The round is led by Bidra with participation from Builders, Gates Frontier, Presidio Ventures, RiSC Capital and Schox. Peregrine will utilise the funds to refine and scale-up their proprietary technology and expand into commodity chemical markets.
Peregrine, which spun out of the climate technology incubator Orca Sciences in June 2023, is developing a novel electrolyser technology to produce clean hydrogen at cost parity with today's steam methane reforming (SMR) pathway. This breakthrough was achieved through Peregrine's co-production technology which delivers clean hydrogen alongside valuable, industrial chemicals. Peregrine's technology leverages chemical engineering advances and strategic integration methods to pursue commercial opportunities at scale.
Friðrik Lárusson, co-founder & CEO of Peregrine Hydrogen, commented: “The world's hydrogen is already being co-produced, but rarely in beneficial ways. SMR produces dirty CO2 with hydrogen. Conventional water electrolysis produces hydrogen and a less valuable stream of oxygen. Peregrine's technology co-produces clean hydrogen and valuable commodity chemicals at or below prices previously only achieved by using dirty production methods based on fossil fuels. We are grateful to our investors for joining us in this mission as we scale our technology across the large markets which can benefit from our unique approach.”
“Green hydrogen production technology has been around for 100+ years but we’ve lacked the innovation to compete with pollutive, fossil-based production methods,” commented Amar Singh, Head of Bidra. “Peregrine’s unique vision to produce hydrogen, together with other critical chemical feedstocks will reduce the cost and complexity, thus making it scalable globally, particularly in countries like Morocco with unique advantages that enable low-cost production of hydrogen. Peregrine is a perfect fit for what we want to achieve. We are delighted to back an exceptional team with a track record of turning technical breakthroughs into commercial successes."