As fuel cell vehicles are now starting to hit the road and production of hydrogen begins in many facilities worldwide and most of the hydrogen is produced from fossil fuels, the ERGOSUP start-up company has recently raised €11 million euros to industrialize its patented process for the production and storage of carbon-free hydrogen.
The funding is from the PSIM (Major Innovation Support Program) fund managed by Bpifrance in the under the Future Investments Program, AP Ventures, Kouros and Normandie Participations as well as its long-standing shareholders Air Liquide Venture Capital (ALIAD), Demeter Ventures, GO CAPITAL and Arkéa Capital.
The funding will be allocated for the industrialization and production of its compact storage units, invest in marketing and strengthen its teams with the recruitment of ten new employees.
ERGOSUP is a start-up located in the Drôme department and is developing an innovative method for the storage and conversion of electricity into pressurised hydrogen.
The target markets are the supply of carbon-free hydrogen for industrial applications, hydrogen service stations, as well as stationary massive energy storage solutions.