H2Pro has closed its $22 million series A2 financing. The A2 round was led by Breakthrough Energy Ventures (BEV), Breakthrough Energy Ventures Europe (BEV-E) and IN Venture, Sumitomo Corporation CVC in Israel.
Existing investors iAngels, TPY Capital, Contrarian Ventures and Bazan and new investors Horizons Ventures, New Fortress Energy (NFE) and OurCrowd also participated in the round.
H2Pro is developing a water splitting device that is expected to reach 95% efficiency (42kwh/kg H2), operate at higher pressure (50 bars or higher) and cost significantly less than an electrolyzer. The system will support intermittent renewable energy. Coupled with anticipated reductions in the cost of renewable energy, H2Pro’s technology will enable $1/kg green hydrogen at scale. Funds will be used to support ongoing development of the technology and scale up H2Pro’s manufacturing capabilities.
H2Pro’s technology, known as E-TAC (Electrochemical – Thermally Activated Chemical), uses electricity to split water into hydrogen and oxygen. However, unlike electrolysis, hydrogen and oxygen are produced at separate steps. This eliminates the need for a costly membrane, allows for a simpler construction and significantly lowers power consumption compared to electrolysis.
“Hydrogen is an important part of any plan to reach climate neutrality. It’s already used extensively and is set to play an even larger role in the future as it can replace fossil fuels in many applications, but unlike fossil fuels, it produces no CO2. Unfortunately, hydrogen is produced from fossil fuels today, contributing vast amounts of CO2 emissions. We’ve known how to split water with electricity for over 200 years via electrolysis. Drawing on that expertise, we’ve created a technology with 95% efficiency and lower CAPEX that can significantly accelerate the mainstream adoption of green hydrogen.”
H2Pro CEO Talmon Marco.
“H2Pro’s approach to hydrogen production is unique in that it is both electrically and chemically driven, which presents huge opportunities for this important market. We look forward to working with them and with the European Commission to further develop H2Pro’s E-TAC hydrogen production system and support the company’s mission of commercializing low-cost green hydrogen.”
Carmichael Roberts, BEV.
“Achieving significant reductions in greenhouse gas emissions requires not only political will and smart investment, but also business ideas that deliver solutions for the most pressing problems. We are proud to support a company with such an idea and with the potential to become a European innovation leader for green hydrogen production. The goal of the BEV-E Fund is to identify and finance cutting-edge technologies that will help keep our planet liveable, and we are happy to partner with them.”
Teresa Czerwinska, EIB vice-president in charge of innovation.
