Russian steel maker Severstal has announced an investment in Canadian developer of low-carbon hydrogen technology firm Ekona Power Inc. Ekona Power Inc is a developer of hydrogen production technology based on thermal pyrolysis of methane. Natural gas is converted into hydrogen and solid carbon, which significantly reduces CO2 emissions into the atmosphere. The fully commercialized Ekona Power plants will be capable of producing up to 100,000 tons of hydrogen per year for less than $1.50 per kilogram.In the iron and steel industry, the potential for reducing CO2 emissions through the use of hydrogen is one of the highest among all sectors with a high intensity of CO2 emissions. At the same time, hydrogen should have a low carbon footprint and be cheap to produce so that its use does not impose an additional significant burden on the cost of steel. Hydrogen, which will be produced using Ekona Power Inc. technology, meets these requirements.In addition to Severstal, the technology company Baker Hughes, the trading and investment company Mitsui, the oil company ConocoPhillips etc are other investors.
Russian steel maker Severstal has announced an investment in Canadian developer of low-carbon hydrogen technology firm Ekona Power Inc. Ekona Power Inc is a developer of hydrogen production technology based on thermal pyrolysis of methane. Natural gas is converted into hydrogen and solid carbon, which significantly reduces CO2 emissions into the atmosphere. The fully commercialized Ekona Power plants will be capable of producing up to 100,000 tons of hydrogen per year for less than $1.50 per kilogram.In the iron and steel industry, the potential for reducing CO2 emissions through the use of hydrogen is one of the highest among all sectors with a high intensity of CO2 emissions. At the same time, hydrogen should have a low carbon footprint and be cheap to produce so that its use does not impose an additional significant burden on the cost of steel. Hydrogen, which will be produced using Ekona Power Inc. technology, meets these requirements.In addition to Severstal, the technology company Baker Hughes, the trading and investment company Mitsui, the oil company ConocoPhillips etc are other investors.
