. The technology is based on methane molecules’ thermo-catalytic decomposition (TCD) – breaking the methane with catalysts and heat. Hycamite technology uses only 13% of the energy required to produce hydrogen through electrolysis. As a cutting-edge carbon capture, utilization, and storage (CCUS) technology, the Hycamite solution creates carbon sinks. It produces industrial-quality carbon – such as graphite – for demanding applications, such as Li-ion batteries, composite materials, and filter purifiers.