Kokkola-based hydrogen producer Hycamite raised 44 million euros in financing

Hydrogen company Hycamite TCD Technologies has raised a total of 44 million euros in new financing.

The financing round was led by Japanese conglomerate Sojitz Group with additional investment.

The round also included Finnish investment companies Holdix, Turret and Stephen Industries, who have also invested in Hycamite previously.

New investors include OMV Petrom and Mol Plus.

Austrian Petrom, part of the OMV Group, is the largest integrated energy producer in Southeast Europe, and Mol Plus is a venture capital firm owned by Japanese shipping giant Mitsui.

Hycamite announced in December 2024 that it would begin investigating the utilization of its technology in international maritime traffic together with Mol Plus.

New demo plant launched

Hycamite has just opened its first industrial-scale demonstration plant in Kokkola, where it intends to prove the functionality and profitability of its methane splitting method.

CEO of a growth company Laura Rahikan According to the company, additional funding will help it reach a new level, including in scaling the process.

“We are very pleased with the growing global interest in our technology,” says Rahikka, thanking both old and new investors for their support.

Hycamite produces hydrogen from methane by thermochemically cracking it. The other end product of the process is clean, industrial-grade solid carbon.

Hycamite aims to help industry, transport and mobility players achieve their low-carbon goals. The solution is suitable for international shipping, for example, and can help significantly reduce fossil emissions from shipping, says Kemiamedia.fi.

The production method, developed in collaboration with the Sustainable Chemistry Research Unit at the University of Oulu, does not cause carbon dioxide emissions.

Text: Päivi Ikonen/ Kemiamedia.fi

Photo: Anne Yrjänä. Hycamite's CEO and co-founder Laura Rahikka is more than satisfied with the result of the financing round.