Johnson Matthey signs deal with Hystar to increase green hydrogen production
Johnson Matthey signs three-year deal with Norwegian company Hystar to ramp up green hydrogen production from FTSE 100 company
- The latest partnership follows a similar deal with Plug Power earlier this year
- Johnson Matthey said it will supply Hystar with membrane electrode assemblies
- Green hydrogen is a carbon-free fuel that is made by using renewable energy
FTSE 100 company Johnson Matthey has signed a three-year supply agreement with Norwegian company Hystar to ramp up production of green hydrogen.
The company, which makes most of its money selling catalytic converters to clean combustion engine fumes, is increasingly focusing on new sustainable technologies, including green hydrogen.
The latest collaboration follows a similar deal earlier this year with Plug Power, a US company focused on green hydrogen.
Hydrogen boost: Johnson Matthey will supply Hystar with membrane electrode assemblies
Green hydrogen is a carbon-free fuel made by using renewable energy from wind and solar power to split water into hydrogen and oxygen.
If the electrolysers — the devices used in the fission process — are powered by renewable energy, the product is called green hydrogen, or a fuel with zero greenhouse gas emissions.
Green hydrogen is a way to potentially decarbonize transportation by powering vehicles with only water as a by-product, helping countries meet their net-zero emissions targets.
Johnson Matthey said it will supply Hystar with membrane electrode assemblies (MEAs) – a key component for electrolysers, which will be used to ramp up green hydrogen production.
In January, Johnson Matthey and Plug Power also pledged to invest in new production capacity of up to 10 gigawatts for catalyst coating membranes (CCMs) in the US, with production expected to begin in 2025.
In 2021, the group was forced to shut down its electric car battery business after falling too far behind competitors in China and Korea, where government support for these industries is much higher than in the UK.
Mark Wilson, CEO of Hydrogen Technologies at Johnson Matthey, said: “This strategic agreement with Hystar is an important endorsement of JM’s electrolyser technology, manufacturing capability, supply chain access and our circularity offering.
‘Such partnerships that bring together complementary capacities and strengths of different organizations are essential for the development of the hydrogen economy.’
Fredrik Mowill, chief executive at Hystar, said: ‘Hystar’s industry-leading PEM electrolyser is currently undergoing a ramp-up to GW-scale production capacity.
“As part of our growth plans, Hystar will work with strategic suppliers, such as JM, who have state-of-the-art technology, mass production capacity and the ability to pursue future technological developments.”
Johnson Matthew shares were flat at £18.88 in morning trading on Monday.