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Tsubame BHB procures 5.3 billion yen through Series C

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First participation by a foreign investor brings green ammonia production to the world

YOKOHAMA, Japan, Feb. 21, 2024 /PRNewswire/ — Tsubame BHB Co., Ltd. (Head Office: Yokohama, Kanagawa Pref.; Representative Director and CEO: Koji Nakamura), which strives for the social implementation and commercialization of small, distributed ammonia production plants, has announced that it has undertaken capital procurement on a total scale of approximately 5.3 billion yen in a Series C round of financing through third-party allocation of shares to both new and existing investors worldwide.

In the second round*1 of this Series C funding, capital procurement was undertaken with Heraeus Beteiligungsverwaltungsgesellschaft mbH (Head Office: Germany; “Heraeus”) as the first overseas investor receiving shares, and with Yokogawa Electric Corporation and Energy & Environment Investment, Inc. as new investors receiving shares in Japan. This round of funding resulted in a cumulative capital procurement amount of 7.6 billion yen for Tsubame BHB Co., Ltd.

*1 The first round of funding was procured through convertible equity (CE) subscription warrants in July 2022

Tsubame BHB was established in April 2017 to achieve the social implementation and commercialization of on-site ammonia production at small, distributed ammonia production plants capable of synthesizing ammonia at low temperatures and low pressures, using the world’s first electride catalyst method. The Heraeus Group, based in Hanau, Germany, is a major family-owned technology company with multifaceted global operations. It has approximately 17,200 employees in 40 countries around the world, and boasts a diverse business portfolio that includes fields such as metals and recycling, healthcare, semiconductors and electronics, and industrials. With Heraeus participating as the first overseas investor, Tsubame BHB will develop the ammonia business and strengthen supply chains with a particular focus on Europe.

The EU decided to introduce a Carbon Border Adjustment Mechanism (CBAM) for the first time in the world, requiring businesses to report on carbon emissions from October 2023. Actual taxation based on these emission volumes is scheduled to begin from 2026. On February 6 of this year, the European Commission announced that CO2 emissions in the EU should be cut to 90% compared to 1990 levels by 2040. Given the need for CO2 reductions and actions to combat climate change in the EU, there is a growing demand for green ammonia, particularly in the chemical, transportation, and agricultural industries.

The synthetic ammonia catalysts offered by Tsubame BHB, which are produced at low temperatures and low pressures using electride catalysts, can be manufactured at small ammonia production plants, and so can be produced and consumed locally. Transport and storage processes are reduced in comparison to current procurement methods involving high-volume production at petrochemical complexes, enabling a substantial reduction in CO2 emissions.

In collaboration with Heraeus, which has a history spanning close to 400 years, Tsubame BHB uses an electride catalyst technology developed in Japan to promote the localization of ammonia production at small, distributed on-site ammonia plants, and the manufacture of green ammonia and hydrogen ammonia using renewable energy.

Ref (JETRO): Preparing for the EU Carbon Border Adjustment Mechanism (CBAM) (in Japanese)
(https://www.jetro.go.jp/biz/areareports/special/2023/0801/a48cfe7206a68970.html)

Reuters: EU recommends 90% reduction in greenhouse gases by 2040; recommendations pulled back in the agricultural field (in Japanese)
(https://jp.reuters.com/world/environment/2YE3DVPVUFMYRC444OITUNZ24E-2024-02-06/)

Current status of business/development

The first installation project in Japan, ordered in December 2022, is currently moving ahead steadily with plans for the start of production in August 2025. Detailed design and procurement are already complete. Receipt testing at the main device plant will begin from April 2024, and deliveries to the construction site are scheduled to begin in May.

Tsubame BHB has an R&D Center at the Tokyo Institute of Technology, where R&D targeting catalysts is conducted in collaboration with about 30 researchers. Verification tests of catalysts developed at a pilot plant in Ajinomoto Co., Inc.’s Kawasaki factory began in 2019, and over the course of four years, these tests confirmed that Tsubame BHB’s technologies had transcended the laboratory level, meeting requirements for commercialization. Catalysts suited to on-site ammonia plants are at the commercialization stage. Tests confirmed that formation and increased production on a scale of more than 100,000x could be achieved, and that after four years of uninterrupted catalyst performance operations, there was absolutely no decline in performance.

