Electrolyser maker Advanced Ionics closes JERA-led fundraising round
US green hydrogen electrolyser developer Advanced Ionics has raised USD 6.7 million (EUR 6.5m) in additional funding from a group of investors, including Japanese utility JERA Co Inc, to advance the development of its water-vapour technology and scale up its manufacturing and research and development facility.The fundraising transaction also attracted support from Lummus Venture Capital and the Argosy Foundation as well as from existing backers Clean Energy Venture Group and bp Ventures.In addition to the fundraising transaction, the Milwaukee, Wisconsin-based firm announced the appointment of a new chief executive officer, Ignacio Bincaz, who previously served as the company’s chief commercial officer.“As we continue to focus on the commercialisation and deployment of our electrolyser technology, the additional investment will allow us to build on our recent successes and leverage these partnerships, accelerating our path to commercialisation,” Bincaz noted in the press statement.Advanced Ionics applies a technology that utilises onsite process waste heat from industrial sites to produce green hydrogen at a lower cost. Its Symbion system is made of available steels and other simple materials and claims to use up to 50% less electricity per kilogramme of hydrogen produced.The company’s Symbion Electrolyzer Technology works with process and waste heat to produce decarbonised hydrogen.In August, the company raised USD 12.5 million in a Series A round led by the venture arm of oil and gas major BP.(USD 1 = EUR 0.970)
US green hydrogen electrolyser developer Advanced Ionics has raised USD 6.7 million (EUR 6.5m) in additional funding from a group of investors, including Japanese utility JERA Co Inc, to advance the development of its water-vapour technology and scale up its manufacturing and research and development facility.
The fundraising transaction also attracted support from Lummus Venture Capital and the Argosy Foundation as well as from existing backers Clean Energy Venture Group and bp Ventures.
In addition to the fundraising transaction, the Milwaukee, Wisconsin-based firm announced the appointment of a new chief executive officer, Ignacio Bincaz, who previously served as the company’s chief commercial officer.
“As we continue to focus on the commercialisation and deployment of our electrolyser technology, the additional investment will allow us to build on our recent successes and leverage these partnerships, accelerating our path to commercialisation,” Bincaz noted in the press statement.
Advanced Ionics applies a technology that utilises onsite process waste heat from industrial sites to produce green hydrogen at a lower cost. Its Symbion system is made of available steels and other simple materials and claims to use up to 50% less electricity per kilogramme of hydrogen produced.
The company’s Symbion Electrolyzer Technology works with process and waste heat to produce decarbonised hydrogen.
In August, the company raised USD 12.5 million in a Series A round led by the venture arm of oil and gas major BP.
(USD 1 = EUR 0.970)
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