Ionomr Innovations has closed a $15 million (£11.2m) funding round which will support the development of its hydrogen production technology.
It will allow the technology firm to further scale its ion exchange membranes and polymers that are fundamental to the acceleration of the hydrogen economy.
Ionomr claims its technology has the potential to enable applications through the entire hydrogen value chain – from the production of hydrogen gas and chemicals, through electrolysis, to efficient use of hydrogen in fuel cells.
It adds the materials can make “more efficient, cost-competitive solutions possible”, including eliminating expensive precious metal requirements from hydrogen production and CO2 electrolysis and supporting higher temperature recyclable fuel cell solutions.
Bill Haberlin, CEO of Ionomr Innovations said: “This strategic investment demonstrates the industry’s confidence in Ionomr’s leading membrane and polymer technology.
“Green hydrogen production, hydrogen fuel cells and efficient carbon utilisation are all critical to reducing emissions in hard-to-decarbonise heavy industries such as steel making, chemical production, long term seasonal energy storage, heavy duty transport, aviation and shipping. The backing of these industry partners will allow us to significantly accelerate scale-up and deployment and realise our potential for revolutionising the enabling materials in this field.”
The funding round was led by investors Shell Ventures and Finindus and joined by Chevron Technology Ventures (CTV), NGIF Cleantech Ventures and Pallasite Ventures.
Phoebe Wang, Shell Ventures, Venture Principal added: “Shell Ventures is pleased to support the development of Ionomr’s leading proprietary materials and the potential they offer to accelerate the hydrogen economy.
“We are excited to work with Ionomr’s highly skilled team to accelerate the future of affordable green hydrogen, in line with Shell’s aim to achieve double-digit share of global clean hydrogen sales.”