Advanced Ionics, a developer of hydrogen electrolyzers, has closed a $12.5 million series A financing led by energy major BP Ventures, with additional investors including Clean Energy Ventures, Mitsubishi Heavy Industries (MHI) and GVP Climate.
The new capital is expected to help catalyze Advanced Ionics’ growth and facilitate the initial deployment of its Symbion water vapor electrolyzer technology for heavy industry.
This water vapor electrolyzer is said to help reduce the cost and electricity requirements for green hydrogen production by symbiotically integrating with standard industrial processes to harness available heat. The system is made of widely available steels and other simple materials.
According to BP, electricity use accounts for more than 70% of green hydrogen production costs and Advanced Ionics’ electrolyzer stack requires less than 35 kWh per kilogram of produced hydrogen compared to more than 50 kWh per kilogram for typical electrolyzers. This lower electricity requirement could make green hydrogen accessible for less than $1 per kilogram at scale, BP noted.
BP further informed that Advanced Ionics will use the funds to expand its team and deliver its next-generation electrolyzer systems to early customers, adding that the company is already demonstrating the efficacy of its product through a pilot program with global energy company Repsol Foundation.
Gareth Burns, Vice President of BP Ventures, commented: “Advanced Ionics’ technology has the potential to drive down cost and disrupt the hydrogen market. BP has a global portfolio of hydrogen projects, and as the world transitions to a net zero future, it’s important to us to be investing in these technologies and advance the track to deploying green hydrogen. We look forward to working with Advanced Ionics on the next stage of its growth.”
Chad Mason, CEO of Advanced Ionics, stated: “BP Ventures’ investment in Advanced Ionics is a powerful backing of our technology’s potential to help accelerate green hydrogen’s future and heavy industry’s shift towards decarbonization.”
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