Suiso, a Rotherham, UK-based company developing an innovative hydrogen generator that could boost uptake of green energy, raised £3M in funding.
The round was led by NPIF – Mercia Equity Finance, and Mercia’s EIS funds.
The company intends to use the funds to create generators the size of shipping containers that could be placed on site to power factories, hospitals, and warehouses or at filling stations to fuel hydrogen-powered vehicles.
Led by CEO Stuart McKnight, Suiso provides a process that produces low-cost, low-carbon or zero-carbon energy. It uses a novel microwave technology to extract hydrogen from natural gas or biogas, while capturing the carbon in the form of carbon black, a byproduct that can be used to make tyres, batteries and inks.
Commenting on the news, Stuart McKnight said: “Hydrogen is rapidly emerging as a sustainable way to decarbonise the economy, but cost, availability and other practical issues have held back its use. Our technology offers a way to overcome these and provide clean, low-cost power on site. For some organisations, Suiso’s on site hydrogen generation may be the only realistic ‘green’ option – for example, energy-intensive industrial applications such as large boilers or furnaces, heavy lifting gear or HGV and truck refuelling. This investment will help us move to the next stage on our journey to bring it to market.“
FinSMEs
11/03/2024