Cabot Corporation and Partners Selected for $5M in U.S. Department of Energy Grant to Support Continued Advancement of Global Hydrogen Economy

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Cabot and partners have been selected for a $5 million grant from the U.S. Department of Energy to support the development of carbon catalyst supports for fuel cells. The project aims to revolutionize the production process for medium and heavy-duty fuel cells, contributing to a more sustainable and cost-effective energy landscape.

Positive

• Cabot and partners have secured a $5 million research grant from the U.S. Department of Energy.
• The grant will be used to develop innovative manufacturing processes for carbon catalyst supports for fuel cells.
• The project aims to establish a domestic catalyst supply chain for high-performance carbon catalyst support.
• Collaborative research with leading industry partners and a research university will drive the project forward.
• The funding aligns with the national clean hydrogen strategy to boost manufacturing and support domestic employment in the clean hydrogen sector.

Negative

• None.

Grant will support development of innovative, scalable manufacturing processes for producing carbon catalyst supports for fuel cells

BOSTON--(BUSINESS WIRE)-- Cabot Corporation (NYSE: CBT) announced that the U.S. Department of Energy (DOE), under the Bipartisan Infrastructure Law, selected its application for a $5 million research grant. This grant will be used by Cabot and its partners to support the deployment of fuel cells, which emit only water when creating electricity.

The transition to electric in the worldwide mobility landscape is significantly supported by fuel cells, especially in the electrification of long-distance transportation. This importance stems from the fact that the extended driving range and management of heavier loads necessary for long-haul travel present difficulties for the adoption of battery technology.

The project will focus on developing an innovative and scalable manufacturing process for producing specialized carbon black that can be used as carbon catalyst supports for fuel cells. This technology will support and accelerate the establishment of a domestic catalyst supply chain, by providing a reliable source of high-performance carbon catalyst support.

Cabot is the lead recipient on the project titled, “Scalable, Innovative Manufacturing Process for Novel Carbon Supports for Metal Catalysts for Medium and Heavy-Duty Proton Exchange Membrane Fuel Cells.” Building on Cabot’s strengths in carbon black particle production and engineering, especially in developing and commercializing carbon catalyst supports for fuel cells, this project will be deployed through collaborative research with Johnson Matthey, a leading manufacturer of catalysts and associated assemblies as well as Bosch, a leading fuel cell stack manufacturer and the University of California, Irvine, a leading research university in fuel cell technology. This project is poised to revolutionize the production of carbon catalyst supports essential for medium and heavy-duty fuel cells, aiming for a more sustainable and cost-effective manufacturing process. By developing a scalable and innovative manufacturing process, the project seeks to achieve high catalyst performance while optimizing the production process to increase process versatility, reduce production cost and minimize environmental impact.

“This DOE grant is not only a testament to our innovative capabilities but also aligns with our purpose to create materials that enable a more sustainable future. Through projects like this, Cabot is taking a leadership role in the evolution towards a more sustainable and efficient energy landscape,” said Patricia Hubbard, senior vice president and chief technology officer, Cabot Corporation. “By developing this technology, we aim to strengthen and accelerate the establishment of a domestic fuel cell catalyst supply chain to help ensure a reliable source of high-performance carbon catalyst support. By collaborating with esteemed partners and leveraging our collective expertise, we are poised to make significant contributions to the hydrogen economy, driving forward the United States’ leadership in clean energy technologies.”

The grant funding of $750 million for projects focused on enhancing hydrogen technologies, announced under the Bipartisan Infrastructure Law by the DOE, is dedicated to improving manufacturing and recycling capabilities for clean hydrogen systems and components. This investment aligns with the national clean hydrogen strategy detailed in the U.S. National Clean Hydrogen Strategy and Roadmap, which aims to lower costs, boost manufacturing, strengthen supply chains and support domestic employment in the clean hydrogen sector.

To learn more about the recent hydrogen funding selections and grants, visit the DOE’s Hydrogen and Fuel Cell Technology Office.

ABOUT CABOT CORPORATION
Cabot Corporation (NYSE: CBT) is a global specialty chemicals and performance materials company headquartered in Boston, Massachusetts. The company is a leading provider of reinforcing carbons, specialty carbons, battery materials, engineered elastomer composites, inkjet colorants, masterbatches and conductive compounds, fumed metal oxides and aerogel. For more information on Cabot, please visit the company’s website at cabotcorp.com.

Safe Harbor Statement under the Private Securities Litigation Reform Act of 1995: Statements in the press release regarding Cabot's business that are not historical facts are forward looking statements that involve risks and uncertainties. For a discussion of such risks and uncertainties, which could cause actual results to differ from those contained in the forward looking statements, see "Risk Factors" in the Company's Annual Report on Form 10-K.

View source version on businesswire.com: https://www.businesswire.com/news/home/20240418536696/en/

Emily Moran

Corporate Communications

emily.moran@cabotcorp.com

(617) 460-4517

Steve Delahunt

Investor Relations

steve.delahunt@cabotcorp.com

(617) 342-6255

Source: Cabot Corporation

FAQ

What is the grant amount received by Cabot and its partners from the U.S. Department of Energy?

Cabot and its partners have received a $5 million research grant from the U.S. Department of Energy.

What is the focus of the project funded by the grant?

The project aims to develop innovative manufacturing processes for producing carbon catalyst supports for fuel cells.

Who are the partners involved in the project with Cabot ?

The partners involved in the project with Cabot are Johnson Matthey, Bosch, and the University of California, Irvine.

What is the title of the project led by Cabot ?

The project led by Cabot is titled 'Scalable, Innovative Manufacturing Process for Novel Carbon Supports for Metal Catalysts for Medium and Heavy-Duty Proton Exchange Membrane Fuel Cells.'

What is the aim of the project in terms of fuel cell catalyst supply chain?

The project aims to strengthen and accelerate the establishment of a domestic fuel cell catalyst supply chain to ensure a reliable source of high-performance carbon catalyst support.