The company is receiving $1 million dollars from the state to help build a new hydrogen facility in the First State.
Aternium officials are touting the plant as environmentally friendly, promising very little waste or harmful byproduct and that the power needed to run it will be generated in part by wind turbines.
Andrew Cottone is Aternium’s CEO.
“What you won’t see are smokestacks, or pollution. What you will see in the future of clean energy in Delaware.” he said.
Lt. Governor Kyle Evans-Gay says this is an example of the type of projects Delaware wants to support - offering new jobs and a potential boost to its energy portfolio.
“The state is ready to stand behind individuals who are willing to take those risks, for the reward that it brings to our local economy, to our workforce, and beyond.” she said.
The million dollars from the state comes from the Delaware Accelerator & Seed Capital Program (DASCP), one of four programs awarded federal funds under the State Small Business Credit Initiative (SSBCI). Delaware’s Division of Small Business is administering Delaware’s $60.9 million SSBCI award which focuses on providing access to capital for start-up and early-stage businesses.
Hydrogen power has been criticized by some environmentalist groups, which raise concerns about hydrogen leakage into the atmosphere due to the particle’s small size; hydrogen is known to prolong the lifespan of some greenhouse gasses.
But Cottone says leakage of any type is bad business, assuring it will operate an environmentally safe facility.
Aternium officials say they will begin their front-end engineering phase soon.
