The financing will see both firms become shareholders of Hyting GmbH, and the capital raised in this round will be used for further product development, expansion of the product portfolio, and to attract new customers.
BMH has a proven track-record in the technology sector, having invested in more than 500 firms, and manages funds with a volume of more than 200 million euros. ebm-papst and Hyting have recently announced their strategic partnership to develop and manufacture Hyting’s hydrogen-fuelled heat generators. Becoming a shareholder of Hyting is a further step in their partnership and underlines their commitment to each other. Both BMH and ebm-papst see great potential in Hyting’s technology to reduce carbon emissions resulting from heating, and the investments made will help to underpin the next phase of expansion.
“We are delighted to have such experienced companies at our side, with whom we – together with our existing shareholders – will take the next steps towards the company's growth” said Tim Hannig, CEO of Hyting. “We are convinced that together we will succeed – especially with the upcoming first customer projects – in moving very quickly from prototype development to series production.”
Hyting's simple, safe, efficient, and clean method of generating heat directly from hydrogen is unique. As well as not producing any emissions, such as particulates, NOx, CO2 and CO – a key attribute validated by third-party testing – the process uses hydrogen at low pressure, does not use flammable concentrations of hydrogen at any operating point, and can also work with hydrogen of any purity grade. The technology is therefore suitable for a wide range of potential applications in buildings, vehicles, and thermal processes. The first products in the portfolio will be air heating systems for non-residential buildings with heat outputs ranging from 10 to 300 kW, designed for both new installations and as retrofit solutions.
Several key milestones in Hyting’s industrialisation roadmap have already been achieved, including the strategic development partnership with ebm-papst Group, and the first customer – Flusys. Hyting will exhibit their first market-ready products at ISH, world’s leading trade fair for HVAC and water, in Frankfurt, Germany, taking place 17-21 March (hall 12.1, booth E08). Securing this latest round of investment from EBM will enable Hyting to continue its strategic growth.
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