Ayrton Energy has secured $6.8m in seed financing to advance its liquid organic hydrogen carrier (LOHC) technology.
Led by Clean Energy Ventures and the Business Development Bank of Canada’s investment arm, BDC Capital, Ayrton will leverage the financing to “scale its proprietary technology, double the size of its team, and expand operations into energy hubs in the US.”
Canada’s Ayrton has stated its LOHC hydrogen storage system can “enable clean hydrogen at lower cost and higher safety than any storage solution on the market today.”
H2 View understands the LOHC system can offer long-term storage and transportation of hydrogen at room temperature using existing liquid fuel infrastructure.
Antares Ventures, ESP Ventures, SOSV, the51, and UCeed Investment Funds also participated in Ayrton’s financing round.
“Enabling the widespread production of clean hydrogen will be the backbone of an emissions-free future, and we believe our industry-agnostic solution will be a step in the right direction to democratise energy access globally,” explained Natasha Kostenuk, Founder and CEO of Ayrton Energy.
Daniel Goldman, Co-Founder and Managing Partner at Clean Energy Ventures, claimed the organisation is eager to help the team scale its technology globally due to its low-cost potential.
Partner and Team Lead at BDC Capital’s Climate Tech Fund, Cheri Corbett, added, “Aryton’s technology will enable sizeable greenhouse gas reduction and help Canada reach its 2030 and 2050 climate targets.”
Aryton is already developing a pilot programme in Alberta, Canada, with ATCO Gas – the “largest natural gas utility in the province.” The partnership is anticipated to produce tens of tonnes of hydrogen annually and explore the potential for integration with technologies including fuel cells.
Last month, Ayrton was awarded C$1.09m to evaluate hydrogen storage and transportation in conventional tanks, via Natural Resources Canada.
Read more:Canada supports clean hydrogen initiatives with $9.14m funding round
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