Pajarito Powder

Pajarito Powder develops advanced catalysts for proton exchange membrane (PEM) and alkaline fuel cells and electrolyzers. The company offers four main products: 1) Engineered Catalyst Supports (ECS products), 2) Platinum Group Metal (PGM) catalysts, 3) Engineered Electrolyzer Catalysts (EEC products), and 4) Precious Metal Free (PMF) catalysts that are free of PGMs. The company leverages its proprietary VariPore manufacturing platform as the basis for the mass production of high-performance, high durability catalyst products.

In December 2023, the company announced the completion of its new production facility and corporate headquarters in Albuquerque, New Mexico.

Funding and financials

Pajarito Powder doubled its sales of commercial catalyst products year-over-year in 2020. The company’s primary markets were in Asia, but the demand was also reportedly strong in North America during the year. ECS products were the largest contributor to the revenue mix, followed closely by PGM catalyst products, followed by EEC products and PMF catalyst products.

Pajarito Powder’s last funding event was in September 2022, when it raised an undisclosed amount in a Series B funding round led by Bekaert Corporation. Previously, in August 2021, the company received a Series B investment from Hyundai Motor Company, which it planned to use to expand its portfolio. Pajarito Powder also received USD 250,000 from the State of New Mexico’s Local Economic Development Act (LEDA) and USD 25,000 from the City of Albuquerque in March 2022. The funds were used to finance the expansion of its new manufacturing facility in New Mexico.

Key competitors: None comparable (Pajarito Powder is the only startup that develops advanced catalysts for fuel cells)