Bothell-based hydrogen heating company Modern Electron has raised $32.8 million, according to a filing with the Securities and Exchange Commission. The funding builds on a $30 million round Modern Electron raised in December 2021.
Modern Electron didn’t comment on the funding round, which it disclosed to the SEC on Tuesday.
A company spokesperson said Modern Electron has just over 50 employees and took over a second building in Bothell during the first half of last year. Most of the company is based in Bothell.
Modern Electron makes hydrogen generators to decarbonize natural gas, according to its website. The company’s generators work on site, meaning clients don’t need to replace their pipes. Modern Electron works with gas utilities, manufacturers and biogas producers. The company says its generators are now available for pre-order and will start deliveries this year.
Tony Pan, CEO and co-founder of Modern Electron, told the Business Journal in January 2022 that almost all of the company’s 45 employees at the time were based in Bothell, and the company was looking for more office space to house its growing team.
“We’re a hardware company, so for the most part, people do have to come in like me to be in the lab and workshop and do hands-on engineering,” Pan said last year.
Modern Electron was founded in 2015. The company is a spinout of the Bellevue-based research and patent firm Intellectual Ventures, which has spun out other local companies like the Bellevue-based nuclear power company TerraPower and the Redmond-based antenna company Kymeta.
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Pan was previously an entrepreneur-in-residence at Intellectual Ventures before founding Modern Electron, according to his LinkedIn page. Modern Electron’s investors include Bill Gates, At One Ventures and the Invention Science Fund. Modern Electron has six open roles currently listed on its website, including multiple engineering roles.
SOURCE: THE BUSINESS JOURNALS
