The Series A funding was led by venture studio Rev1 Ventures and strategic investor Worthington Enterprises. The round also includes support from global investors, including Finindus, JERA, Asahi Kasei, American Electric Power, EDP Ventures, E.ON, ESB, FH Capital, INP Capital, and others.
“We welcome an excellent mix of new investors, including the leading investor in the Midwest of the United States, two of the most successful hydrogen investors over the last decade, and strategic partners spanning Australia, Japan, North America, and Europe,” said Dr. Paul Matter, founder and CEO of Power to Hydrogen.
Power to Hydrogen is working closely with government and industry leaders to develop and implement its technology at scale. Its innovative AEM (anion exchange membrane) electrolysis enables high current density and high-pressure hydrogen production while meeting industry durability requirements. The technology is considered a potential breakthrough in electrolysis due to its high performance, low-cost materials, and ability to tie into renewable energy. Power to Hydrogen has proven these advantages in multiple paid pilots with leading global energy companies.
With the new funding, the company will grow its U.S.-based team in Columbus, Ohio, expand its manufacturing and supply chain, and launch new offices in Belgium as part of its international expansion. The company will also complete the development of its industrial-scale electrolysis stack and system, enabling it to install the largest AEM electrolysis stack in the world at the Port of Antwerp in the coming months.
“Coupling hydrogen production with renewable energy is not as easy as some people will lead you to believe – Power to Hydrogen has not only managed to bring AEM electrolysis to a new level in terms of durability, but they have also extensively demonstrated robust cycling behavior of their patented electrolyser design,” said Hans Maenhout, Investment Director at Finindus. “We are looking very much forward to welcoming the first of its industrial-size electrolysers to the Flanders region later this year.”
