Cleantech company Hydrogenious LOHC Technologies has raised a further €50-million to scale and commercialise its technology.
The oversubscribed funding round was led by JERA Americas, alongside Temasek, with Chevron Technology Ventures and Pavilion Capital investing for the first time.
Existing investors AP Ventures, Royal Vopak and Winkelmann Group also participated in the round.
Proceeds will be used to deploy commercial systems into landmark hydrogen projects in Europe, the Middle East, Asia-Pacific and the Americas.
Hydrogenious’ technology provides a safe, low-cost means of bulk hydrogen storage and transportation, establishing the critical link between supply and demand on a regional, national and international level, the company says.
It notes that, presently, global decarbonisation and the widespread growth of the hydrogen industry is constrained by the inability to safely and efficiently store and transport large volumes of hydrogen from the regions of supply to the centres of demand.
Hydrogenious’ Liquid Organic Hydrogen Carrier (LOHC) technology bonds hydrogen to a nontoxic, nonflammable liquid, making it suitable for safe, efficient transportation and distribution, the company says.
It adds that, as the hydrogen can then be stored and transported using existing fossil fuel infrastructure, it allows hydrogen to be generated and transported at scale, globally, positioning it as the ideal commodity to deliver decarbonisation for global industry and mobility sectors.
Following on from the successful fundraise, Hydrogenious will continue to drive the industrialisation and scale-up of its StoragePlant and ReleasePlant systems to match the demand for green hydrogen for large-scale industrial projects.
It will also further expand the use of LOHC as an on-board fuel in maritime applications.