Advanced Ionics Secured $12.5 Million to Propel Green Hydrogen Innovation
Advanced Ionics has successfully concluded a $12.5 million Series A financing round led by bp Ventures. This strategic investment signifies the growing momentum behind Advanced Ionics’ pioneering water vapor electrolyzer technology, designed to revolutionize green hydrogen production. Other contributors to the funding include Clean Energy Ventures, GVP Climate, and Mitsubishi Heavy Industries.
The new capital injection is set to catalyze Advanced Ionics’ expansion efforts and expedite the initial deployment of its cutting-edge Symbion water vapor electrolyzer technology within heavy industries. By addressing two pivotal challenges – cost and electricity consumption – associated with scaling green hydrogen production, Advanced Ionics is poised to reshape the future of sustainable energy.
Chad Mason, CEO of Advanced Ionics, expressed his enthusiasm about bp Ventures’ investment, stating, “This investment is a powerful backing of our technology’s potential to help accelerate green hydrogen’s future and heavy industry’s shift towards decarbonization. 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.”
At the core of Advanced Ionics’ innovation is the water vapor electrolyzer, which ingeniously taps into readily available heat within standard industrial processes, thus reducing both the cost and electricity demands of green hydrogen production. Unlike traditional electrolyzers that often rely on expensive metals, Advanced Ionics’ system is crafted from commonplace materials, including widely available steels.
Crucially, electricity consumption constitutes a significant portion of green hydrogen production expenses. In a comparative analysis, Advanced Ionics’ electrolyzer stack stands out, requiring less than 35 kWh per kilogram of hydrogen produced, whereas typical electrolyzers demand over 50 kWh per kilogram. This efficiency translates to the potential for green hydrogen to be economically viable at less than $1 per kilogram on a larger scale.
With the freshly acquired funds, Advanced Ionics aims to bolster its team and expedite the delivery of its next-generation electrolyzer systems to early adopters. The company has already demonstrated the efficacy of its product through a pilot program in collaboration with Repsol Foundation, a prominent global energy company. In addition to bp Ventures’ pivotal investment, bp will explore pilot opportunities alongside Advanced Ionics.