Company Profile: Calicat (California Catalysts)

Background

Calicat, formerly known as H2U Technologies, is a leading developer of advanced materials and stack components for electrolysis, focusing on reducing the reliance on scarce and expensive materials like iridium in hydrogen production. The company was established to commercialize over $120 million in Department of Energy-funded research from the Joint Center for Artificial Photosynthesis (JCAP) program at Caltech. By leveraging artificial intelligence (AI) and high-throughput experimentation, Calicat aims to accelerate the discovery and deployment of cost-effective, sustainable catalysts, thereby facilitating the global transition to green hydrogen.

Key Strategic Focus

Calicat's strategic objectives include:

Development of Non-Iridium Catalysts: Addressing the global scarcity and high cost of iridium by creating alternative catalysts for Proton Exchange Membrane (PEM) electrolyzers.

Reduction of Levelized Cost of Hydrogen (LCOH): Enhancing the economic viability of green hydrogen through innovative materials and technologies that lower both operational and capital expenditures.

AI-Driven Catalyst Discovery: Utilizing proprietary AI models to predict and evaluate new catalyst materials, significantly accelerating the development process.

Target Markets: Serving industries such as transportation, energy, metals, chemicals, and construction, which are seeking sustainable hydrogen solutions to meet decarbonization goals.

Financials and Funding

As of October 2024, Calicat has raised a total of $18 million in funding. The most recent Series A-2 funding round secured $3 million, with participation from existing investors like Volo Earth Ventures, Dolby Family Ventures, Freeflow Ventures, Hess, Motus Ventures, and Jericho Energy Ventures. New investors include Acario Innovation (the corporate venture arm of Tokyo Gas) and MOL Switch (the venture arm of Mitsui OSK Lines). The capital is being utilized to commercialize non-iridium catalysts and coatings for PEM electrolysis cells, essential for green hydrogen production.

Pipeline Development

Calicat's key developments include:

Non-Iridium Oxygen Evolution Reaction (OER) Catalysts: Achieved a significant milestone by breaking the 2V overpotential barrier with durable, non-iridium OER catalysts, paving the way for cost reductions in green hydrogen production.

Catalyst-Coated Membranes (CCMs): Developing advanced CCMs to enhance the performance and durability of electrolyzers.

Porous Transport Layer (PTL) Coatings: Creating innovative PTL coatings to improve the efficiency and longevity of electrolyzer components.

Technological Platform and Innovation

Calicat's technological advancements are centered around:

Catalyst Discovery Engine (CDE): A proprietary, data-driven rapid screening process that enables the synthesis, characterization, and quantification of thousands of material compositions weekly. This process integrates AI and machine learning to refine and guide catalyst development.

AI-Driven Material Discovery: Employing cascading AI models to predict material properties, accelerating the identification of effective, low-cost catalysts.

High-Throughput Experimentation: Utilizing advanced physical testing methods to validate AI predictions, ensuring the reliability and scalability of discovered catalysts.

Leadership Team

Jourdan Urbach, CEO: Appointed in January 2024, Jourdan brings experience from seed-stage energy technology venture capital and was part of McKinsey & Co.’s “New Ventures” group. He holds a B.A. from Yale University.

Nathan Lewis, PhD, Chief Scientific Advisor: A renowned expert in solar fuels and solar chemical fields with over 40 years of experience and more than 500 publications.

Michael Mazza, PhD, Director of Catalyst Engineering: Leads the construction and operation of the Catalyst Discovery Engine and catalyst development efforts. He earned his Ph.D. in Chemistry from Caltech.

Thomas Werner, Board Chairman: Former CEO of SunPower with over 25 years of experience in leadership roles at disruptive technology and energy organizations.

Steve Wollenberg, Chief Commercial Officer: A serial entrepreneur with expertise in hybrid renewable energy management, connected and autonomous vehicles, and automation and robotics.

David R. Martin, Chief Product Officer: With over 30 years of experience in engineering and innovation, focusing on commercializing early-stage water and energy technologies.

Leadership Changes

In January 2024, Jourdan Urbach transitioned from an early investor and board member to CEO, aiming to accelerate the commercialization of Calicat's research and development efforts.

Competitor Profile

Market Insights and Dynamics

The green hydrogen market is experiencing rapid growth, driven by global decarbonization efforts and the need for sustainable energy solutions. However, the reliance on scarce materials like iridium poses challenges to scaling production and reducing costs.

Competitor Analysis

Key competitors in the green hydrogen sector include:

Plug Power: Specializes in hydrogen fuel cell systems and electrolyzers, focusing on integrated hydrogen solutions.

Nel ASA: A Norwegian company providing hydrogen production, storage, and distribution solutions, including electrolyzers and fueling stations.

ITM Power: Develops PEM electrolyzers for energy storage and hydrogen production, targeting various industrial applications.

Enapter: Focuses on modular electrolyzer systems using Anion Exchange Membrane (AEM) technology to produce green hydrogen.

Strategic Collaborations and Partnerships

Calicat has established significant partnerships to enhance its market position and innovation capacity:

Tokyo Gas Co., Ltd.: Entered a multi-year Joint Development Agreement to discover novel catalysts and develop techniques for applying those catalysts onto membranes, aiming to reduce the cost of PEM electrolyzers.

De Nora: Collaborated to utilize Calicat's Catalyst Discovery Engine to identify low-cost, durable catalysts for water electrolysis, advancing the development of high-performance materials for green hydrogen production.

Operational Insights

Calicat's strategic considerations include:

Addressing Material Constraints: By developing non-iridium catalysts, Calicat mitigates supply chain risks associated with scarce materials, providing a competitive advantage in the green hydrogen market.

AI-Driven Innovation: The integration of AI in catalyst discovery accelerates development timelines and enhances the efficiency of research efforts, positioning Calicat ahead of competitors relying on traditional methods.

Focus on LCOH: Prioritizing the reduction of the levelized cost of hydrogen ensures that Calicat's products are economically viable and attractive to a broad range of industries seeking sustainable energy solutions.

Strategic Opportunities and Future Directions

Calicat's strategic roadmap includes:

Commercialization of Non-Iridium Catalysts: Scaling the production and deployment of alternative catalysts to meet the growing demand for green hydrogen.

Expansion of AI Capabilities: Enhancing AI models to further improve the accuracy and speed of catalyst discovery and development.

Diversification of Product Offerings: Developing a broader range of electrolyzer components and systems to cater to various market needs and applications.

Global Market Penetration: Establishing partnerships and collaborations in key international markets to expand Calicat's presence and impact in the green hydrogen sector.