Pajarito Powder

What Pajarito Powder does

Pajarito Powder, LLC is a privately-held materials science company headquartered in Albuquerque, New Mexico, that develops and manufactures advanced electrocatalysts for hydrogen fuel cells and PEM water electrolyzers. The company's product portfolio centers on three offerings: Supported Platinum Catalysts for fuel cell applications, Engineered Catalyst Supports™ (ECS) for enhanced stability and conductivity, and a high-surface-area Iridium Oxide OER Catalyst for PEM water electrolysis, produced at kilogram scale. These materials are sold to fuel cell and electrolyzer original equipment manufacturers serving transportation, stationary power, and green hydrogen production markets.

The company operates a B2B enterprise sales model, partnering directly with manufacturers to optimize their fuel cell and electrolyzer systems. Revenue is generated through hardware sales of catalyst materials, with no publicly disclosed pricing or unit economics. Pajarito Powder has attracted a strategically aligned investor base that includes Hyundai Motor Company, Kia, Bekaert, Ecovyst (which holds a board seat), Verge Fund, and Omphalos Venture Partners, alongside a $20 million U.S. Department of Energy award.

In April 2026, the company appointed Christian Mohrdieck — a 35-year hydrogen industry veteran and former CEO of Mercedes-Benz Fuel Cell GmbH — as CEO, marking a transition from research-led leadership toward commercialization and scale. The company was originally founded circa 2011 and re-incorporated as Pajarito Powder, LLC in Delaware in 2021, with an SEC Form D filing of approximately $12.6 million at that time. It currently employs 11-50 people and maintains a corporate website and LinkedIn presence as its primary external channels.

Name

Pajarito Powder

Legal name

Pajarito Powder, LLC

Website

https://PajaritoPowder.com

Company type

Private

Founded year

2021

Operating status

Operating

Headcount range

11–50 employees

Short description

Pajarito Powder is a B2B materials science company that develops and manufactures advanced electrocatalysts (supported platinum, iridium oxide OER, and Engineered Catalyst Supports™) for hydrogen fuel cells and PEM electrolyzers, selling directly to fuel cell and electrolyzer OEMs in transportation and stationary power markets.

Ownership category

akta.pro rank

Product category

Advanced Hydrogen Electrocatalysts

NAICS

Chemical Manufacturing (325)

SIC

Chemicals & Allied Products (2800), Miscellaneous Chemical Products (2890)

akta.pro primary industry

Catalyst Supports & Carriers (Alumina/Ceramics/Monoliths) (IMAEAIAL)

akta.pro secondary industry

Precious Metals & Catalyst Materials (PGM Catalysts) (IMAEAIAN)

Keywords

• Fuel cell catalysts
• Electrolyzer catalysts
• Hydrogen production materials
• PEM electrolysis catalysts
• Catalyst support materials

Headquarters

HQ city

Albuquerque

HQ country

United States

HQ region

North America

Offices1 record

Markets served

GTM type

B2B

Offering type

Hardware or Manufacturing

Cost components

Personnel, Technology or R&D, Operations, Supply Chain, Infrastructure, Marketing or Sales

Revenue model

1. Catalyst Product Sales: Pajarito Powder develops and manufactures advanced catalysts for fuel cells and electrolyzers, selling these materials to manufacturers in the hydrogen economy. Revenue is generated through product sales of platinum catalysts, iridium oxide catalysts, and engineered catalyst supports to fuel cell and electrolyzer OEMs.

Go-to-market motion1 record

Distribution channels1 record

Marketing channels2 records

Core offering

Pajarito Powder develops and manufactures advanced electrocatalysts and engineered catalyst supports for hydrogen fuel cells and PEM electrolyzers. The product portfolio comprises three core offerings: Supported Platinum Catalysts for PEM fuel cell applications, Engineered Catalyst Supports™ (ECS) — a proprietary engineered support material that enhances catalyst stability and durability — and Iridium Oxide OER Catalysts for PEM water electrolysis, manufactured at kilogram scale. These materials are sold to fuel cell and electrolyzer OEMs serving transportation, stationary power, and green hydrogen production markets.

