Power to Hydrogen, the Columbus, Ohio-based provider of on-site green hydrogen production and storage, has partnered with an oil major to develop its first industrial-pilot project in Canada and is raising public and private funding following a seed round completed last year, according to sources familiar with the matter.
Power to Hydrogen also has an unannounced project development at a port on Europe’s North Sea, and plans to hire a CFO in the near term.
The company has raised around $8.5m to date, and is running a new equity raise up to $12m aimed at strategic and financial investors including existing backers. That raise could be scaled back based on an award from the Department of Energy, which the company is expecting to receive.
Founded in 2019, Power to Hydrogen has publicly partnered with AEP and Enel on separate initiatives. In 2020 the company received funding through a Shell startup initiative.
