Satu Mäki
Sini Santasalo
Clarissa Laiho
Janita Suojanen
Hanken School of Economics
Martin Fougere
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Hycamite’s Founder and Chairman Matti Malkamäki (2023) argues that by changing to hydrogen, companies are lowering their carbon dioxide emissions. Hydrogen is a way of carrying and storying energy for many months in its best (International Energy Agency, s.a.).
Hycamite’s process in its best can be carbon negative, according to the founder and Chairman Matti Malkamäki. This is accomplished by utilizing methane sourced from biogas or by extracting carbon from the atmosphere (Hycamite, s.a.). Malkamäki describes hydrogen as a challenging material, due to its small size which enables it pass through steel and potentially impact the steel’s service life. What sets Hycamite apart from the other hydrogen producers is their commitment to minimizing their carbon footprint, making it the lowest in the business. Furthermore, at the time being Hycamite's hydrogen has a carbon negative impact on the climate, according to Malkamäki. As an innovation, this low carbon hydrogen enables a significant reduce in greenhouse gas emissions (Hycamite, s.a.).
Methane in its elemental components is hydrogen and carbon. With their special methane pyrolysis technology, Hycamite can break down the methane into these two components, by using heat and catalysts that are patented. They have a technology that captures the carbon emissions which prevents the emissions from entering the atmosphere. The process itself can be put into an existing industrial plant, which helps to recycle the industries side emissions. This technology is based on years of studies in the University of Oulu (Hycamite, s.a.). Hydrogen is an important product for decarbonizing different sectors, and through hydrogen-powered vehicles, the world would have a better air quality (International Energy Agency, s.a.). All in all, Hycamites innovation has a big impact on all of the SDG’s mentioned above (7,8,9,12,13).
The original inspiration for Hycamite came to Malkamäki at an event by the National Gas Association, where one of the awarded innovations was presenting their process for splitting methane with liquid metal. As Malkamäki returned home, the idea stuck with him, and he started studying the methane pyrolysis. (Malkamäki, 2023).
“I downloaded a few academic papers for some light reading for the holiday, and then a rainy day came, and I started reading”, Malkamäki (2023) reminisces.
“I looked at the papers and thought, wow, this is interesting. This is something I want to have a look at how this could go,” Malkamäki (2023) continues.
Not long after, Malkamäki had reached out to his friend from university, Hycamite’s current CEO Laura Rahikka. Soon after, first tests were being done in a laboratory, and the business idea was born (Malkamäki, 2023).
“Long story short, three and a half years later, we now have a team of 40 people. We have raised more than 30 million euros. It’s been all right!” (Malkamäki, 2023).
Hycamites (s.a.) solution is based on years of studies. Malkamäki (2023) describes that the companys goal is to lower CO2 emissions in the world. Company’s vision is to decarbonize industry, and by growing in a profitable way, Hycamite wants to give solutions for the industries that helps them to decarbonize the world (Hycamite, s.a.) Malkamäki (2023) describes that there is an interest in creating global partners in the future as well.
Malkamäki (2023) says that the company gives added value to the customer by being carbon negative, because there is no competitor that can operate likewise. Hycamite produces nanotubes and nanofibers, what can be used for producing graphite, a critical material in both European Union and USA (Malkamäki, 2023). Hycamite does not release any emissions to the athmosphere and it requires only 13% of the energy that what electrolysis is using in a production (Hycamite s.a.).
“The result of changing to hydrogen helps to lower the carbon dioxide emissions (of industries)”, Malkamäki (2023) says.
“When we are making hydrogen, the carbon footprint of that hydrogen is less than minus 2.7 kilos of CO2 per kilogram of hydrogen. We don't know any other company in the world that is doing this at the moment”, he continues.
The timeline of Hycamite is a rather unique one, as the company has been built from a hunch to a team of 40 people in less than four years. Whilst the startup is not yet creating profit, global investors, from Japan to Austria, have believed in this innovation with more than 30 million euros in funding.
“We at Hycamite have done the national record in how quickly a deep/clean tech company can grow”, Malkamäki (2023) says.
What sets this innovation apart from its competitors is the simplicity of the installation process, which can be easily carried out alongside existing industrial plant, Malkamäki (2023) describes. That is the case especially with clients whose processes are built on using natural gas. However, Malkamäki (2023) reminds, as with any startup, things need to be rapidly evolving.
“As a startup of this kind, you need to have an innovation process in place with two types of innovation processes: the passive innovation and the very, very active innovation.”
Due to this, one of the key elements of Hycamite’s strategy is professional innovation management. Malkamäki (2023) describes the work as highly sensitive and recognizes the value of their team from patent analysist to legal professionals.
“Afterall, we are still a startup, and every startup can die overnight (Malkamäki, 2023)”.
As a clean tech company, Hycamite is dedicated to finding ways to reduce or avoid harm to the environment. They aim to do this through their innovation which significantly reduces greenhouse gas emissions, creating a significant environmental impact. Hycamite’s unique methane pyrolysis technology prevents emissions from being released into the atmosphere. Furthermore, it challenges the traditional electrolysis method, using only 13% of the electricity needed in electrolysis technology (Hycamite, s.a.). Therefore, Hycamite’s innovation has a meaningful impact on energy consumption.
But as often is the case with ground-breaking innovations, getting others on board is not always easy.
“There are a lot of negative impacts to hydrogen use, so why would you change? Because it is a tool. You don’t change because you want to, you change because you want to lower the CO2 emissions and that is the that is very important”, Malkamäki (2023) explains.
However, Hycamite’s dedication to sustainability does not stop there.
“Our mission is to decarbonize industry, which is sustainable to the environment, but (we also consider) sustainability through team members, local society, and the governance as well”, Malkamäki (2023) explains.
“We need to make sure that our working environment is safe and good for everybody here” (Malkamäki, 2023).
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Hycamite is a clean tech decarbonising company making low carbon hydrogen and sustainable carbon products with their methane pyrolysis technology. The company has many clients in several industries where natural gas is being used in the production process (Hycamite, s.a.).
