Calgary-based cleantech startup Ayrton Energy has secured $9.1 million CAD ($6.7 million USD) in seed financing. This funding is aimed at advancing the US expansion of their innovative hydrogen storage solution.
The funding round was co-led by Clean Energy Ventures and BDC Capital. Other investors included Antares Ventures, EPS Ventures, SOSV, The51, and the University of Calgary’s UCeed Investment Funds.
Natasha Kostenuk, founder and CEO of Ayrton Energy, expressed that their hydrogen storage system, which operates at low temperatures and low pressure, will democratize energy access globally. Hydrogen is stored in an organic liquid, making it more affordable and safer to handle, similar to gasoline.
According to a 2023 report by Deloitte, clean hydrogen could lead to up to 85 gigatons in cumulative COâ‚‚ reductions by 2050. Ayrton Energy aims to solve major issues in the hydrogen sector, including high transport costs and limited storage infrastructure.
Kostenuk noted that the widespread production of clean hydrogen is crucial for an emissions-free future. The financing will help scale Ayrton’s technology, double their team, and expand into US energy hubs like Houston, Texas, with potential projects in California and the northeastern US.
