ReCatalyst, a company which has developed a next-generation hydrogen fuel cell catalyst, has been declared the Slovenian startup of the year.

The company's innovative solution helps significantly reduce production costs while also being more environmentally friendly and contributing to decarbonisation.

Hydrogen fuel cells are one of the alternatives to fossil fuels and internal combustion engines but their mass production is closely tied to using critical materials, such as platinum, which is found in fuel cell catalysts.

The catalyst, which looks like black powder, is a key component that converts hydrogen and oxygen into electricity in a fuel cell, with water as the only by-product.

"Its production is based on a patented process, in which platinum, a high-cost and rare material, is used more efficiently and is partly replaced by cheaper and more readily available metals," the award jury said.

Currently, the company's product already achieves a platinum reduction of more than 40%, without sacrificing the capacity potential of the fuel cell.

ReCatalyst is already testing its technology with major industry players.

The award is handed out by Start:up Slovenija in cooperation with the Slovenian Enterprise Fund and the Economy Ministry.