Applying government subsidies, commercialization of next-generation catalysts is expected to be achieved in a short time, with further cost reductions scheduled for the future.

Tsubame BHB receives orders for basic design in Japan and overseas

In December 2023, Tsubame BHB received its first order for the basic design of an overseas unit in Southeast Asia. Production of green ammonia is expected to begin from FY2026. A project order was also received for basic design on a second unit in Japan, with ammonia production similarly scheduled to begin during FY2026.

In December 2023, a letter of intent (LOI) was signed between Agri Laos Co., Ltd. (“Agri Laos“), a business partner in Laos, and the Laotian State Enterprise for Agriculture Service (“SAS”) regarding an offtake agreement for low-carbon fertilizers. Tsubame BHB and Agri Laos have formed a special purpose company (SPC) to promote the development of projects involving the manufacture of green hydrogen and ammonia and low carbon fertilizers using renewable energy and hydroelectric power in Laos. SAS plans to purchase the low-carbon fertilizers produced on this project for sales in Laos and other countries.

Tsubame BHB has received an increasing number of inquiries from overseas companies, and has initiated projects targeting the on-site production of ammonia at small-scale plants in collaboration with companies in various countries in North and South America, Southeast Asia, and Africa.

Future developments

The capital procured through this round of financing will go toward R&D targeting further cost reductions at small, distributed ammonia plants and the commercialization of medium-scale plants, as well as technical development costs for next-generation catalysts with a view toward large-scale plants and recruiting/labor costs, which are particularly important in the context of business operations. In this way, Tsubame BHB will contribute to the commercialization of small-scale ammonia production plants originating in Japan.

Investors in this round

Along with Tsubame BHB’s first overseas investor, Heraeus Beteiligungsverwaltungsgesellschaft mbH, investors participating in this round of financing will include the following companies:

List of participating investors (no specific order):
New investors: Heraeus Beteiligungsverwaltungsgesellschaft mbH, Yokogawa Electric Corporation, and Energy & Environment Investment, Inc.

Comments from investors participating in this round

Heraeus Beteiligungsverwaltungsgesellschaft mbH

“Heraeus has long established itself as a leader in innovation in the field of precious metal-based technologies. The Tsubame BHB technology fits perfectly with the Heraeus scouting criteria supports our efforts to lead the development of cutting-edge sustainable technologies,” said Dr. Philipp Walter, Executive Vice President Business Line Hydrogen Systems at Heraeus. “The technology complements our already broad range of sustainable solutions and helps to strengthen our position in a market that is increasingly focused on energy efficiency and decarbonization.”

“Japan is a market where innovation is born – especially in the area of advanced materials. As a globally leading material technology company, Heraeus sees great potential in a stronger collaboration with Japanese companies, universities, and research institutes. Our investment in Tsubame BHB is a great example how Japanese and German companies can profit and grow together in future markets.” added Hideto Yamauchi, Representative Director, President of Heraeus K.K. in Japan.

Yokogawa Electric Corporation

“Various efforts are being made around the world to realize a decarbonized society, and Yokogawa is paying attention to these new energy trends. Like our customers, we believe that there will be a rising need for ammonia as a hydrogen transport medium and fuel. Yokogawa considers that Tsubame BHB’s innovative technology for the production of ammonia at a low temperature and pressure will play a key role in the attainment of a decarbonized society. By utilizing our company’s measurement, control, and information technologies, we will work together with Tsubame BHB to sustain the creation of value and address social issues,” commented Koji Nakaoka, a senior vice president and head of the company’s Energy & Sustainability Business Headquarters and Global Sales Headquarters

Energy & Environment Investment, Inc.

