Peregrine Hydrogen recently announced the successful closure of an oversubscribed $7.8 million seed financing round, a testament to the growing interest in sustainable hydrogen production.
Led by Bidra, this financing round also saw participation from Builders, Gates Frontier, Presidio Ventures, RiSC Capital, and Schox. The funds secured in this round are earmarked for a critical mission – refining and scaling up Peregrine’s proprietary technology. Additionally, Peregrine aims to expand its operations into commodity chemical markets, marking a strategic step toward further reducing greenhouse gas emissions.
Green hydrogen is rapidly gaining recognition as a key player in the global effort to combat climate change. It serves as a critical component in the production of commodities that are essential for human society, including fertilizers and plastics. However, the hydrogen currently produced worldwide relies heavily on fossil fuels, predominantly through processes like steam methane reforming (SMR) and coal gasification. Regrettably, these methods release nearly one billion tons of CO2 annually, contributing to approximately 2% of global CO2 emissions.
Peregrine Hydrogen, born out of the climate technology incubator Orca Sciences in June 2023, is taking on the challenge of producing clean hydrogen at a cost that rivals today’s SMR pathway. Their groundbreaking approach is rooted in co-production technology, a method that not only yields clean hydrogen but also produces valuable industrial chemicals simultaneously. This innovative technique leverages proprietary chemical engineering advancements and strategic integration methods, making it a game-changer in pursuing large-scale commercial opportunities.
Peregrine’s technology arrives at a critical juncture in the global quest for decarbonization. One of its initial targets is the fertilizer industry, which plays a pivotal role in feeding nearly half of the world’s population. Peregrine’s co-production technology not only decarbonizes hydrogen production for ammonia but also streamlines supply chains and confers strategic advantages to fertilizer producers.
The infusion of $7.8 million in funding will be channeled into technical development and talent acquisition. Peregrine is actively expanding its technical team, based in California, with a focus on recruiting industry experts, high-energy chemical engineers, and process engineering specialists. The future of hydrogen production is greener, more sustainable, and Peregrine Hydrogen is leading the way.