Air Liquide Venture Capital has backed an Ohio-based AEM electrolyser start-up in its Series A second close to ramp-up deployments and manufacturing of its hydrogen production systems.
The French industrial gas major’s venture capital arm made an undisclosed investment in Power to Hydrogen (P2H2) to support the US firm’s capital-raising efforts.
It comes after the company closed its Series A round in August 2024 having raised over $18m to scale and deploy its electrolysis technology based on a hybrid liquid alkaline-AEM stack design.
The first close saw participation from EDP Ventures, American Electric Power (AEP), Asahi Kasei, JERA and more.
H2 View has contacted P2H2 for confirmation on the second close’s participation and value.
P2H2 CEO, Paul Matter, said the support from Air Liquide was a “powerful enabler” in helping the company further develop its technology.
By combining AEM and alkaline liquid electrolyte layers, P2H2 says the technology solves common issues with AEM-based cells, including membrane oxidation and the use of “unstable ionomers” in the anode.
With plans to sell “megawatt-class” systems based on 250kW stacks, P2H2 was set to deploy the “largest” AEM electrolyse stack installation in the Port of Antwerp-Bruges during Q4 last year. However, no updates have been given.
The installation’s capacity was not disclosed.
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