Following our seed round raise announcement, our CEO and founder, Ryan Anderson, sat down with Polly Martin of Hydrogen Insight to discuss a range of salient issues ranging from carbon-negative hydrogen, the economics of electrolyser technology, and the ideas the company has for the future.
Ryan highlights that our Direct Air Capture (DAC) technology is set up to address both environmental and economic challenges with a revolutionary approach to carbon-negative hydrogen production. This inventive solution extracts CO2 from the air while simultaneously generating low-cost clean hydrogen. The technology marks a significant stride in our pursuit of global net-zero emissions.
Ryan also proudly extols our electrolyser technology, describing it as a “flexible industrial load”. The electrolyser which is crucial for the direct air capture process can operate intermittently while strategically overproducing acids and bases for continuous mineral sorbent recycling. This distinctive feature ensures our company's ability to meet the clean energy procurement requirements for clean hydrogen production while maintaining operational continuity, even without renewable power availability. Anderson emphasized the challenge for other direct air capture technologies in operating with clean power, positioning Parallel Carbon's design as a forward-looking solution.
The article discusses the economic considerations of our approach, to which Anderson provides estimates of energy costs, projecting competitive pricing advantages against traditional electrolysers. Our company aims for a levelized cost of $400 per tonne of CO2 captured and $2/kgH2 produced by the late 2020s, with further reductions to $100 and $1, respectively, in the early 2030s. Having secured $3.6 million in seed funding, Ryan notes that some of our targets include: a kilowatt-scale demonstration project for testing by early 2025, and a larger, commercial pilot in 2026, “capable of producing 100 tonnes of hydrogen and capturing 1,000-2,000 tonnes of CO2 per year”, following an expected Series A fundraising round.
Anderson unveiled our strategic approach to the carbon credit market, detailing the pre-sale of carbon dioxide removal credits through 2025. We aim to make carbon-negative hydrogen an attractive alternative for hard-to-abate sectors like steel. He expressed skepticism about industries opting for carbon removal over other decarbonization methods due to the limited supply of high-quality credits and the necessity of emissions reduction. They also discussed the complex dynamics of claiming IRA tax credits 45Q and 45V in the US; revealing potential challenges and opportunities in the evolving regulatory landscape.
For the full article, kindly follow this link to Hydrogen Insight.