Electrolyser outfit Advanced Ionics has closed a funding round led by BP Ventures.
The $12.5m Series A financing also included additional investors Clean Energy Ventures, Mitsubishi Heavy Industries and GVP Climate.
The new capital will help catalyse Advanced Ionics’ growth and facilitate the initial deployment of its Symbion water vapour electrolyser technology for heavy industry.
The company’s 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 electrolysers.
“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 Advanced Ionics chief executive Chad Mason.
“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.”
Advanced Ionics will use the funds to expand its team and deliver its next-generation electrolyser systems to early customers.
The company is already demonstrating the efficacy of its product through a pilot with global energy company Repsol Foundation.
In addition to BP Ventures’ investment, BP will also be exploring pilot opportunities with Advanced Ionics.