Russian Severstal announced that it will invest in Canadian low-carbon hydrogen production technology developer Ekona Power Inc., with funds from US-based Baker Hughes.
Ekona Power has developed a new hydrogen production technology from methane pyrolysis, where natural gas is converted into hydrogen and solid carbon, resulting in a significant reduction in carbon emissions with lower production costs.
The company has secured an equity investment of US$79 million to commercialize clean hydrogen technology, with support from investors including Severstal, Japan's Mitsui, and ConocoPhillips and others. A fully commercial hydrogen production facility can produce up to 100,000 tons of hydrogen per year at prices under $1.50 per kilogram.
Ekona Power's innovative technology will help not only Severstal, but the entire steelmaking industry to solve their carbon emission reduction problems.
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