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Advanced Ionics, a producer of green hydrogen electrolyzers, has obtained $12.5 million in funding from a round of investments led by BP and supported by Clean Energy Ventures, Mitsubishi Heavy Industries, and GVP Climate.
Advanced Ionics revealed today that the revenue from the first significant funding round of a US-based startup will be used to speed up the growth and launch of their Symbian water vapour electrolyzer. This technology is designed to lessen expenditure and electricity consumption for heavy industry.
Aster and the angel investor collective SWAN Impact Network also participated in the investment round.
Advanced Ionics ascertains that their electrolyzers can help reduce the costs and energy demands of green hydrogen production - which takes renewable electricity to turn water into hydrogen and oxygen - by joining the technology with standard industrial processes to take advantage of waste heat.
Advanced Ionics states that their stack requires less electricity than the standard electrolyzer, measuring at less than 35kWh necessary per kilogram of hydrogen produced.
The efficiency of the process is especially significant for the production of green hydrogen, with electricity representing over 70 per cent of total production expenditures. Consequently, the company believes its technology can make green hydrogen available for less than $1 per kilogram.
Advanced Ionics state that their system uses accessible steels and other materials instead of pricier metals utilized in other electrolyzers. This is to minimize both costs and emissions.
Chad Mason, CEO of Advanced Ionics, reported that the successes in their testing and initial customer interest suggest that they are an ideal option for industrial customers wishing to supplement, broaden, or switch their current hydrogen production systems to green hydrogen.
The financial support of BP Ventures in Advanced Ionics indicates the possible help our technology can give in hastening the progress of green hydrogen and the decarbonization of heavy industry.
BP stated that, in addition to investing through its venture capital arm, it intends to investigate the feasibility of trialling Advanced Ionics technology.
Gareth Burns, VP of BP Ventures, remarked that the technology could decrease costs and revolutionize the hydrogen industry.
As the world moves towards a net-zero future, BP has a worldwide portfolio of hydrogen initiatives, and it is essential for the company to be investing in these technologies and advance clean hydrogen development, according to the speaker. They look forward to collaborating with Advanced Ionics in the following stage of its expansion.