Matthews International Corp. Goes from Graves to Green Energy – Report
By CorpGov Editorial Staff
From Big Oil to Big Tech, seemingly every industry has found ways to embrace ESG. Even the oldest businesses on the planet are finding ways to go green.
One surprising example is Pittsburgh, PA-based Matthews International Corp., whose focus is shifting from graves and memorials to hydrogen fuel cells. In article published Monday, the Pittsburgh Post-Gazette explains why Matthew International’s evolution should not come as a shock.
The reason is that heating systems for crematoriums actually have similarities to energy storage products. And according to the company’s chief technology officer, there is potential for Matthews International to actually manufacture fuel cells.
The company has also used M&A to support its transformation. It recently bought Terrella Energy Systems, which makes bipolar graphite plates for hydrogen fuel cells. And back in 2008, Matthews International bought Germany’s Saueressig.
Hydrogen fuel cells are widely seen as the next step in clean mobility. Governments around the world have encouraged a shift to hydrogen, with companies such as Nikola Corporation developing hydrogen-powered vehicles.
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