Electrolyser developer Advanced Ionics has raised $6.7m in funding which will be used to scale up its technology and build out the company’s R&D facility.
Secured from strategic investors JERA, Lummus Venture Capital and the Argosy Foundation and existing investors Clean Energy Venture Group and bp Ventures, the funding is expected to accelerate technology commercialisation and deployment.
In addition to the new investment, the US firm, based in Wisconsin, has promoted Ignacio Bincaz from his role as Chief Commercial Officer (CCO) to CEO.
Ignacio Bincaz © Advanced Ionics
Appointed CCO in 2023, Bincaz played “an instrumental role in fundraising and developing initiatives that will drive revenue growth,” Advanced Ionics wrote in an online statement. Furthermore, he helped secure the partnership with Lummus Technology.
Following his appointment, Bincaz said, “The strategic investment from JERA, Lummus Technology and bp Ventures underscores how we are creating a decarbonisation platform purpose-built for industrial customers.
“As we continue to focus on the commercialisation and deployment of our electrolyser technology, the additional investment will allow us to build on our recent successes and leverage these partnerships, accelerating our path to commercialisation.”
Advanced Ionics’ Founder, Chad Mason, will step down from his position as CEO and serve as the company’s Chief Technology Officer, leading the R&D of its electrolyser technology and “platform towards the first commercial products for industrial customers.”
“We believe our technology has the potential to revolutionise this market at a time when new technology is most critical, and we’re building a world-class company to make that a reality,” Mason said.
Last September, the oil and gas major Shell announced its GameChanger programme would support Advanced Ionics’ pilot hydrogen production project, which used its water-vapour electrolyser system Symbion.
Read more:Shell to support Advanced Ionics’ novel hydrogen production project
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