FTSE 100 firm Johnson Matthey has signed a three-year supply agreement with Norway’s Hystar to ramp up green hydrogen production.
The company, which makes most of its money by selling catalytic converters to clean the fumes spewed out by combustion engines, is increasingly focusing on new sustainable technologies, including green hydrogen.
The latest partnership follows a similar deal earlier in the 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 zero-carbon fuel made by using renewable power from wind and solar energy to split water into hydrogen and oxygen.
If the electrolysers – the devices used in the splitting process – are powered by renewable energy, the product is called green hydrogen, or a fuel free of greenhouse emissions.
Green hydrogen is a way to potentially decarbonise transport by powering vehicles with only water as a by-product, thereby helping countries meet their net zero emissions goals.
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 similarly pledged to invest in up to 10 gigawatt new catalyst coated membranes (CCMs) manufacturing capacity in the US, with production expected to begin in 2025.
In 2021, the group was forced to ditch 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, chief executive 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.
‘Partnerships such as this that bring together complementary capabilities and strengths of different organisations are essential to the development of the hydrogen economy.’
Fredrik Mowill, chief executive at Hystar, said: ‘Hystar’s class-leading PEM electrolyser is currently undergoing a ramp-up to GW scale production capacity.
‘As part of our growth plans, Hystar will partner with strategic suppliers, such as JM, who possess state-of-the-art technology, mass manufacturing capacity as well as the ability to pursue future technology developments.’
Johnson Matthey shares were flat at £18.88 in morning trade on Monday.
