H2Pro bags investment from ArcelorMittal and Yara

Green hydrogen is one of a small number of tools in the world’s decarbonisation toolbox.

H2Pro has received a US$5 million investment from ArcelorMittal as part of a US$75 million Series B fundraise by H2Pro, with other investors including Temasek, Horizons Ventures, Breakthrough Energy Ventures and Yara.

The current investment of US$ 75 million comes shortly after the company raised US$ 22 million in the spring of 2021. H2Pro focuses on developing a novel technology that aims to produce green hydrogen in an energy-efficient manner and at competitive costs. Similar to electrolysis, its technology, E-TAC (Electrochemical – Thermally Activated Chemical), uses electricity to split water into hydrogen and oxygen. However, unlike conventional electrolysis, hydrogen and oxygen are generated separately in different steps – an Electrochemical step and a Thermally Activated Chemical step.

The technology was developed at Technion, Israel Institute of Technology. E-TAC water splitting offers energy efficiency of over 95%, significantly higher than traditional water electrolysis technologies, which typically deliver energy efficiency of around 70%. H2Pro is targeting producing hydrogen at the cost of under US$2/kg by 2023, when its first commercial, a megawatt-scale project is anticipated to move into production, and under US$1/kg by 2030.

ArcelorMittal investment came through its XCarb™ innovation fund, bringing the fund’s total investment commitments to US$180 million since its launch in March 2021. H2Pro is the fifth investment ArcelorMittal has made through its XCarb™ innovation fund. Its previous investment included US$10 million in Heliogen, US$25 million in Form Energy, US$30 million in LanzaTech and committed US$100 million over five years in Breakthrough Energy’s Catalyst program.

Ethan Mandel

Ethan is the special correspondent for Europe covering the hydrogen industry for H2 Bulletin. Please click on the email icon to contact me via email or follow me on social media. I am reachable on Phone: 02081237815
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