“Amid an urgent demand for decarbonization in various fields, ammonia is expected to be used not only as a hydrogen carrier, but also as a clean fuel in its own right, with applications for single fuel ammonia combustion in large-scale transportation (e.g., ships and aircraft) as well as thermal power generation. It has the potential to be a key driver in decarbonization, but in order to achieve this goal, renewable energy must be used in the manufacturing process as well “said by Member of the Board and Partner: Kenyu Hosoya. “Using Tsubame BHB’s technologies, ammonia can be manufactured at low temperatures and low pressures, enabling small, distributed manufacturing facilities. In this way, in addition to supporting the worldwide use of green ammonia manufactured using renewable energy, these technologies are expected to contribute to decarbonization as well.”

Outline of investors participating in this round 

Heraeus Beteiligungsverwaltungsgesellschaft mbH

The Heraeus Group, based in Hanau, Germany, is a global company with about 17,200 employees, operating in 40 countries around the world, and boasting cutting-edge technologies. Founded in 1660, Heraeus has a diverse business portfolio, with activities in fields such as metals and recycling, healthcare, semiconductors and electronics, and industrials.

Yokogawa Electric Corporation

Yokogawa Electric, a major electrical equipment company, is one of Japan’s top manufacturers specializing in industrial instruments and process control systems. Using measurement, control, and information technologies, it contributes to resolving social issues through business in the control, measurement, communications, and life science fields.

Energy & Environment Investment, Inc.

Energy & Environment Investment was established in 2006 as a venture capital company specializing in the energy and environmental fields. It invests in and supports the growth of startup companies with innovative business models and technologies that contribute to the realization of a sustainable society, with a particular focus on decarbonization.

About Tsubame BHB (https://tsubame-bhb.co.jp/en)

Tsubame BHB’s corporate philosophy is to “resolve issues faced by mankind in the context of environmental and food related issues through the use of original technologies, in order to achieve a sustainable society.” We are a deep tech company that strives for practical applications of on-site ammonia production at small, distributed plants using technologies that dramatically reduce the extraction of CO2 in comparison to conventional methods, by producing ammonia at low temperatures and low pressures. Founded in 2017, we utilize electride catalyst technologies developed by Honorary Professor Hideo Hosono of the Tokyo Institute of Technology, and we are currently strengthening the rollout of overseas business with a focus on regions including North and South America, Australia, and Africa. Last year, we were invited by the Japanese government to attend the 28th Conference of the Parties to the UN Framework Convention on Climate Change (COP28), where we had an exhibit booth.

Company name: Tsubame BHB Co., Ltd.
Representative Director and CEO: Koji Nakamura
URL: https://tsubame-bhb.co.jp/en
Head Office: 6th floor, Shin-Yokohama Square Building; 2-3-12 Shin-Yokohama, Kohoku-ku, Yokohama, Kanagawa Prefecture
Established: April 2017
Description of Business:

R&D, sales, and facilities maintenance related to on-site ammonia supply systemsR&D, manufacturing and sales of synthetic ammonia catalystsManufacture and sales of ammonia and ammonia related products

 

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SOURCE Tsubame BHB Co., Ltd.

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Accordia Bank Launches HSA+ Nationwide as New Law Expands HSA Eligibility to Millions.

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September 17, 2026

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PLEASANT GROVE, Utah, Sept. 17, 2026 /PRNewswire/ — Accordia Bank today announced the nationwide launch of Accordia HSA+, a full-service consumer-directed healthcare platform offering Health Savings Accounts and related benefit accounts to consumers and employers throughout the United States including distribution through benefits brokers and advisors.

The launch arrives as the health savings account market undergoes its most significant eligibility expansion since HSAs were created in 2003. Under the One Big Beautiful Bill Act, Bronze and Catastrophic health plans are treated as HSA-compatible beginning January 1, 2026. 35 percent of plans offered on HealthCare.gov qualify as HSA-eligible for the 2026 plan year, compared with 4 percent a year earlier.

