Finland-based Hycamite, a company that produces low-carbon hydrogen and carbon products by splitting methane, announced that it has secured €44M in a two-step series A investment from strategic and financial investors.
The second part of the series was closed to start operations of the company’s industrial-scale demonstration unit.
Sojitz Group led the round with existing investors Holdix Oy, Turret Oy, and Stephen Industries Oy also participating. New investors OMV Petrom, part of the OMV Group, and MOL PLUS, a corporate VC company owned by Mitsui O.S.K. Lines, joined the investment.
Koji Aonuma, General Manager of Energy Transformation Department, says, “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.”
Decarbonisation with scalable solutions
Hycamite TCD Technologies produces clean hydrogen and industrial-quality solid carbon by splitting methane using proprietary zero-emission technology based on thermo-catalytic decomposition (TCD).
The process requires only 13 per cent of the energy needed for hydrogen production via electrolysis.
Hycamite’s technology allows for the production of low-carbon or carbon-negative hydrogen from biomethane, natural gas, or synthetic methane. It also supports carbon capture, utilisation, and storage (CCUS), creating carbon sinks and providing industrial-quality carbon for applications like Li-ion batteries, composites, and filters.
Hycamite partners with industrial companies to develop modular, cost-effective decarbonisation solutions by building plants near natural gas-consuming facilities like chemical and steel factories. The use of standardised technology and existing infrastructure enables quick deployment.
The company is commissioning a unit in Kokkola, Finland, to demonstrate industrial scale and commercial readiness.
Ms. Laura Rahikka, CEO and co-founder of Hycamite, says, “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.”
What do the investors have to say?
OMV Petrom, part of the OMV Group and an integrated energy producer in Southeast Europe and MOL PLUS, a corporate VC company owned by Mitsui O.S.K. Lines, participated in the investment round alongside private investors and staff members.
Franck Neel, Executive Board Member of OMV Petrom, says, “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.”
Takuya Sakamoto, CEO of MOL PLUS, adds, “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 utilising 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.”
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