BEND, Ore.--(BUSINESS WIRE)--Element 1 Corporation (e1) and NEXA Capital Partners LLC (NEXA) announced today that they have formed a new joint venture named Hydrogen Aviation Development Company (HADC or the JV). HADC is a special purpose “energy company” that will commercialize e1’s proprietary methanol-to-hydrogen generation technology for fuel cell applications within the aerospace sector including:
- Grid independent charging of electric aircraft.
- Grid independent charging of airport equipment, service vehicles and airport based rental cars.
- Hydrogen refueling for fuel cell aircraft and ground vehicles residing at airports.
Upon formation of the JV, e1 granted HADC a worldwide exclusive license to its technology for all aerospace applications. The license also grants HADC the ability to exploit e1’s hydrogen generation technology for charging ground-based service equipment and battery electric cars residing at airports. The hydrogen generators being deployed by HADC under license from e1 are the world’s only scalable hydrogen generators that produce high purity fuel cell grade hydrogen from methanol, which is increasingly being derived from renewable sources such as biomass or renewable electricity and captured carbon dioxide (CO2).
Airports have yet to develop grid capacity for the anticipated future need of new hybrid electric aircraft and battery electric rental car fleets. HADC represents both a permanent and interim solution to recharge electric aircraft, rental cars, and ground equipment in any quantity cost effectively utilizing e1’s methanol to hydrogen technology. Methanol is widely available and can be easily, cheaply and safely transported to any airport processing facility. The supply chain replicates that of the current delivery and storage of jet fuel. In a recently released report, the International Air Transportation Association (IATA) highlights hydrogen as a key avenue for achieving carbon neutrality in the aviation sector.
Dave Edlund, President and CEO of Element 1, said, “Our hydrogen generators, when paired with fuel cells, provide a solution for grid-independent, distributed electrical power generation that is both economical and immediately deployable.” He added, “This technology presents an energy efficient and green solution, when using renewable methanol, to the challenges of providing mega-watts of electrical power at airports to support the transition to electrified aircraft and ground-based vehicles.”
According to Michael Dyment, Managing Partner of NEXA, “Hydrogen-powered electric systems are about to change aviation the same way the jet engine revolutionized air travel 60 years ago. Element 1’s methanol-to-hydrogen technologies will make flying more efficient, more sustainable, and even more affordable. In Element 1, our investment strategy now has a unique technology partner that shares our commitment to a green hydrogen aviation future.”
NEXA and Element 1 will begin moving this technology into the aerospace manufacturing supply chain immediately, and through their newly formed partnership are expected to tap policies and funding from the recently enacted $1.2 trillion Infrastructure Investment and Jobs Act (HR 3684). The legislation calls for the development of a sector-by-sector national strategy and roadmap to facilitate a clean hydrogen economy. In 3684, explicit mention is made of methanol as a practical hydrogen-carrier.
About Element 1
Element 1 of Bend, Oregon is a leading developer of small-scale to micro-scale clean energy technologies, including advanced hydrogen generation systems supporting the fuel cell industry. Element 1 has developed innovative products that are scalable, reliable, affordable, and provide flexibility allowing for easy integration into customer solutions. With expertise in small-scale reactor design and membrane-based hydrogen purifiers, Element 1 offers solutions for on-site hydrogen generation (fuel cells, hydrogen refueling, and industrial manufacturing), and mobile (onboard) hydrogen generation (fuel cell electric vehicles). Novel technology is licensed by Element 1 to its partners, enabling application of technologies across a wide range of products, markets, and applications. For further information go to www.e1na.com.
About NEXA
NEXA Capital Partners, based in Washington, DC provides corporate and strategic financial advisory services, and capital investment, to the aerospace, transportation, and logistics sectors. NEXA works with outstanding companies and management teams currently positioned to benefit from emerging factors driving sector transformation. NEXA has strategic relationships with all levels of the aerospace sector, from its largest corporations to its most innovative start-ups, and continues to provide investment banking services to electric aircraft OEMs and fleet operators.