“Eligibility just expanded to millions of people who have never had access to a Health Savings Account, and Accordia is in the market to serve these customers with best of breed products” said Matt Field, President of Accordia Bank. ” We built Accordia HSA+ because employers and their advisors tell us two things about the incumbents: the fees are hard to justify, and nobody answers the phone. We are a bank, not an administrator that partners with a bank, so we can price the account differently and we have a long legacy of personalized customer service.”

Accordia HSA+ provides the complete consumer-directed benefits suite: health savings accounts, health FSAs, limited purpose FSAs, dependent care FSAs, Health Reimbursement Arrangements, commuter benefits, lifestyle spending accounts, and COBRA administration. Participants receive a benefits debit card, mobile and web account access, and access to an investment platform once their account reaches the investment threshold of $1,000. Employers receive a single implementation, consolidated administration across all account types, and high service standards.

One major benefit for consumers and employers is that Accordia Bank’s Health Savings Account carries no monthly administration fee.

“An advisor’s reputation is on the line every time they recommend a vendor, and the thing that damages it is not price; it is a transition that goes badly,” said Heidi Maestas, Senior Vice President of Client Experience and Growth at Accordia Bank. “So, we built HSA+ around the handoff. One implementation across every account type, published service standards an advisor can hold us to, and a U.S.-based team that knows the group.”

“Our product suite has grown over the past several years by finding places where a well-run bank can compete with much larger institutions,” said Mike Watson, Chief Executive Officer of Accordia Bank. “Health Savings Accounts are exactly that kind of place. The product is a deposit product at its core, and deposits are what banks are built to do. What HSA+ adds is access to a one-stop shop for the full suite of consumer-directed benefits and administration that brokers and employers need”

Accordia HSA+ is available now for employer groups nationwide, including January 1, 2027, effective dates. Benefits brokers and consultants interested in the Accordia HSA+ advisor program can contact Wendy Dampier, HSA Solutions Advisor, at wendy.dampier@accordia.bank; or Reggie Harwell, HSA Solutions Advisor at reggie.harwell@accordia.bank, or visit https://accordia.bank/banking/business-banking/business-hsa.

For media inquiries, please contact:

Lee Lamb, SVP Marketing & Brand | lee.lamb@accordia.bank 

 About Accordia Bank –

Founded in 1993, Accordia Bank is a financial institution headquartered in Pleasant Grove, Utah, with approximately $1.6 billion in assets. Through Accordia HSA+, the bank serves consumers, employers and benefits advisors nationwide as a Health Savings Account custodian and administrator of consumer-directed benefit accounts. Accordia Bank also provides commercial, agricultural, small business, and construction lending. Accordia Bank is a division of Quill Bank. Member FDIC | Equal Housing Lender. Online: https://accordia.bank.

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SOURCE Accordia Bank

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Lawrence Semiconductor Names Don Garrison General Manager and Chief Operating Officer

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September 17, 2026

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Former Littelfuse semiconductor operations executive brings direct epitaxy leadership to the Tempe manufacturer of engineered silicon and germanium materials as it expands to meet growing demand

TEMPE, Ariz., Sept. 17, 2026 /PRNewswire/ — Lawrence Semiconductor, a U.S.-owned manufacturer of engineered silicon and germanium epitaxial materials, today announced that Don Garrison has joined as General Manager and Chief Operating Officer. Garrison reports to Chief Executive Officer Ali Torabi and leads manufacturing, engineering, quality and customer delivery as the company expands capacity to meet growing demand from photonics, sensing, quantum computing and defense customers.

As a merchant epitaxy foundry, Lawrence manufactures the engineered layers that customers use as starting material for advanced microelectronic, photonic and sensing devices. Its portfolio includes specialized silicon, germanium, silicon-germanium (SiGe), germanium-tin (GeSn) and isotopically enriched silicon-28 epitaxial materials for photonics, sensing, quantum computing, defense and other advanced semiconductor applications. Lawrence is the only merchant source in the United States for production GeSn and silicon-28 epitaxy and one of very few in the world.

