Wisconsin-based Advanced Ionics, the developer of a new type of hydrogen electrolyzer that splits water into hydrogen using less electricity, has closed $12.5 million in Series A financing led by BP Ventures, the energy giant said Aug. 15.
The capital from investors, which also includes Clean Energy Ventures, Mitsubishi Heavy Industries and GVP Climate, will be used to expand Advanced Ionics’ team and help deploy the company’s Symbion water vapor electrolyzer technology.
Advanced Ionics said its technology has lower costs and requires less electricity to produce hydrogen from renewable energy. Its electrolyzer stack, which is made from steel and uses available heat for the process, requires 35kWh per kilogram of produced hydrogen compared to more than 50 kWh for typical electrolyzers, the company said.
“Advanced Ionics’ technology has the potential to drive down cost and disrupt the hydrogen market,” BP Ventures Vice President Gareth Burns said in a news release. “BP has a global portfolio of hydrogen projects, and as the world transitions to a net zero future, it’s important to us to be investing in these technologies and advance the track to deploying green hydrogen. We look forward to working with Advanced Ionics on the next stage of its growth.”
The Symbion electrolyzer is already being used as part of a pilot program with Repsol Foundation. BP said it plans to explore pilot opportunities with Advanced Ionics as well.
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