Advancements in climatetech are crucial if we are to reach climate change targets and achieve a sustainable future. While private market equity and grant investment has been upwardly tracking at around 10%, total investment in climatetech startups between 2022 and 2023 was down by 40.5%.
Thankfully, there have been some recent success stories including Velocys [who produce sustainable aviation fuels], Planet A [sustainable foods], and Greyparrot [sustainability-focussed software], who have received substantial financial boosts from various investors.
Technologies like decarbonisation and hydrogen power focus on directly addressing the route causes of climate change- eliminating CO2 emissions from infrastructure, manufacturing, and transport.
Today, Chicago-based Celadyne, a leading decarbonisation and hydrogen solutions company, proudly announces a successful seed investment round, raising $4.5 million. Prominent investors, Maniv and Dynamo Ventures co-led the funding round, with participation from EPS Ventures.
Founded by Gary Ong, a PhD holder in Materials Science and Engineering from the University of California, Berkeley, Celadyne is positioned at the forefront of driving innovation in the hydrogen sector. Gary Ong’s background includes stints at Sputnik Accelerator and the Chain Reactions Innovations program at Argonne National Laboratory.
Celadyne collaborates with fuel cell and utility firms, focusing on delivering efficient hydrogen solutions to heavy-duty industries such as energy, manufacturing, and transportation. The company’s advanced technologies aim to unlock the true potential of hydrogen, offering a cost-effective route for green hydrogen production and contributing to the decarbonisation of crucial industries.
Revolutionising hydrogen utilisation
Celadyne’s mission, as articulated by Gary Ong, is clear: unlocking the true potential of hydrogen. The newly secured funding is poised to accelerate the introduction of Celadyne’s groundbreaking products to the market. The company envisions a future where industries like transportation and manufacturing embrace green hydrogen, fostering positive contributions to the planet.
Celadyne’s materials and technologies play a pivotal role in advancing fuel cell technology. By replacing the proton exchange membrane, the company creates more durable fuel cells and more compact and efficient electrolysers. This enhanced durability positions fuel cells as an environmentally friendlier alternative to diesel engines, while the efficient electrolysers produce low-cost green hydrogen as fuel.
Addressing industry challenges
Jake Wieseneck, Principal at Maniv, notes that widespread hydrogen adoption faces a classic “chicken or egg problem.” Celadyne is uniquely positioned to address both sides of this challenge. By creating high-value hydrogen use cases and simultaneously reducing hydrogen costs, Celadyne aims to fuel growth in the hydrogen sector. Maniv expresses pride in supporting companies like Celadyne that contribute to a more sustainable future.
Broad support and financial backing
Celadyne’s latest funding round builds upon capital from notable sources such as Shell Ventures, Sputnik ATX, the Third Derivative Accelerator, and Sandy Spring Climate Partners. The company has received support through grants from the US Department of Energy, National Science Foundation, ARPA-E, and the Department of Defence – AFWERX.
Jon Bradford, Co-Founder & Managing Partner at Dynamo Ventures, a backer of Celadyne, emphasises the importance of decarbonising the supply chain, “At Dynamo, we believe in the importance of decarbonizing the supply chain. Celadyne is redefining how logistics can be decarbonized, with their deep expertise and granular understanding of the potential of hydrogen. This investment isn’t just the next step – it’s the future of energy and mobility as we know it. It’s the beginning of a greener, more efficient industry, and planet.”
EPS Ventures highlighted their belief in investing in sustainability their excitement at supporting Celadyne, “Eastern Pacific Shipping (EPS) believes in investing in the future of maritime and sustainability. While the shipping industry is vital in our modern world, it is also challenging to decarbonize. We’re excited to support Celadyne’s growth in creating green hydrogen solutions capable of completely transforming how we conduct these operations. Backing Celadyne means backing a cleaner future for the maritime industry.”
Future growth and development
The additional capital will fuel Celadyne’s growth, expanding its team with experienced engineers from reputable organisations. The team, with backgrounds from Siemens Energy, Argonne National Lab, The US Navy, Micron Technologies, Hyson Motors, and Northwestern University, will contribute to the ongoing development of Celadyne’s materials technology. The goal is to create even more efficient fuel cells and expand their usage in electrolysis across the company’s growing list of clients in the United States.
By the end of the year, Celadyne anticipates doubling its customer base, marking a significant step towards a greener future. These developments are set to open up new possibilities for green energy applications, particularly in industries historically known for their environmental impact.