“Lawrence makes advanced materials that very few companies in the world can produce, and our customers build their most demanding devices on them,” said Ali Torabi, chief executive officer. “Don has run semiconductor manufacturing at far larger scale, and he has run epitaxy, which is rare. With him leading operations, we can invest in capacity with confidence and scale to meet the industry’s rapidly growing need for specialty foundry services.”

Garrison brings more than 25 years of semiconductor manufacturing leadership. He most recently served as Vice President of Global Operations for the Semiconductor Business Unit at Littelfuse, directing manufacturing, engineering and supply chain across eight fabrication, assembly and test sites and an organization of more than 2,500 people.

Previously he was Director of Fab Operations at NXP Semiconductors in Chandler, Arizona, and led manufacturing excellence initiatives at GlobalFoundries during a high-growth factory startup. Earlier he spent more than a decade at Intel Corporation in technical and manufacturing roles. He has led epitaxial deposition operations directly at multiple companies and lives in the Phoenix area.

“I have run epitaxy before, and it is one of the most unforgiving processes in semiconductor manufacturing. Lawrence has been doing it well for more than 30 years,” said Garrison. “My job is to scale the operation to meet demand without compromising the quality and reliability our customers depend on.”

Lawrence operates a Class 100 cleanroom in Tempe with 14 epitaxial reactors running around the clock. The company is ISO 9001:2015 certified, is certified under the Department of Defense Joint Certification Program and is implementing IATF 16949 to support automotive and high-reliability production programs.

A high-resolution photo of Don Garrison is available on request.

About Lawrence Semiconductor

Lawrence Semiconductor Research Laboratory, Inc. is a privately held, U.S.-owned specialty semiconductor materials manufacturer headquartered in Tempe, Arizona. Founded in 1992, the company supplies custom silicon and germanium epitaxial materials to customers from early research through high-volume production. Its customers span silicon photonics, infrared sensing, power electronics, optical interconnect, quantum computing and defense. For more information, visit lawrencesemi.com.

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SOURCE Lawrence Semiconductor

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Crypto Options Approach Half of Bitcoin Derivatives Market as Bybit Captures 28% of Tracked Volume, Glassnode Report Finds

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September 17, 2026

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New Glassnode x Bybit research highlights structural shift toward options, with Bybit leading tracked Ether options for 143 consecutive days and tokenized gold perpetuals for 476 days

DUBAI, UAE, Sept. 18, 2026 /PRNewswire/ — Crypto derivatives markets are becoming more sophisticated as options take on a larger role in how traders manage and price risk, according to a new report from digital assets data provider Glassnode, produced in partnership with Bybit.

The State of Crypto Derivatives identifies a structural shift in the crypto-native Bitcoin derivatives market, with options increasing their share of notional open interest from roughly 25% to nearly 50% over the period studied. At the same time, dated futures have increasingly given way to perpetuals, reshaping how market participants gain and manage exposure.

The report draws on Glassnode’s venue-resolved derivatives and market data across the crypto-native market, individual venues and Bybit’s own derivatives book.

“Ether makes up about a third of Bybit’s Options Volume over the past 90 days, the highest Ether share of the four venues in the panel. The Ether options market has found a second venue of size,” said Frederik Theissen, Head of Research at Glassnode.

Options become a core part of crypto derivatives

Options have gained market share across four of the five market regimes examined since 2019, with their fastest growth occurring during the prolonged bear market.

The trend is significant because it suggests the growth of options is not simply a product of rising prices or speculative activity. Instead, market participants increasingly appear to be using options to manage downside, express views on volatility, and price specific market events.

Meanwhile, dated futures have increasingly given way to perpetual contracts, reinforcing the broader evolution of crypto derivatives toward instruments that offer more flexible and continuous exposure.

“Dated futures have all but left the crypto-native market: their volume sits about 97% below where it was in 2021. Leverage moved into perpetuals and risk pricing moved into options, whose volume runs more than three times higher than it did then,” added Frederik.

Bybit’s Bitcoin options share nearly triples

As the options market has expanded, Bybit has significantly increased its share of trading activity.

