Advanced Ionics, the developer of a new category of hydrogen electrolysers useful for expanding green hydrogen production, has closed a $12.5 million (€14.5 million) Series A financing led by bp ventures.
Additional investors include Clean Energy Ventures, Mitsubishi Heavy Industries and GVP Climate.
The new capital will help catalyse Advanced Ionics’ growth and facilitate the initial deployment of its Symbion™ water vapour electrolyser technology for heavy industry.
Water vapour electrolysers address two of the biggest obstacles to expanding green hydrogen production - cost and electricity requirements.
“bp ventures’ investment in Advanced Ionics is a powerful backing of our technology’s potential to help accelerate green hydrogen’s future and heavy industry’s shift towards decarbonisation,” said Chad Mason, CEO of Advanced Ionics.
“The results we’ve achieved in our testing along with early customer interest have indicated that we are an ideal technology provider for industrial customers looking to augment, expand or replace their existing hydrogen production facilities with green hydrogen.”
The company’s water vapor electrolyser helps reduce the cost and electricity requirements for green hydrogen production by symbiotically integrating with standard industrial processes to harness available heat.
The system is made of widely available steels and other simple materials rather than expensive metals or materials common in other electrolysers.
“Advanced Ionics’ technology has the potential to drive down cost and disrupt the hydrogen market” said Gareth Burns, vice-president of bp ventures. “bp has a global portfolio of hydrogen projects, and as the world transitions to a net-zero future, it’s important to us to be investing in these technologies and advance the track to deploying green hydrogen. We look forward to working with Advanced Ionics on the next stage of its growth.”
bp leads investment in low-cost hydrogen electrolyser innovator
