Power to Hydrogen, specialising in advanced electrolysis technologies, has raised over $18 million in Series A funding. The round was led by venture studio Rev1 Ventures and strategic investor Worthington Enterprises. It also saw support from global investors, including Finindus, JERA, Asahi Kasei, American Electric Power, EDP Ventures, E.ON, ESB, FH Capital, INP Capital, and others.
This follows the investments in similar startups, including Denmark-based Dynelectro and London-based IP Group.
Funds utilisation
With the new funding, Power to Hydrogen will grow its US-based team in Columbus, Ohio, expand its manufacturing and supply chain, and 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.
“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,” said Hans Maenhout, Investment Director at Finindus. “We are looking very much forward to welcoming the first of its industrial-size electrolysers to the Flanders region later this year.”
“We at Rev1 Ventures have a long and productive history of working with the team at Power to Hydrogen,” said Rev1 Ventures Executive Vice President, Ryan Helon. “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.”
What does the company do?
Founded by Paul Matter and Christopher Holt, Power to Hydrogen aims to accelerate the transition to a clean energy economy. This is possible with its AEM Electrolyzer (Anion Exchange Membrane) technology that cost-effectively and efficiently converts renewable electricity and water into high-pressure hydrogen using earth-abundant materials.
Its AEM 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 is working closely with government and industry leaders to develop and implement its technology at scale.
“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,” said Power to Hydrogen Founder and CEO, Dr. Paul Matter.
