EIC Rose Rock, an early-stage VC fund focused on clean energy technologies, has announced its first direct investment since the fund’s launch in October 2022. The fund participated in a total fundraise of US$10 million for Aurora Hydrogen, a company developing technology that converts natural gas to hydrogen with zero carbon dioxide (CO2) emissions. Aurora Hydrogen’s technology uses microwave energy to convert methane to hydrogen and solid carbon without generating CO2. The funds will support the company’s scale-up and commercialisation.
EIC Rose Rock was joined in the deal by Energy Innovation Capital (EIC), Williams, Chevron Technology Ventures and Shell Ventures. The fund’s investment will advance Aurora Hydrogen’s ability to produce 200 kg/d of hydrogen through the construction of a demonstration plant that will be online before the end of 2023.
“Aurora Hydrogen’s technology supports the role that natural gas can play in decarbonising the energy value chain” said David Clouse, Managing Director of the EIC Rose Rock fund. “Our corporate partners produce, store and transport natural gas, and this investment will allow them to continue supporting the world’s energy needs while participating in the development of a zero-carbon energy source.”
Hydrogen production from Aurora Hydrogen’s technology has the potential to reduce global CO2 emissions significantly while using less electricity than other methods of hydrogen production, and avoids the need for CO2 sequestration. Additionally, the process does not require water as a feedstock, preserving another critical resource.
“With our low-cost and distributed approach to hydrogen production, we can enable many of the new uses of hydrogen that aren't currently economical while also leveraging natural gas to support a multi-source energy mix,” said Andrew Gillis, Aurora Hydrogen’s CEO.