H2Pro – an Israel based startup working to categorically change the green hydrogen industry – has raised USD 75 million to accelerate their 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 USD 900 million in 2014 to Rakuten and Juno for USD 200 million to Gett in 2017. The company’s mission is to drastically reduce the cost of producing hydrogen by using their patented E-TAC (electrochemical-thermally activated chemical) technology. At the core of the E-TAC 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 USD 1 per kilogram green hydrogen within the second half of the decade – a significant milestone in the green hydrogen industry.
The current investment of USD 75 million comes shortly after the company raised USD 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.
“H2Pro represents Yara Growth Ventures first direct investment in a hydrogen startup, and we are very excited to be part of the company’s journey,” says Erkki Aaltonen, Managing Director of Yara Growth Ventures. “The team has continued to deliver against ambitious targets and their technology represents an opportunity to truly enable the hydrogen economy.”
CEO, Talmon Marco adds, “green hydrogen is one of a small number of tools in the world’s decarbonization toolbox. To become a viable tool, green hydrogen needs to be cheaper — much cheaper. Over the last couple of years, we’ve made tremendous progress and with this round of funding we’re not only on track to deliver on our promise of cheap green hydrogen technology, but we will also be able to setup manufacturing.”
The hydrogen market is large and growing – already representing a USD 130 billion industry. Projections expect USD 11 trillion in spending by 2050 on hydrogen production, storage, and transportation infrastructure. H2Pro is positioned as an early leader in the hydrogen market. To learn more about the company, visit www.H2Pro.co.
Founded in 2019 and based in Caesarea, Israel, H2Pro develops E-TAC – a revolutionary method for producing green hydrogen by splitting water that is over 95% efficient, safe and cost-competitive with fossil-fuel hydrogen.
H2Pro’s technology, known as E-TAC (Electrochemical – Thermally Activated Chemical), uses electricity to split water into hydrogen and oxygen. However, unlike electrolysis, hydrogen and oxygen are produced at separate steps. This eliminates the need for a costly membrane, allows for a simpler construction and significantly lowers power consumption compared to electrolysis.
H2Pro is backed by leading investors and strategic partners, such as Breakthrough Energy, Temasek, Horizons Ventures, ArcelorMittal, Yara, Hyundai, Sumitomo Corporation and New Fortress Energy. E-TAC is based on years of research conducted by its founding team at the Technion, Israel Institute of Technology. H2Pro is the winner of Shell’s 2020 New Energy Challenge.
About Yara Growth Ventures
Yara Growth Ventures is the venture investment team within Yara International ASA. The Yara Growth Ventures team invests in disruptive startups in the agri-food industry globally in order to advance the mission of responsibly feeding the world and protecting the planet. Learn more at www.yaragrowthventures.com.
Read the most up to date Fuel Cell and Hydrogen Industry news at FuelCellsWorks