Israel – H2Pro has closed $22 million Series A2 financing. Among the financers is the clean energy investment company of Bill Gates: Breakthrough Energy Ventures Europe. The water splitting device of H2Pro is expected to reach 95% efficiency, operates at higher pressure and cost significantly less than an electrolyzer.
H2Pro is developing a water splitting device that is expected to reach 95% efficiency (42kwh/kg H2), operate at higher pressure (50 bars or higher) and cost significantly less than an electrolyzer. The system will support intermittent renewable energy. Coupled with anticipated reductions in the cost of renewable energy, H2Pro’s technology will enable $1/kg green hydrogen at scale—making it the world’s lowest cost green hydrogen. Funds will be used to support ongoing development of the technology and scale up H2Pro’s manufacturing capabilities.
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.
The A2 round was led by Breakthrough Energy Ventures (BEV), Breakthrough Energy Ventures Europe (BEV-E) and IN Venture, Sumitomo Corporation CVC in Israel. Existing investors iAngels, TPY Capital, Contrarian Ventures and Bazan and new investors Horizons Ventures, New Fortress Energy (NFE) and OurCrowd also participated in the round.