Clean hydrogen has been hailed as a critical fuel for the transition to a low-carbon economy, and Modern Hydrogen, a California-based startup, is one of the companies at the forefront of developing and commercializing this technology. The company recently raised $32.8 million in a Series B-2 financing round to accelerate the distributed decarbonization of gas into clean hydrogen.
Modern Hydrogen’s technology utilizes a modular approach that allows for the production of hydrogen on-site and on-demand, using natural gas as a feedstock. This approach is said to reduce carbon emissions by up to 95% compared to traditional hydrogen production methods, which rely on steam methane reforming and produce significant amounts of greenhouse gases.
The company’s technology is designed to be highly scalable and can be integrated with existing natural gas infrastructure. This means that hydrogen can be produced and delivered to end-users, such as industrial customers or fuel cell vehicles, without the need for extensive pipeline infrastructure.
The funding round was led by Energy Impact Partners, a global investment firm that focuses on decarbonization and digital transformation in the energy industry. Other participants in the funding round included Chevron Technology Ventures, Piva Capital, and Asymmetry Ventures.
According to Modern Hydrogen, the new funding will be used to accelerate the commercialization of its technology and expand its team. The company also plans to develop additional products and services to support the deployment of its hydrogen production technology.
The potential impact of Modern Hydrogen’s technology is significant, as it could provide a low-carbon alternative to traditional hydrogen production methods and help to reduce greenhouse gas emissions from a variety of industries, including transportation and manufacturing.