Power to Hydrogen (P2H2) has secured over $18m to support the development and deployment of the “world’s first” industrial-scale AEM electrolysis technology.
The Series A funding, led by Rev1 Ventures and strategic investor Worthington Enterprises, is expected to bring together leading financial and industrial investors from across the globe to pair with US and European government support to “bring the technology to market.”
Based in Ohio, P2H2 will work closely with government and industry leaders to develop its technology at scale. Anion exchange membrane (AEM) technology is anticipated to perform better and be cheaper than conventional electrolysis tech, according to P2H2 pilots.
H2 View understands that the funding will help the company expand internationally and launch new offices in Belgium. There, P2H2 will complete the development of its AEM system and integrate it into the Port of Antwerp.
The electrolyser is anticipated to be installed during Q4, although the capacity of the system has not been revealed by the companies involved.
Read more:Port of Antwerp-Bruges to host ‘largest’ AEM electrolyser installation
The funding round also included support from Finindus, JERA, Asahi Kasei, American Electric Power, EDP Ventures, E.ON, ESB, FH Capital, INP Capital, along with others.
“We welcome an excellent mix of new investors,” explained Dr Paul Matter, P2H2 Founder and CEO. “Including the leading investor in the Midwest of the US, two of the most successful hydrogen investors over the last decade, and strategic partners spanning across Australia, Japan, North America and Europe.”
Hans Maenhout, Investment Director at Finindus, added, “Coupling hydrogen production with renewable energy is not as easy as some people will lead you to believe.
“Power to Hydrogen has not only managed to bring AEM electrolysis to a new level in terms of durability, but they have also extensively demonstrated robust cycling behaviour of their patented electrolyser design.”
P2H2 was selected for $6.6m of funding by the US Department of Energy (DOE) in March (2024) to focus on building out the US domestic supply chain for manufacturing.
Read more: US DOE backs 52 electrolyser and fuel cell manufacturing projects with $750m
