H2Pro, an Israel-based developer of green hydrogen production technology, has secured funding from several investors, including Breakthrough Energy Ventures, established by Bill Gates.
The current investment round, valued at €18.5m, includes €3.5m from Breakthrough Energy Ventures and €1.65m from Horizons Ventures and €430,000 from Ignitis Innovation Fund.
Ignitis group chair of the management board and CEO Darius Maikstenas said “Ignitis Innovation Fund is constantly looking for the most promising energy start-ups and companies which are in the early stage of development that contribute to the rapid transformation of the sector and decarbonisation.
“We can confidently say that hydrogen is the future energy source and, currently, a special focus is directed towards developing and improving its green production technologies.
“The team at H2Pro is working on exactly that.
“The third round of investments into the start-up proved that the huge potential of the company’s area of expertise is also recognised by the risk capital funds managed by renowned individuals.”
The first round of investments by Ignitis Innovation Fund into H2Pro, which was in autumn 2019, amounted to over €250,000.
At that time, the investments into Israel-based start-up also came from vehicle manufacturer Hyundai and several others risk capital funds and strategic investors.
One of the objectives of H2Pro is to bring the cost of renewable hydrogen production to fossil fuel-derived levels in the next several years.
H2Pro is developing an “innovative, clean, inexpensive and safe” hydrogen production technology which is called E-TAC (Electrochemical-Thermally Activated Chemical).
E-TAC produces 30% more hydrogen than traditional electrolysis per kWh the start-up claims.