Product overview

Pajarito Powder is a materials science company that develops and manufactures advanced catalysts for fuel cells and electrolyzers. Their product portfolio consists of three core offerings: Supported Platinum Catalyst for fuel cell applications, Engineered Catalyst Supports™ (ECS) for enhanced performance and durability, and Iridium Oxide OER Catalyst for PEM water electrolysis. These products work together to accelerate the hydrogen economy by providing manufacturers with cutting-edge catalyst technology for electrolyzers and fuel cells.

Differentiator

Problem solved

Functional benefit

Products and services

• Supported Platinum Catalyst Advanced platinum-based catalyst designed for fuel cell applications, providing high surface area and optimized performance for hydrogen PEM fuel cells used in transportation and stationary power systems. Sold to fuel cell OEMs and system integrators.
• Engineered Catalyst Supports™ (ECS) Proprietary engineered catalyst support material that enhances the stability, conductivity, and durability of fuel cell and electrolyzer catalysts. Used as the support backbone for advanced catalyst formulations sold to fuel cell and electrolyzer OEMs.
• Iridium Oxide OER Catalyst Very high-surface-area iridium oxide oxygen evolution reaction (OER) catalyst for PEM water electrolysis, offering best-in-class performance and significant efficiency improvements. Manufactured at kilogram scale and sold to PEM electrolyzer OEMs producing green hydrogen.

Segments2 records

Ideal customer profiles2 records

Technology focussed Yes

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature3 records

Scale indicators4 records

Recent moves6 records

Expansion highlights6 records

Direct peers

• Tanaka Kikinzoku Kogyo: Japanese precious metals specialist with significant fuel cell catalyst and PGM catalyst support offerings, particularly for automotive fuel cell applications. A direct competitor to Pajarito in supported platinum catalysts for fuel cells.
• Heraeus Precious Metals: German precious metals and technology group supplying PGM catalysts and catalyst supports for hydrogen fuel cells and electrolyzers. Competitor across both Pajarito's platinum catalyst and catalyst support product lines.
• Topsoe: Danish catalyst and technology company with an established portfolio for hydrogen production including electrolyzer and fuel cell catalyst offerings. Comparable to Pajarito in PEM electrolyzer catalysts and high-surface-area catalyst materials.
• Cataler: Japanese catalyst manufacturer (Toyota Tsusho subsidiary) producing PGM catalysts specifically for fuel cell vehicles. A direct competitor in automotive fuel cell catalysts, particularly relevant given Toyota/Honda as end customers.
• Johnson Matthey: Global leader in PGM catalysts and a major supplier of platinum-based fuel cell catalysts and catalyst supports. Johnson Matthey is Pajarito's most direct large-scale competitor in fuel cell and electrolyzer catalyst markets, with established OEM relationships Pajarito is seeking to win.
• Umicore: Belgian materials technology group and major PGM catalyst producer with a dedicated fuel cell and electrolyzer catalyst portfolio. Umicore competes directly with Pajarito in platinum and iridium-based catalysts for hydrogen applications.

Broad incumbents

• Clariant: Swiss specialty chemicals company with a broad catalyst portfolio including offerings relevant to hydrogen applications. Clariant is a broader incumbent whose catalyst portfolio overlaps with Pajarito's electrolyzer and fuel cell product lines as part of a much larger business.

Emerging players

• Advent Technologies: Emerging fuel cell membrane electrode assembly (MEA) and catalyst developer focused on high-temperature PEM and HT-PEM fuel cells. Adjacent emerging player in fuel cell catalyst and MEA technology with partial overlap with Pajarito's fuel cell catalyst focus.

Others

• Plug Power: Leading PEM electrolyzer and fuel cell OEM and a potential downstream customer for Pajarito's catalysts. While not a direct competitor, Plug Power represents a target customer and ecosystem participant in the PEM hydrogen value chain.
• Nel ASA: Norwegian electrolyzer OEM (PEM and alkaline) and a potential large-volume customer for Pajarito's iridium oxide OER catalysts. Nel is not a catalyst competitor but a key downstream OEM in Pajarito's customer universe.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat3 records

Key risks6 records

Key highlights6 records

Customer concentration

• LinkedInlinkedin.com/company/10365897
• Xx.com/pajaritopowder

Revenue estimate

Valuation estimate

Number of profiles

Profiles3 records

Funding overview

Funding rounds7 records

Investors6 records

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Pajarito Powder