An innovative new energy source has the potential to help fight climate change, and the world’s biggest pharma company is investing millions in a UK startup to develop it.
Pharmaceutical giant Pfizer, which has a significant presence in the UK, said in a statement it was investing $200m to develop an energy-powered fuel cell.
Pfizer’s interest comes as the UK government announced plans to slash its carbon emissions by 40 per cent by 2030, a target set by the coalition government in the wake of the Paris climate change deal.
PepsiCo’s interest in UK is also part of a wider push by the global pharmaceutical giant to diversify away from fossil fuels.
In the UK alone, the pharmaceutical company employs more than 1,200 people and is one of the largest companies in the sector, with more than $600bn in revenue in 2020.
Its £40bn UK investment will be used to develop fuel cells for the pharmaceutical industry.
PharmaFountain has been developing fuel cells since 2015 and has a deal with the UK’s Department for Business, Innovation and Skills (BIS) to sell fuel cells to NHS patients.
Pfenix is in talks with the BIS to launch a fuel cell business in the US.
Ppenni’s UK investment follows Pfizer’s $150m investment last year in Oxford-based Fuelcell.
Penzavane’s UK company, Oxford Fuel, is also working with Oxford- based Fuelcell to commercialise its fuel cells.
Oxford Fuel’s CEO Paul Dzierzwinski said Oxford Fuel would “be in the best position” to help develop fuel cell technology in the U.K.
Oxbridge Fuel has signed an agreement with Pfizer to sell its fuel cell technologies to NHS in the next few years.
Oxonium, which operates Fuelcell in Oxford, will take over Oxford Fuel’s fuel cell development and commercialisation.
Pfeiffer is also exploring the U to build a fuel cells factory in the country, according to the company’s website.