Joint Press Release

Heraeus Precious Metals and VSParticle sign MoU to bring new low Iridium PTE products to the market

Header image: SEM micrographs of VSParticle's iridium-coated porous transport layer (PTL)

Hanau, Germany and Delft, The Netherlands - 19.05.2026: Heraeus Precious Metals, a global leader in precious metals and VSParticle (VSP), a deep tech innovator in advanced material deposition, have entered into a collaboration to explore VSP’s spark ablation technology for the production of next generation Porous Transport Electrodes (PTEs), used in proton exchange membrane (PEM) water electrolysis.

Reducing iridium consumption is one of the key challenges in scaling PEM water electrolysis, since iridium is indispensable for PEM Electrolysis, yet it is among the scarcest elements on earth. Recent iridium price hikes furthermore add an additional momentum for thrifting of iridium in PEM Electrolysis.

The collaboration focuses on enabling highly efficient metal deposition with significantly reduced iridium loading (below 0.2mg iridium/cm²). To achieve this, the partners will utilize VSP’s spark ablation technology that is able to coat the PTL with ultra-pure nanoparticles of 2-20 nm in size. They form an ultra-thin, high-performance nanoporous layer with substantially less iridium. Heraeus intends to bring these PTE products to the market as a scalable solution for reducing the overall cost of producing green hydrogen by means of PEM Electrolysis. An improved electrode structure can enhance stack efficiency and extend operational lifetime.

“Scaling the hydrogen economy requires continuous innovation across the entire value chain,” said Dr. Philipp Walter, Executive Vice President, Business Line Hydrogen Systems at Heraeus Precious Metals. “Reducing iridium use is one of the most pressing challenges in PEM electrolysis. By combining our deep expertise in precious metals and precious metal catalysts with VSParticle’s breakthrough technology, we can offer PTE products that help stack manufacturers scale faster and at lower cost.”

Aaike van Vugt, CEO of VSParticle, added:
“Our mission is to unlock new possibilities in materials manufacturing that directly support the growth of clean technologies. By partnering with Heraeus Precious Metals, we ensure that our technology can be deployed at industrial scale, enabling PTE products that reduce costs, simplify production, and boost electrolyzer performance. This collaboration helps bring green hydrogen closer to global competitiveness.”

Together, Heraeus Precious Metals and VSParticle are enabling a new generation of high performance, low iridium PTEs designed for large-scale, cost-effective manufacturing: supporting the rapid expansion of green hydrogen production worldwide.

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About Heraeus Precious Metals

Heraeus Precious Metals is a global leader in the precious metals industry. The company is part of the Heraeus Group and covers the value chain from trading to precious metals products to refining and recycling. It has extensive expertise in all platinum group metals as well as gold and silver.

With about 3,000 employees at 16 sites worldwide, Heraeus Precious Metals offers a broad portfolio of products that are essential for many industries such as the automotive, chemicals, semiconductor, pharmaceutical, hydrogen, jewelry and specialty glass industry.

About Heraeus

Heraeus is a globally active, family-owned technology group. Based in Hanau, Germany, the company comprises 15 operating companies whose products and services span the Business Areas of Metals & Recycling, Healthcare, Semiconductor & Electronics, and Industrials. In fiscal year 2024, Heraeus generated revenues of €29.4 billion and employed roughly 15,200 people across 40 countries. This makes Heraeus one of the top ten largest family-owned enterprises in Germany.

With deep expertise in advanced materials, Heraeus is a leader across key global industries. The group ranks among the foremost providers of precious metals, supplies quartz glass for the semiconductor and telecommunications sectors, and manufactures sensors for the steel industry. In addition, its materials and technologies for medical technology help improve the quality of life for millions of people worldwide.

Innovation is the central driver of Heraeus’s success. Each year, six percent of revenues (based on revenues excluding precious metals) are reinvested into research and development. Beyond that, the company partners with leading research and educational institutions around the world.

At Heraeus, growth and sustainability go hand in hand: the company designs its own processes to conserve resources and supports its customers in operating more sustainably with innovative materials and solutions.

The group’s roots trace back to 1660, when Isaac Heraeus took over a pharmacy in Hanau. Since then, the company has stood for technological progress, sustainable growth, and responsible conduct - across generations.

MATERIALS. INNOVATIONS. FOR GENERATIONS

About VSParticle

VSParticle (VSP) is a deep‑tech company enabling next‑generation material innovation through its unique spark‑ablation nanoparticle technology. VSP’s platform simplifies and industrializes the production of ultra‑pure nanomaterials, opening up new possibilities in clean energy, catalysis, semiconductors, and sensing. By enabling scalable and precise deposition of advanced materials, VSParticle helps manufacturers accelerate breakthroughs in critical technologies—including the development of more efficient, lower‑iridium PEM electrolyzer components.