EVOLOH, a cleantech company that develops electrolyzer stacks for hydrogen production, announced it had raised an oversubscribed $20 million Series A round led by Engine Ventures. Additional participating investors include a subsidiary of NextEra Energy Resources and 3M Ventures.
This funding capital will expand the company’s scalable, high-throughput manufacturing technology and introduce additional capabilities for its Nautilus advanced liquid alkaline electrolyzers platform.
EVOLOH is manufacturing electrolyzers to create low-carbon hydrogen that is globally accessible. While the incumbent electrolyzers are expensive and difficult to produce, transport, and install and rely on politically and environmentally challenging supply chains, EVOLOH’s manufacturing facility offers an 80% reduction in capital investment and footprint.
Electrolyzer stacks (the core component of electrolyzers) are offered through EVOLOH’s Nautilus platform and made from abundant materials such as steel, plastic and aluminum and do not require precious metals or rare earth materials.
The Nautilus stacks utilize low-cost power electronics and do not require corrosive electrolytes to reduce the CAPEX and OPEX of hydrogen plants using EVOLOH’s Advanced Liquid Alkaline technology. And EVOLOH’s Nautilus stacks are very compact and can be built into modules of 24 megawatts. This is ideal for large industrial applications.
KEY QUOTES:
“This round of funding positions EVOLOH to lead the electrolyzer manufacturing market by transforming electrolyzer stacks into affordable, efficient hardware commodities made with 100% local supply chains.”
- Jimmy Rojas, founder and CEO of EVOLOH
“EVOLOH has a timely and massive opportunity to not only commercialize better and more affordable electrolyzers, but also introduce a faster and more sustainable electrolyzer manufacturing platform. With an impressive founding team and early partnership activity, EVOLOH is a strong addition to Engine Ventures’ portfolio of cleantech and advanced manufacturing companies.”
- Katie Rae, CEO and Managing Partner at Engine Ventures and EVOLOH Board member
“By using affordable, widely available materials, EVOLOH’s electrolyzer stacks create an exciting opportunity to reduce the cost of green hydrogen. When produced with low-cost renewable electricity, green hydrogen produced with EVOLOH’s technology has the potential to become another innovative decarbonization solution offered by NextEra Energy Resources.”
- Rick Clark, vice president, strategy and product solutions, NextEra Energy Resources
“3M is excited about our investment in EVOLOH and the potential collaboration opportunities between our companies. 3M has the opportunity to leverage our historical expertise in high-volume membrane electrode assembly and shares EVOLOH’s vision to make clean and affordable hydrogen available around the world. 3M’s investment in EVOLOH fits well with the work 3M is doing to help support the hydrogen economy and move the planet toward a clean energy transition.”
- Mark Copman, senior vice president, 3M New Growth Ventures
