Pittsburgh, Baltimore, USA – Today, Green Swan Partners LLC, a Pittsburgh, PA, based venture builder and sHYp BV PBC a Baltimore, MD based Hydrogen (H2) technology startup, announced a joint business development agreement as a precursor to a formal joint venture.
sHYp’s unique membrane-less electrolyzer produces hydrogen from seawater or brine. Unlike other electrolyzers, desalination is not required. Further, it does not utilize a membrane, can be 3D printed, and is designed for modular generation at the point of use. This reduces Capex and Opex costs and the need for complex distribution pipelines when compared to traditional electrolyzer technology. The electrolyzer can be located at ports, offshore to harness surplus electricity generated by wind, solar, and wave farms, and in the future, on-board vessels.
“This technology is a game changer. It is a vast improvement over existing electrolysis technology as it requires no desalination and results in no toxic waste,” said Lala Faiz, Green Swan partner and sustainability expert. “Green and Blue hydrogen technologies are a necessary and critical tool in our portfolio as we tackle climate change, and we’re extremely pleased to be working with sHYp.”
“Green Swan Partners is a strong team that brings a valuable execution and commercialization skillset to sHYp”, said Carl Fischer, CEO of sHYp, “Further, they have a unique business model that enables them to build new value for our technology in markets we may not or are not able to pursue alone. This is extremely attractive to a startup and should help us build, scale and grow faster than we could on our own.”
In 2019 sHYp received a grant from PowerBridgeNY, a NYSERDA-supported proof-of-concept center, and was also included in the World’s premier maritime accelerator www.PortXL.org. sHYp is on track for a first commercial pilot in Q4 of 2021.
“If you look at the feedstock for this technology as being salt water and its need for energy to run the electrolyzer, the most natural co-location site would be off-shore and near-shore wind farms,” said Chetan Chothani, partner at GSP, “Imagine a wind farm island with sHYps technology deployed that can provide offtake for H2, CO2, clean water (a product of H2 combustion) and synthetic fuels derived from reforming H2 and CO2! The technology and its end-use applications are varied, including the production of valuable chemicals.”
In addition to generating H2, sHYp’s technology can simultaneously produce valuable co-products such as magnesium hydroxide and capture CO2 from sea water or modify water pH for water treatment applications. These additional revenue streams are expected to greatly increase the gross margin of the overall process, allowing for hydrogen to be produced at a cost equivalent to or lower than hydrogen derived from methane.
Under the terms of the Joint Business Development Agreement (JBDA), the parties will explore markets, verticals, applications, and geographies to deploy sHYp’s technology commercially. Once opportunities are identified, the parties will form a joint venture to selectively commercialize the technology on a global scale.
About Green Swan Partners, LLC:
Green Swan Partners (GSP), established in 2020, is a venture builder focused on generating wealth and planetary health. GSP invests its time, talent, and capital in ventures that meet a critical industry need while making a positive impact on the environment. GSP takes equity positions in these ventures and builds long-term shareholder value.
About sHYp, BV:
sHYp BV is a startup launched in 2019. Its technology, a membrane-less, 3D printable electrolyzer, is based on IP from Columbia University, NYC. It has attracted a lot of interest from the maritime, offshore wind, and oil and gas industries.