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With its newly formed subsidiary, PCC is exploring opportunities in the hydrogen economy.
Pyrochem Catalyst Company (PCC), a catalyst manufacturer, has successfully spun off its equity ownership in PCC Hydrogen (PCC Hydrogen) into a separate entity. Effective December 31, 2022, the spin-off was executed through a special warrant of shares of PCC Hydrogen Common Stock granted to existing PCC shareholders recorded as of the said date. PCC will hold onto a non-participating preferred Series A share of PCC Hydrogen. This maneuver establishes two autonomous firms ready to grow in the emissions reduction and green energy sectors.
"Today marks an important milestone for both PCC and PCC Hydrogen. We are unlocking considerable opportunity for PCC Hydrogen in the burgeoning green hydrogen economy, while maintaining our close partnership in catalyst innovation, deployment, and support for our customers," stated Timothy Fogarty, CEO of PCC. He emphasized that they are "full speed ahead with the development of our novel hydrogen production process," in an attempt to harness opportunities in domains where green hydrogen is a significant factor for decarbonization.
The spin-off results in PCC and PCC Hydrogen as independent entities, positioning them for growth in the emissions mitigation and green energy markets.
PCC, known for developing innovative catalyst materials for applications varying from automotive exhaust emissions mitigation to fuel reforming, employs its patented manufacturing process to produce commercial volumes of catalyst material for its commercial applications.
PCC Hydrogen is working on a method to produce either low or negative carbon index hydrogen from ethanol and other renewable fuels in a distributed and cost-effective manner. Their process allows for the capture of CO2 byproducts, thereby enabling the production of negative carbon index hydrogen.