Advanced Ionics has closed a $12.5 million Series A financing from BP Ventures and other investors to facilitate the growth of its water vapor electrolyzer technology for heavy industry, expanding green hydrogen production abilities.
The company’s Symbion water vapor electrolyzer helps address the high cost and electricity requirements of green hydrogen. The technology integrates with standard industrial processes to harness available heat, and its composition of widely available steels and other simple materials makes it a cost-effective alternative to common electrolyzers.
The low energy requirement of the new technology also contributes to lower green hydrogen production costs. Electricity accounts for over 70% of such costs, and Advances Ionics’ electrolyzer requires less than 35-kilowatt hours of energy compared to the typical amount of about 50 kilowatt hours. This could make green hydrogen available for less than $1 per kilogram.
“Advanced Ionics’ technology has the potential to drive down cost and disrupt the hydrogen market,” said Gareth Burns, vice president of BP Ventures. “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.”
Support for the Growing Green Hydrogen Industry
The green hydrogen industry is projected to surpass the value of the liquid natural gas trade by 2030, according to a recent Deloitte report. Its ability to help decarbonize emissions-intensive industries has helped it gain traction, especially in the transportation and steel sectors.
Since its high cost has been one of its major obstacles to growth, investment in developing low-cost electrolyzation has gained attention. In March, the Department of Energy made $750 million available for research, development, and demonstration efforts toward lowering the cost of green hydrogen.
Advanced Ionics plans to use the funds to expand its team and deliver its new electrolyzers to early customers. The company has been able to use the product in a pilot program with Repsol Foundation. In addition to bp Ventures, Clean Energy Ventures, GVP Climate, and Mitsubishi Heavy Industries have also invested in the project.