AEM electrolysers maker P2H2 raises USD 18m

US electrolysis technologies developer Power to Hydrogen Inc (P2H2) announced it has raised more than USD 18 million (EUR 16.2m) in a Series A financing round which will allow it to expand its business both locally and abroad and complete the fulfillment of its first order.

P2H2 develops industrial-scale anion exchange membrane (AEM) electrolysis technology. In April, the company signed a contract with the Port of Antwerp-Bruges to deploy its first system, with the project touted as the first commercial installation of an industrial-scale AEM electrolysis stack in the world. The installation is scheduled to take place in the coming months.

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The fresh capital will help the start-up founded in 2020 hire more staff for its team in Columbus, Ohio, boost its manufacturing and supply chain, as well as expand internationally with the opening of new offices in Belgium.

The fundraising round was led by venture capital firm Rev1 Ventures and diversified metals manufacturing company Worthington Enterprises. Other participants included Finindus, JERA, Asahi Kasei, American Electric Power, EDP Ventures, E.ON, ESB, FH Capital and INP Capital.

(USD 1 = EUR 0.902)