H2U Technologies, a Chatsworth, CA-based developer of technologies to produce green hydrogen, raised $11M in Series A funding.
Backers included Jericho Energy Ventures (TSXV:JEV) (Frankfurt:JLM0)(OTC PINK:JROOF), Freeflow Ventures, VoLo Earth Ventures, and Hess Corporation (NYSE:HES). H2U raised a $7M first tranche of Series A financing in 2021, which was co-led by Jericho, Hess, Dolby Family Ventures and Motus Ventures.
The company intends to use the funds for the advancement of H2U’s innovative electrolyzer designs and to commission the build of its proprietary Catalyst Discovery Engine™ (CDE).
Led by CEO Mark McGough, H2U develops catalysts used to start or speed up the electrolysis of water into hydrogen and oxygen. The company also produces a grid-scale PEM electrolyzer, the Gramme 50. The technology underpinning its products is based on 10 years of research and development funded by the U.S. Department of Energy through Caltech’s Joint Center for Artificial Photosynthesis.
In 2021, H2U announced a strategic partnership with SoCalGas, the largest natural gas distributor in the U.S, who recently announced plans to replace up to 25% of their natural gas with clean hydrogen, requiring 10 to 20 GW worth of electrolysis capacity. The pair have partnered to pilot H2U’s novel PEM electrolyzer – the Gramme 50™ (G50) – which features sub-component innovations to enable low-cost green hydrogen production.
FinSMEs
03/03/2022