A growing Albuquerque company that specializes in fuel cell and electrolizer applications, among other things, will soon be adding to its facility footprint.
Pajarito Powder, which was launched nearly a decade ago, developing an iron-nitrogen carbon catalyst, currently has an up and running 6,000 square-foot facility located at 3600 Osuna Road.
But according to reports, the company wants new production space that could be up to three times as large as the one-story Osuna Road location.
Where exactly that new location will be has not yet been revealed by the company.
Pajarito, with products designed to extend the working life of fuel cells, has an impressive track record attracting backers, having previously received investments from the Shakopee, Minnesota-based Omphalos Venture Partners, as well as the Verge Fund in Albuquerque.
Now automobile giant Hyundai Motor Company, headquartered in Seoul, South Korean, is Pajarito’s latest backer, providing a Series-B investment needed for the upcoming expansion.
In a statement, Thomas Stephenson, chief executive officer of Pajarito, remarked: “With one of the most successful fuel cell programs in the world, Hyundai’s investment and backing adds high-level credibility to our work and accelerates our ability to bring high-performance catalyst products to the rapidly growing green-hydrogen market.”
With the new facility, notes Albuquerque Business First, “Pajarito will be able to fulfill multi-ton orders for catalyst materials—much more than what it can currently deliver.”
Pajarito saw a doubling of its commercial catalyst product sales last year, enjoying expanding markets both in Asia and North America.
By Garry Boulard
