Advanced Ionics – the developer of a new category of hydrogen electrolyzers useful for expanding green hydrogen production – recently closed a $12.5 million Series A funding round led by bp ventures, with additional investors including Clean Energy Ventures, Mitsubishi Heavy Industries, and GVP Climate.
The new funding round will help catalyze Advanced Ionics’ growth and facilitate the initial deployment of its Symbion water vapor electrolyzer technology for heavy industry. And water vapor electrolyzers address two of the biggest obstacles to expanding green hydrogen production: cost and electricity requirements.
Advanced Ionics’ water vapor electrolyzer helps reduce the cost and electricity requirements for green hydrogen production by symbiotically integrating with standard industrial processes to harness available heat. And the system is made of widely available steels and other simple materials rather than expensive metals or materials common in other electrolyzers.
Electricity use accounts for over 70% of green hydrogen production costs. And Advanced Ionics’ electrolyzer stack requires less than 35 kWh per kilogram of produced hydrogen compared to more than 50 kWh per kilogram for typical electrolyzers. This lower electricity requirement could make green hydrogen accessible for less than $1 per kilogram at scale.
Advanced Ionics will use the funding to expand its team and deliver its next-generation electrolyzer systems to early customers. And 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 considered one of bp’s five transition growth engines, including bioenergy, convenience, electric vehicle charging, and renewables & power. And bp plans to increase its investments in those businesses through this decade while at the same time investing in today’s energy system as it delivers its strategy of becoming an integrated energy company.
KEY QUOTES:
“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 decarbonization. The results we’ve achieved in our testing along with 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.”
— Chad Mason, CEO of Advanced Ionics
“Advanced Ionics’ technology has the potential to drive down cost and disrupt the hydrogen market. bp has a global portfolio of hydrogen projects, and as the world transitions to a net zero future, it’s important to us to be investing in these technologies and advance the track to deploying green hydrogen. We look forward to working with Advanced Ionics on the next stage of its growth.”
— Gareth Burns, vice president of bp ventures
