BoMax Hydrogen, a Florida-based hydrogen technology firm, is preparing to launch a capital raise later this month, according to two sources familiar with the matter.
Boutique advisory firm Taylor DeJongh has been retained to run the process, the sources said. Teasers will likely go out in two weeks.
BoMax is seeking to raise around $15m in a Series A round, the sources added.
The company touts e a novel technology making hydrogen from visible light without the need for solar electrolysis, according to a pre-teaser marketing document seen by ReSource. An alpha prototype has been awarded by the US Department of Energy.
The technology, which does not require rare earth minerals, produces hydrogen at point of need and has been reviewed by scientists at Utah State University.
To date the company has raised about $5m, one of the sources said. That came mostly from friends and family and one Japanese investor.
Funds from the Series A will be used to make a beta prototype, scale operations at the company’s labs in Orlando and prepare for commercial production.
BoMax and Taylor DeJonghe did not respond to requests for comment.
