Verne, a San Francisco, CA-based developer of high-density hydrogen storage systems, raised an undisclosed amount in funding.
The round, which brought the total amount to $15.5M, was led by Trucks Venture Capital, with participation from existing investors Collaborative Fund and Amazon’s Climate Pledge Fund, and new investors United Airlines Ventures Sustainable Flight Fund and Newlab.
The company intends to use the funds to accelerate development of their cryo-compressed hydrogen (CcH2) technology for on-board hydrogen storage for heavy-duty vehicles.
Founded in 2020 and led by CEO Ted McKlveen, Verne develops high-density hydrogen storage solutions to decarbonize heavy-duty transportation. Its platform unlocks zero-emission operations in sectors including trucking, aviation, port vehicles, mining and hydrogen distribution.
Commenting on the news, Ted McKlveen said: “Bringing on new strategic investors, and strengthening our partnership with existing investors, will help us accelerate our path to market and decarbonize this critical industry.”
FinSMEs
18/04/2024