Israeli green hydrogen co H2Pro raises $22m

startup photo: Shutterstock

The Caesarea-based company is developing a water splitting device that is expected to reach 95% efficiency.

Israeli green hydrogen production company H2Pro has announced that it has closed a $22 million Series A2 financing round led by Breakthrough Energy Ventures (BEV), IN Venture and Sumitomo Corp. CVC> Also participating were existing investors iAngels, TPY Capital, Contrarian Ventures and Bazan (Oil Refineries) and new investors Horizon Ventures, New Fortress Energy (NFE) and OurCrowd.

Based in Caesarea, the company was founded in 2019 by three leading hydrogen experts from the Technion, Israel Institute of Technology: Dr. Hen Dotan, Prof. Gideon Grader and Prof. Avner Rothschild.

H2Pro is developing a water splitting device that is expected to reach 95% efficiency, operate at higher pressure, and cost significantly less than an electrolyzer. H2Pro says that the system will support intermittent use of and reduce the cost of renewable energy. The company says that H2Pro's technology will allow $1/kg green hydrogen at scale, making it the world's lowest cost green hydrogen.

H2Pro says that the funds raised in the latest financing round will be used to support development of the technology and financer scale-up of the company's manufacturing capabilities.

H2Pro CEO Talmon Marco said, "Hydrogen is an important part of any plan to reach climate neutrality. It's already used extensively and is set to play an even larger role in the future as it can replace fossil fuels in many applications, but unlike fossil fuels, it produces no CO2."

He added, "Unfortunately, hydrogen is produced from fossil fuels today, contributing to vast amounts of CO2 emissions. We've known how to split water with electricity for over 200 years via electrolysis. Drawing on that experience, we've created a technology with 95% efficiency and lower CAPEX that can significantly accelerate the mainstream adoption of green hydrogen."

Published by Globes, Israel business news - en.globes.co.il - on March 10, 2021

© Copyright of Globes Publisher Itonut (1983) Ltd. 2021

startup photo: Shutterstock
startup photo: Shutterstock
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