Electrolyzer developer Advanced Ionics has closed a $12.5m Series A financing led by bp ventures, with Clean Energy Ventures, Mitsubishi Heavy Industries, and GVP Climate, according to a news release.
The capital will facilitate the initial deployment of the Symbio water vapor electrolyzer technology for heavy industry. The electrolyzer reduces the cost and electricity requirements for green hydrogen production by 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,” the release states.
Advanced Ionics will use the funds to expand its team and deliver the electrolyzer systems to early customers. The company is in a pilot program with Repsol Foundation. Bp will also be exploring pilot opportunities with Advanced Ionics.
Other investors in the company include Aster, and angel investor collectives Clean Energy Venture Group and SWAN Impact Network.
