Advanced Ionics concludes Series A financing round led by bp ventures

Advanced Ionics, the innovator behind a fresh breed of hydrogen electrolyzers that holds promise for enhancing green hydrogen output, has successfully raised $12.5 million. The funding initiative was spearheaded by bp ventures, with supplementary investments from Clean Energy Ventures, GVP Climate, and Mitsubishi Heavy Industries.

The new capital will help accelerate Advanced Ionics’ growth and expedite the initial launch of its cutting-edge Symbion™ water vapour electrolyser technology for heavy industry. Notably, water vapour electrolyzers hold the potential to surmount two significant hurdles in the path of broadening green hydrogen production- the challenges of cost and electricity demand.

“bp ventures’ investment in Advanced Ionics is a powerful backing of our technology’s potential to help accelerate green hydrogen’s future and heavy industry’s shift towards decarbonisation,” said Chad Mason, CEO of Advanced Ionics. “The results we’ve achieved in our testing, along with early customer interest, have indicated that we are an ideal technology provider for industrial customers looking to augment, expand or replace their existing hydrogen production facilities with green hydrogen.”

The company’s water vapour electrolyser helps reduce the cost and electricity requirements for green hydrogen production by symbiotically integrating with standard industrial processes to harness available heat. The system is made of widely available steels and other simple materials rather than expensive metals or materials common in other electrolyzers.

Electricity use accounts for more than 70% of green hydrogen production costs. Advanced Ionics’ electrolyser stack requires less than 35 kWh per kilogramme of produced hydrogen compared to more than 50 kWh per kilogramme for typical electrolyzers. This lower electricity requirement could make green hydrogen accessible for less than $1 per kilogramme at scale.

“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.”

Advanced Ionics will use the funds to expand its team and deliver its next-generation electrolyser systems to early customers. Through a pilot programme with the international energy corporation Repsol Foundation, the company has already shown the effectiveness of its product. In addition to the investment made by bp Ventures, bp will also look into possible pilot projects with Advanced Ionics. Other investors in Advanced Ionics include Aster, and angel investor collectives Clean Energy Venture Group and SWAN Impact Network.

One of BP’s five transition growth engines, along with bioenergy, convenience, charging for electric vehicles, and renewables & electricity, is hydrogen. As it implements its aim to transform into an integrated energy firm, bp plans to increase its investments in those businesses through this decade.

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