Advanced Ionics – a developer of a new category of hydrogen electrolyzers – has closed a U$12.5m Series A financing round led by bp ventures. Additional investors included Clean Energy Ventures, Mitsubishi Heavy Industries and GVP Climate.
The funding will be used to accelerate Advanced Ionics’ growth while also facilitating the initial deployment of the company’s Symbion water vapor electrolyzer – a technology designed for heavy industry. Water vapor electrolyzers address two key challenges associated with the expansion of expanding green hydrogen – 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 decarbonization,” said Chad Mason, CEO, 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.”
Advanced Ionics’ addresses the previously mentioned challenges by symbiotically integrating with standard industrial processes to harness available heat. Furthermore, the system is manufactured using widely available steels unlike other electrolyzers.
At present, electricity use accounts for more than 70% of green hydrogen production costs, and Advanced Ionics’ electrolyzer stack requires less than 35kWh per kilogram of produced hydrogen compared to more than 50kWh per kilogram for conventional electrolyzers.
“Advanced Ionics’ technology has the potential to drive down cost and disrupt the hydrogen market,” added Gareth Burns, vice president, 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.”
In addition, the funds will be used to expand Advanced Ionics’ team and to deliver the company’s next generation electrolyzer systems to the first customers. Furthermore, the electrolyzer product is already demonstrating its efficiency through a pilot program with global energy company, the Repsol Foundation.