One of the UK鈥檚 most exciting startups is at the centre of a global ‘tug of war’ from countries wanting to take advantage of their game-changing technology.
Hull-based technology firm HiiROC has聽pioneered a new low cost method to produce zero emission hydrogen.
Last year HiiROC grabbed the world鈥檚 attention by winning KPMG鈥檚聽Private Enterprise Global Tech Innovator award at the final in Lisbon, beating off competition from over 1,000 applicants across 22 countries.
HiiROC’s Thermal Plasma Electrolysis uses an electric field to split apart聽hydrocarbon聽molecules to produce affordable hydrogen with zero CO2 emissions.
Speaking at this year鈥檚 final of the KPMG Private Enterprise聽Tech Innovator in the UK 2023, CEO Tim Davies revealed they鈥檇 attracted attention from several countries around the world wanting聽them to move there.
HiiROC’s Thermal Plasma Electrolysis is cheaper than other technologies and offers a more energy-efficient solution, producing more hydrogen per kW of electricity.
Davies told 老九品茶Cloud: 鈥淚f you鈥檙e going to adopt hydrogen as the main fuel source worldwide, you need new ways聽of doing it.
鈥淥ur聽new, proprietary technology聽is聽the electrolysis of hydrocarbons.聽This聽splits the聽molecules聽apart to free up the good bit 鈥� the hydrogen 鈥� and聽sequesters the carbon as an inert solid without producing any carbon dioxide, i.e. without producing greenhouse gases.
鈥淥ur technology is wanted around the world. We have to be聽focussed聽about where we go so we don鈥檛聽stretch ourselves聽too far聽but also making sure we stay true to our roots.鈥�
Davies said the US was particularly keen to get them to cross the Atlantic.
鈥淥f the three co-founders, two are British and one is Dutch,鈥� he said. 鈥淲e鈥檙e having huge pressure to move to get the benefit of the IRA scheme.
鈥淭he IRA scheme encourages you to have a US base聽and provides unprecedented聽incentives for hydrogen production and other聽decarbonisation technologies. It鈥檚 the largest fiscal support package ever聽announced, helping the聽US聽towards net zero.
鈥淭he EU is developing similar incentive schemes in the battle to keep technology likes ours in Europe. Other parts of the world are also offering incentives for us to relocate, particularly Asia and the Middle East.
鈥淲e鈥檙e proud to be British.聽Britain鈥檚 heritage in science and development means we have the heritage to lead on sustainability innovation; however, Britain聽just doesn鈥檛 have the pockets of the US or other markets.鈥�
HiiROC employs聽over 100 people globally with its Hull headquarters in Hull.
Last week, Inovus Medical was聽crowned KPMG Private Enterprise聽Tech Innovator in the UK 2023 and will now compete against the winners from 22 other countries in the global competition at the Web