Verne received strategic funding headed by Trucks Venture Capital. Investors include existing partners, such as the Collaborative Fund and Amazon’s Climate Pledge Fund, and new partners, such as the United Airlines Ventures Sustainable Flight Fund and Newlab.
This funding round will expedite Verne’s cryo-compressed hydrogen (CcH2) technology development. The equipment provides onboard hydrogen storage geared for heavy-duty vehicles. Such an injection of funds raises Verne’s total funding to $15.5M, including grant funding.
Heavy-duty transportation accounts for 12% of U.S. greenhouse gas emissions. Strict regulations and corporate commitments to reducing carbon footprints necessitate the transition to zero-emission vehicles. Yet the current limitations and performance trade-offs of existing technologies make this transition challenging.
Battery Electric trucks, with limited range and high weight, only provide costly, temporary solutions. Verne’s high-density hydrogen storage solution offers a more viable alternative. This technology achieves the maximum hydrogen density at 73 g/L internal density, allowing a truck to travel around 900 miles without additional weight.
Verne made considerable strides last year in the stationary demonstration of its CcH2 storage tank. It also completed the first testing of its CcH2 storage system onboard a vehicle with integrated subsystems, opening Holland’s doors to commercial interest.
