ReCatalyst Announces Successful Closing of Oversubscribed Seed Financing Round
"We are really at a unique point in history to be able to make a direct impact towards an incredibly important humanity’s challenge"
ReCatalyst, a spin-out from the renowned National Institute of Chemistry in Ljubljana, developing next-generation PEM fuel cell catalysts, has closed an oversubscribed €1.7 million seed financing round. The funding round was co-led by the Germany-based High-Tech Gründerfonds (HTGF), xista science ventures from Austria and OCCIDENT from Germany. The syndicate completes RUJ Ventures from Slovenia and the strategic business angel Dr. Tine Tomažič. The funding will be used to enhance market readiness and accelerate process development for ReCatalyst’s next-generation proton exchange membrane (PEM) fuel cell catalysts, which are expected to grow to a $45 billion market by 2030.
With the humanity’s race to ‘net-zero’, hydrogen and proton exchange membrane (PEM) fuel cells will play a critical role in decarbonisation of both the energy and transport sectors. Fuel cells technology is expected to decarbonize especially heavier applications such as heavy-duty trucks, buses, trains, airplanes, ships, etc. However, at the core of each PEM fuel cell are currently still far too high quantities of precious and scarce platinum that is found in the electrocatalyst. This makes the technology expensive and difficult to mass produce. To solve this problem, ReCatalyst is developing a nano-tech platform for the production of next-generation of intermetallic platinum-alloy PEM fuel cell catalysts with the core mission to enable an optimized usage of platinum group metals.
"The investment from a strong syndicate of renowned international investors not only provides the company with crucial financial and operational support but also positions it on a global scale. In addition, this opportunity synergizes effectively with Slovenia’s strong connections to the German and Austrian industries. I take immense pride in the fact that we have transformed what was once a PhD research project into one of the most promising products in the market with substantial potential for future developments. While we have been successfully building our company with prestigious non-dilutive funding sources, we have now reached a stage where a more aggressive approach for growth has been absolutely critical in order to capitalize on the emerging hydrogen and catalysts market", Tomaž Bizjak, CEO and co-founder of ReCatalyst.
"We are really at a unique point in history to be able to make a direct impact towards an incredibly important humanity’s challenge and accelerate commercialization of hydrogen-based technologies at the very ‘heart’ – the (electro)catalyst. We plan to use this incredible opportunity to take our patented nano-tech platform to the next level, expanding both our production capabilities as well as product portfolio, revolutionizing not only the way we make fuel cell catalysts, but (electro)catalysts in general", Dr. Matija Gatalo, CTO and co-founder of ReCatalyst.
"ReCatalyst has developed a catalyst manufacturing platform technology that not only reduces the amount of platinum required in PEM fuel cells, but also enhances their efficiency. We believe this is a critical improvement to make PEM fuel cells cheaper and more applicable to the heavy-duty vehicle sector, resulting in a great potential to reduce CO2 emissions in the long term", Dr Jan Engels, Investment Manager at HTGF.
"ReCatalyst strongly fits our investment thesis of breakthrough science developed in a lab, spinning out as a company with major commercial potential. The team’s high ambition, focus on major reduction in platinum use without compromising on performance, and robust execution approach across the hydrogen and fuel cell value chain can unlock new possibilities for PEMFCs and even beyond", Florian Resch, Partner at xista science ventures.
"ReCatalyst has made a very convincing technological leap with its innovative catalysis product. We believe that their technology will significantly contribute to reducing the required platinum loading of PEM fuel cells on an industrial scale and thus result in a considerable reduction in manufacturing costs. The ReCatalyst team demonstrates an excellent and unique combination of entrepreneurial mindset and cutting-edge technology emerging from National Institute of Chemistry in Ljubljana", Simon Schild von Spannenberg, Junior Investment Manager at OCCIDENT.
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