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Russia''s Severstal announced that it would invest in Ekona Power Inc., a Canadian developer of low-carbon hydrogen production technology, through funds from US-based Baker Hughes.
Ekona Power had developed a new hydrogen production technology from methane pyrolysis processing, in which natural gas was converted into hydrogen and solid carbon, resulting in a significant reduction in carbon emissions at lower production costs.
The company had secured a US$79 million equity investment to commercialize clean hydrogen technology with the support of investors including Severstal, Japan''s Mitsui and ConocoPhillips, and others. A fully commercial hydrogen production plant could produce up to 100,000 tons of hydrogen per year at prices below US$1.50 per kilogram.
Ekona Power''s innovative technology is helping not only Severstal but the entire steel production industry to solve the problems of reducing carbon emissions.
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