Power to Hydrogen – P2H2 Closes Series A Investment Round – $18 million for AEM electrolysis technology

Power to Hydrogen – P2H2 Closes Series A Investment Round – $18 million for AEM electrolysis technology.

 

Power to Hydrogen Inc., a leader in advanced electrolysis technologies, announced today it has raised over $18 million to scale and deploy the world’s first industrial-scale AEM electrolysis technology. The Series A funding round brings together leading financial and industrial investors from around the globe to pair with U.S. and European government support to bring the technology to market.

 

The Series A funding was led by venture studio Rev1 Ventures and strategic investor Worthington Enterprises,  a designer and manufacturer of market-leading brands in building products, consumer products and sustainable energy solutions. The round also includes support from global investors, including Finindus, JERA, Asahi Kasei, American Electric Power, EDP Ventures, E.ON, ESB, FH Capital, INP Capital, and others.

 

Dr. Paul Matter, Power to Hydrogen Founder and CEO, said:

 

We welcome an excellent mix of new investors, including the leading investor in the Midwest of the United States, two of the most successful hydrogen investors over the last decade, and strategic partners spanning Australia, Japan, North America, and Europe.

 

Power to Hydrogen is working closely with government and industry leaders to develop and implement its technology at scale. Its innovative AEM (anion exchange membrane) electrolysis enables high current density and high-pressure hydrogen production while meeting industry durability requirements. The technology is a potential breakthrough in electrolysis technology due to its high performance, low-cost materials, and ability to tie into renewable energy. Power to Hydrogen has proven these advantages in multiple paid pilots with leading global energy companies.

 

Ryan Helon, Rev1 Ventures Executive Vice President, said:

 

We at Rev1 Ventures have a long and productive history of working with the team at Power to Hydrogen.

 

“We are thrilled to partner with Paul Matter, Chris Holt, and Alex Zorniger, along with a great investor syndicate, including our venture partner from Worthington Enterprises to support bringing Power to Hydrogen’s innovative hydrogen production technology to market.”

 

With the new funding, Power to Hydrogen will grow its U.S.-based team in Columbus, Ohio, expand its manufacturing and supply chain, as well as expand internationally with the launch of new offices in Belgium. The company will complete the development of its industrial-scale electrolysis stack and system, which will enable it to install the largest AEM electrolysis stack in the world at the Port of Antwerp in the coming months.

 

Hans Maenhout, Investment Director at Finindus, said:

 

Coupling hydrogen production with renewable energy is not as easy as some people will lead you to believe – Power to Hydrogen has not only managed to bring AEM electrolysis to a new level in terms of durability, but they have also extensively demonstrated robust cycling behavior of their patented electrolyser design.

 

“We are looking very much forward to welcoming the first of its industrial-size electrolysers to the Flanders region later this year.”

 

Source: Hydrogencentral