Yara Growth Ventures to invest in H2Pro
Published by Bella Weetch,
Editorial Assistant
Global Hydrogen Review,
H2Pro – an Israeli start-up working to categorically change the green hydrogen industry – has raised US$75 million to accelerate its hydrogen production research. The company’s core innovation focuses on their E-TAC (electrochemical-thermally activated chemical) technology for water splitting without a costly membrane. The absence of a membrane enables lower cost and more compact hydrogen production systems. Yara Growth Ventures will join some of the world’s leading sustainability investors including Temasek, Breakthrough Energy Ventures (backed by Bill Gates, Jeff Bezos, and Michael R. Bloomberg), and Horizon Ventures (backed by Li Ka- shing) among others.
H2Pro was founded in 2019 by leading researchers at The Technion and Talmon Marco – veteran entrepreneur who previously co-founded and exited Viber for US$900 million in 2014 to Rakuten and Juno for US$200 million to Gett in 2017. The company’s mission is to drastically reduce the cost of producing hydrogen by using its patented E-TAC (electrochemical-thermally activated chemical) technology. At the core of this technology is the elimination of the expensive membrane filter used in electrolysis systems. As such, H2Pro’s systems are more condensed, higher efficiency, and lower cost than traditional alternatives.
The aim is to produce US$1/kg green hydrogen within the second half of the decade – a significant milestone in the green hydrogen industry.
The current investment of US$75 million comes shortly after the company raised US$22 million in the spring of 2021. Yara Growth Ventures will join leading venture investors such as Breakthrough Energy Ventures, Horizon Ventures, Temasek, ArcelorMittal, and Companhia Siderugica Nacional.
The hydrogen market is large and growing – already representing a US$130 billion industry. Projections expect US$11 trillion in spending by 2050 on hydrogen production, storage, and transportation infrastructure. H2Pro is positioned as an early leader in the hydrogen market.
Read the article online at: https://www.globalhydrogenreview.com/hydrogen/27012022/yara-growth-ventures-to-invest-in-h2pro/
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