Milwaukee-based energy equipment manufacturer
Advanced Ionics has closed a $12.5 million Series A financing round led by London-based
bp ventures, an investment arm of the multinational oil and gas company bp.
Tokyo-based Mitsubishi Heavy Industries, Boston-based Clean Energy Ventures and London-based GVP Climate also participated in the funding round.
Advanced Ionics is focused on tackling the decarbonization of heavy industry, one of the most carbon-intensive sectors, responsible for 20% of greenhouse gas emissions. The company’s Symbion water vapor electrolyzer technology uses low-cost renewables or nuclear energy to produce green hydrogen for less than the current cost of fossil fuel-derived hydrogen.
“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 decarbonization,” said
Chad Mason, chief executive officer of Advanced Ionics. “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 $12.5 million to add employees and complete orders from early customers for its electrolyzer system. The company is currently conducting a pilot program with global energy company Repsol Foundation. In addition to bp ventures’ investment, bp will be exploring pilot opportunities with Advanced Ionics.
“Advanced Ionics’ technology has the potential to drive down cost and disrupt the hydrogen market,” said
Gareth Burns, vice president of bp ventures. “bp has a global portfolio of hydrogen projects, and as the world transitions to a net zero future, it’s important to us to be investing in these technologies and advance the track to deploying green hydrogen. We look forward to working with Advanced Ionics on the next stage of its growth.”
Last spring, Advanced Ionics completed a
$4.2 million seed round that was used to launch its ongoing pilot projects.
