Peregrine Hydrogen, a climate technology company developing a novel electrolyzer technology to produce clean hydrogen at cost parity with today’s steam methane reforming (SMR) pathway, has announced an oversubscribed $7.8 million seed funding round.
The round was led by Bidra with participation from Builders, Gates Frontier, Presidio Ventures, RiSC Capital, and Schox.
Peregrine’s proprietary co-production technology delivers clean hydrogen alongside valuable industrial chemicals, making it a more cost-effective and sustainable solution than traditional hydrogen production methods. The company’s technology is also well-suited for decarbonizing historically difficult to abate sectors, such as fertilizer production.
The funding round will support Peregrine’s technical development and hiring efforts. The company is growing its technical team based in California and is focused on recruiting industry experts, high energy chemical engineers, and process engineering specialists.
Peregrine’s technology has the potential to revolutionize the hydrogen industry by making it possible to produce clean hydrogen at cost parity with traditional methods. This would make clean hydrogen more accessible to a wider range of industries and applications, helping to accelerate the global transition to a clean energy future.
Peregrine’s technology is also expected to have a significant impact on the fertilizer industry. Fertilizer production is a major source of greenhouse gas emissions, and Peregrine’s technology could help to decarbonize this important sector.
Peregrine Hydrogen is a company to watch. The company has developed a promising technology to produce clean hydrogen at cost parity with traditional methods. This technology has the potential to revolutionize the hydrogen industry and accelerate the global transition to a clean energy future.