Severstal has revealed a new investment in Ekona Power that will enable the company to accelerate production of its low-carbon hydrogen production technology and integrate it into the steel industry.
With the investment, it is hoped that the hydrogen production technology can be integrated into the steel manufacturing industry to decarbonise its operations on a day-to-day basis.
Ekona power has created a novel methane pyrolysis technology platform that can be utilised to produce low-cost clean hydrogen also known as turquoise hydrogen.
A unique aspect of this hydrogen production method is that it drastically reduces carbon emission throughout the process making it a potential key technology in producing clean hydrogen.
It uses heat recovery and combustion to generate the heat energy and high temperatures that are required to drive the methane splitting reaction.
In addition to this, the platform is low-cost, scalable, and can be flexibly sited wherever natural gas infrastructure exists.
Andrey Laptev, Director of Business Development and Corporate Venture projects at Severstal, said, “Decarbonisation is crucial for the future of the steel industry. Any long-term competitive advantage is now dependent on investments in advanced steel production methods.
“Ekona Power’s innovative technology will help us solve the problem of reducing carbon emissions – not just for Severstal, but across the whole industry.
“The participation of Severstal Ventures in such a significant project once again confirms our commitment to reducing carbon dioxide emissions for our industry and combating climate change.”