Finnish climatetech company secures €44M to scale low-carbon hydrogen technology

Kokkola-based Hycamite has secured €44 million in Series A funding to scale its methane-splitting technology, which generates low-carbon hydrogen and solid carbon for industrial use. The funding, completed in two stages, will enable the launch of an industrial-scale demonstration unit in Kokkola, Finland. The investment round was led by Sojitz Group, with contributions from existing backers Holdix Oy, Turret Oy, and Stephen Industries Oy, as well as new investors OMV Petrom and MOL PLUS. Hycamite’s technology, based on thermo-catalytic decomposition, uses significantly less energy than traditional hydrogen production methods and produces carbon suitable for applications like batteries and filtration systems. The funds will primarily be used to transition the technology to industrial scale and explore commercial applications.

Hycamite TCD Technologies is a Finland-based company developing methane-splitting technology to produce hydrogen and solid carbon. Using a thermo-catalytic decomposition process, the company aims to create low-carbon alternatives for energy and industrial applications. Headquartered in Kokkola, Hycamite focuses on scaling its technology for commercial use, with solid carbon outputs suitable for industries such as batteries and filtration. Its approach emphasizes energy efficiency and the reduction of emissions in hydrogen production.

“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.

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