Glassnode’s data shows that Bybit’s share of the four-venue Bitcoin options volume pool rose from less than 10% to 28%, nearly tripling over the reporting period.

The growth has been driven by active turnover rather than simply the accumulation of open positions. Bybit’s options book turns over in days, compared with weeks for the largest book in the tracked panel.

This distinction highlights an important feature of a mature derivatives market: liquidity is not only about the amount of open interest held on a venue, but also how actively that liquidity is traded and recycled.

Bybit leads Ether options and tokenized gold

Bybit’s options activity extends beyond Bitcoin. The report finds that Bybit recorded the highest Ether options trading volume among the four tracked venues for 143 consecutive days. Glassnode confirmed the leadership using coin-denominated volumes as well as dollar values, reducing the impact of Ether price movements on the comparison.

Ether now accounts for approximately one-third of Bybit’s total options volume.

Bybit has also established a leading position in tokenized commodity derivatives. Measured in ounces, its tokenized-gold perpetual book has remained the largest among the crypto venues tracked by Glassnode for 476 consecutive days.

In gold options, Bybit accounted for 97.1% of open interest across the tracked venues.

Together, the figures point to a derivatives platform with growing depth across crypto-native assets and tokenized commodities, as traders increasingly use a broader range of instruments to manage risk and express market views.

Bybit’s options book grows more than fourfold

Bybit’s own options market has expanded substantially alongside the wider market.

According to the report, Bybit’s options book reached $2.33 billion, up from $529 million during its first month.

The growth has not been linear. Options initially represented a smaller share of Bybit’s derivatives activity during the rapid expansion of perpetual contracts, before rebuilding as demand for more sophisticated risk-management instruments increased.

The resulting U-shaped pattern broadly mirrors the wider market’s rotation back toward options.

“The derivatives market is becoming more sophisticated. Traders are increasingly using options not simply to take directional positions, but to express views on volatility, manage downside, and price specific events,” said Sean Ballard, Head of Derivatives and Institutional Business at Bybit.  “The data shows this is becoming a structural part of the market, and Bybit is building the liquidity, breadth, and infrastructure needed for the next stage of growth.”

“Bybit is leading the way in market evolution by aligning options with where price discovery and volume really live. By introducing options on perpetual contracts, we are bringing an industry-first innovation to the market, and we believe this should be a game changer for the growth and development of market structure,” added Sean.

Building the next generation of derivatives markets

The findings highlight a broader evolution in crypto trading. As options become a larger part of the market, competitive differentiation will increasingly depend on liquidity, breadth of instruments, and the infrastructure required to serve both professional and individual traders.

Bybit’s growing options market reflects this convergence, with expanding activity across Bitcoin and Ether and established depth in tokenized-gold derivatives.

Methodology: The State of Crypto Derivatives is based on Glassnode’s venue-resolved derivatives and market data, current as of the settled close of August 23, 2026. Venue coverage varies by metric and reflects the venues tracked by Glassnode. The options analysis covers four crypto-native venues. The futures analysis covers the offshore venues tracked by Glassnode and excludes CME, and the tokenized-gold analysis covers the crypto venues tracked by Glassnode.

The full report is available here.

#Bybit  / #NewFinancialPlatform

About Bybit

Bybit is The New Financial Platform.

We believe every person should have access to every financial opportunity on earth. That’s why we’re building the first intelligent platform that connects anyone, anywhere to the world’s finance.

Trusted by more than 80 million users worldwide, Bybit brings together investing, trading, payments, and wealth-building in a single secure and intelligent ecosystem. Through the combination of AI-powered technology, deep global liquidity, robust security, and transparent operations, Bybit makes global finance more accessible, efficient, and empowering for everyone.

Built for everyone. Powered by intelligence. Open to the world.

Learn more at Bybit.com.

For more details about Bybit, please visit Bybit Press

For media inquiries, please contact: media@bybit.com

For updates, please follow: Bybit’s Communities and Social Media

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