Hyundai Motor Company and Kia have once again invested in the U.S.-based hydrogen fuel cell startup Pajarito Powder, reinforcing their commitment to strengthening hydrogen technology and securing a leading position in the global hydrogen ecosystem.
According to industry sources on April 1, Kia participated in Pajarito Powder’s Series B-3 funding round, marking Hyundai Motor’s second investment in the company since its initial backing in August 2021. While the exact investment amount was not disclosed, industry estimates suggest it is similar to the first round, approximately $1 million.
Headquartered in Albuquerque, New Mexico, Pajarito Powder specializes in developing catalysts for hydrogen fuel cells, which convert hydrogen into electrical energy. The company is focused on creating cost-effective alternatives to platinum, a key component in fuel cell technology. While platinum catalysts provide high efficiency, their high cost has driven companies to seek more affordable solutions.
“With Hyundai and Kia’s continued support, we will focus on advancing hydrogen technology and reducing carbon emissions,” said Thomas J. Stephenson, CEO of Pajarito Powder. “Through innovative materials and processes, we aim to enhance fuel cell efficiency and accelerate the transition to clean hydrogen energy.”
This additional investment is seen as a strategic move by Hyundai Motor Group to secure next-generation hydrogen technologies. Hyundai and Kia’s backing of Pajarito Powder aligns with their broader effort to reduce the cost of hydrogen fuel cells and promote wider adoption.
Meanwhile, Hyundai Motor views 2024 as a pivotal year for its hydrogen business expansion. At its annual general shareholders’ meeting on March 20, the company approved a proposal to include hydrogen-related businesses in its corporate charter, signaling a stronger commitment to the sector’s long-term growth.
