US electrolyser start-up Ecolectro has raised $10.5 in a Series A round to accelerate the development and deployment of its AEM systems, which it claims can already produce green hydrogen for under $2.5/kg.
Seeing participation from Starshot Capital, DNX Ventures, Energy Revolution Ventures, New Climate Ventures and more, the round led by Toyota Ventures brings the start-up’s capital raise to $27.7m following on from US state and federal grants.
Founded by two Cornell PhD chemists, Ecolectro is developing a PFAS and iridium-free AEM electrolyser, which it says uses readily available, recyclable and eco-friendly materials to produce hydrogen.
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