Ecolectro, has secured $10.5 million in a Series A funding round, spearheaded by Toyota Ventures.
This investment is set to enhance the development of Ecolectro’s innovative Anion Exchange Membrane (AEM) electrolyzers, aiming to provide an efficient and scalable approach to reduce carbon emissions through green hydrogen.
The global green hydrogen market is currently valued at over $7 billion and is expected to expand rapidly. However, challenges such as high costs and logistical hurdles have hindered its growth. Ecolectro’s AEM technology offers a solution by eliminating the need for costly rare metals like iridium and harmful chemicals, using eco-friendly materials instead.
Ecolectro’s AEM electrolyzers outperform conventional systems, offering over 70% efficiency and the flexibility to integrate with intermittent renewable energy sources like solar and wind. This adaptability makes them ideal for industries that do not require continuous hydrogen production.
Ecolectro’s technology allows for on-site hydrogen production, drastically reducing transportation and storage costs, and lessening environmental impacts. Customers using these electrolyzers can benefit from federal and state green hydrogen tax credits, amplifying the economic advantages of the technology.
The company has already demonstrated its capabilities by partnering with Liberty New York Gas, producing green hydrogen at under $2.50 per kilogram. Given the success of their pilot project, Liberty plans to upscale its deployment to one megawatt, facilitating future large-scale applications.
The recent inflow of funding will accelerate the development of Ecolectro’s commercial-grade electrolyzers, with prototypes expected to begin testing soon and commercial availability forecasted for 2025.
