Advanced Ionics, the developer of a new category of hydrogen electrolysers useful for expanding green hydrogen production, closed a $ven12.5 million Series A financing led by bp ventures, with additional investors including Clean Energy Ventures, Mitsubishi Heavy Industries, and GVP Climate.
The new capital will help catalyse Advanced Ionics’ growth and facilitate the initial deployment of its Symbion water vapour electrolyser technology for heavy industry. Water vapour electrolysers address two of the biggest obstacles to expanding green hydrogen production, cost and electricity requirements.
“bp ventures’ investment in Advanced Ionics is a powerful backing of our technology’s potential to help accelerate green hydrogen’s future and heavy industry’s shift towards decarbonisation,” said Chad Mason, CEO of Advanced Ionics.
“The results we’ve achieved in our testing and early customer interest have indicated that we are an ideal technology provider for industrial customers looking to augment, expand or replace their existing hydrogen production facilities with green hydrogen.”
Mason continued that advanced Ionics technology had the potential to drive down costs and disrupt the hydrogen market.
Gareth Burns, vice president of bp ventures, said the company’s water vapour electrolyser helps reduce the cost and electricity requirements for green hydrogen production by symbiotically integrating with standard industrial processes to harness available heat. The system comprises available steels and other simple materials rather than expensive metals or materials common in other electrolysers.
Electricity use accounts for more than 70 percent of green hydrogen production costs. Advanced Ionics’ electrolyser stack requires less than 35 kWh per kilogram of produced hydrogen compared to more than 50 kWh per kilogram for typical electrolysers. This lower electricity requirement could make green hydrogen accessible for less than $1 per kilogram at scale.
“Advanced Ionics’ technology has the potential to drive down cost and disrupt the hydrogen market,” said Burns.
Burns continued that bp has a global portfolio of hydrogen projects. As the world transitions to a net zero future, it’s essential for bp to be investing in these technologies and advance the track to deploying green hydrogen. The global company looks forward to working with Advanced Ionics in its next growth stage.
Advanced Ionics will use the funds to expand its team and deliver its next-generation electrolyser systems to early customers. The company is already demonstrating the efficacy of its product through a pilot program with the global energy company Repsol Foundation. In addition to bp Ventures’ investment, bp will explore pilot opportunities with Advanced Ionics. Other investors in Advanced Ionics include Aster and angel investor collectives Clean Energy Venture Group and SWAN Impact Network.
Hydrogen is one of bp’s five transition growth engines: bioenergy, convenience, electric vehicle charging, renewable, and power. Bp has planned to increase its investments in those businesses through this decade while also investing in the current day’s energy system as it delivers its strategy of becoming an integrated energy company.
