20 June 2013
Amalyst Limited, a spin-out from UCL, will use the money to fund the roll out of a novel low cost electrocatalyst for use in fuel cells and water electrolysers. Fuel cells generate electricity from a hydrogen-rich source and oxygen without combustion, offering the promise of higher efficiency and lower pollution. Electrolysers generate hydrogen fuel from the passage of electricity through water and if the electricity comes from a renewable source, the fuel has a very low carbon footprint. Amalyst’s catalyst, unlike the majority of existing electrolysis and fuel cell catalysts, does not contain any platinum and thus has the potential to substantially reduce the overall system cost.
Amalyst will open a sales and business development office in the West Midlands as its team expands and they look to accelerate the introduction of its catalyst material to the market.
Dave Hodgson, CEO of Amalyst, said: “Interest from potential customers in the performance advantages of the Amalyst catalyst has played a major part in the decision to make this investment. Our research has established a platform which is now poised for commercial growth and the team is excited by the opportunity.”
Dr Hodgson added that the fuel cell and electrolyser markets have begun to gain considerable traction, with several large automotive brands having committed to the commercial launch in 2015 of a fuel cell-powered vehicle.
Dr Andrew Muir, director of Midven and Investment Director of the Early Advantage fund, said: “The Amalyst technology offers higher performance and lower cost compared to alternatives, they are working with customers in multiple markets and we are delighted to support the growth of the company.”