CMA CGM has become the latest major shipping group to invest in Finnish cleantech firm Hycamite, which has developed a methane pyrolysis technology to produce low-carbon hydrogen and solid carbon, and is now working to adapt the system for use onboard LNG-fuelled vessels.
Based in Kokkola, Finland, Hycamite has developed a proprietary process that splits methane into clean hydrogen and solid carbon using recyclable catalysts, a low-emission alternative to steam methane reforming (SMR). The company is targeting both large-scale industrial production and onboard marine applications, with a particular focus on LNG dual-fuel vessels. These are subject to methane slip, a key environmental challenge for LNG as an alternative lower-emission fuel.
CMA CGM’s investment has been made through its $1.5 billion PULSE fund, launched in 2022 to support the development of alternative fuels and low-emission technologies across the shipping and logistics sectors. The financial terms of the deal have not been disclosed.
Hycamite is set to commence operations at its newly completed industrial-scale methane pyrolysis facility in Kokkola later this year, which the company describes as the largest of its kind in Europe.
Laura Rahikka, CEO of Hycamite, commented on the investment: ‘We are excited to welcome CMA CGM, through its energy fund PULSE, as a strategic investor. CMA CGM’s support will fast-track the development and adoption of our multiple methane-splitting applications.’
Hycamite’s technology has been recognised by the European Commission as a strategic project under the Critical Raw Materials Act, particularly for its ability to produce graphite. The company states that its solution is modular and can be deployed close to industrial users.
In parallel with its industrial rollout, Hycamite is developing onboard methane-splitting systems for use on dual-fuel LNG vessels. This work is being carried out in collaboration with the Finnish marine engineering firm Wärtsilä. In late 2024, Hycamite signed a memorandum of understanding with MOL PLUS, the start-up investment arm of Mitsui OSK Lines, and MOLEA, MOL’s UK-based subsidiary, to promote the application of this technology in the maritime sector.
Since its founding, Hycamite has raised over €44 million from investors including MOL PLUS, OMV Petrom, Sojitz Group, Holdix, Turret, and Stephen Industries.
Rahikka added, ‘Since 2022, Hycamite has been advancing its marine application through a development programme partly funded by Business Finland. Now, with Kokkola CSF operations to commence shortly, our innovative technology is poised to transform maritime transportation and other hard-to-abate sectors worldwide. CMA CGM’s investment signals growing international interest in our technology.’
Methane pyrolysis is gaining traction within the shipping sector as a potential solution to the methane slip problem associated with LNG. By splitting methane into hydrogen and solid carbon without combustion, this process offers a pathway to low-emission hydrogen production while addressing one of the key limitations associated with LNG as an alternative marine fuel.
