Hydrogenious LOHC Technologies raises €50 million funding to deploy transformative hydrogen technology at scale
· Hydrogenious positioned to be a critical enabler of global decarbonisation
· JERA Americas and Temasek lead consortium, which included new investors Chevron Technology Ventures and Pavilion Capital, and existing investors AP Ventures, Royal Vopak and Winkelmann Group
· Investment proceeds will support scale up and commercialisation of bulk hydrogen storage and transportation systems, unlocking hydrogen as a globally traded commodity
Erlangen/Germany, 13 September 2021. Hydrogenious LOHC Technologies, the fast-growing cleantech pioneer from Bavaria, Germany, 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 contributed to the round. Proceeds will be used to deploy commercial systems into landmark hydrogen projects in Europe, the Middle East, and locations around the globe including APAC and Americas.
Hydrogenious’ transformative LOHC 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.
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. Governments and businesses are searching for solutions which avoid significant investment into new storage, transport and liquification infrastructure, and limit risks associated with potentially toxic or dangerous alternatives.
Hydrogenious’ Liquid Organic Hydrogen Carrier (LOHC) technology bonds hydrogen to a non-toxic, non-flammable liquid, making it suitable for safe, efficient transportation and distribution. As the hydrogen can then be stored and transported using existing fossil fuel infrastructure, it allows hydrogen to be generated and transported at scale, anywhere in the world, positioning hydrogen as the commodity to deliver decarbonisation for global industry and mobility sectors.
“We warmly welcome our new investors and are grateful for the continued support of our current shareholders. Our new investors, including lead JERA Americas, co-lead Temasek, as well as Chevron Technology Ventures and Pavilion Capital, will ensure the best possible support for the realization of our growth plans”, commented CEO and founder Dr Daniel Teichmann.
“There was tremendous demand for a stake in our company. This demonstrates that our proprietary Liquid Organic Hydrogen Carrier technology is recognized as the missing link for global deployment of sustainable hydrogen infrastructures. We are at the forefront of hydrogen technology, providing solutions for a rapid energy transition. There is a strong conviction in the competitive positioning of our LOHC compared with other hydrogen carriers such as liquid hydrogen, compressed hydrogen and ammonia. Together with our existing and new partners we will make large-scale green hydrogen transport and supply a reality to decarbonize industry and mobility worldwide.”
Following on from its successful fundraise, Hydrogenious LOHC Technologies will continue to drive the industrialization and scale up of its StoragePlant and ReleasePlant systems to match the huge demand for green hydrogen for large-scale industrial projects. The company will also further expand the use of LOHC as an on-board fuel in maritime applications, an activity recently initiated in the Norwegian Joint Venture ‘Hydrogenious LOHC Maritime AS’.
“Moreover, as we scale up and grow the footprint of LOHC systems and technologies, we will not only develop and build turnkey plants, but also invest into our own LOHC plants and offer operation and maintenance services”, Daniel Teichmann explains the corporate strategy.
Steven C Winn, CEO of JERA Americas
New investors see LOHC as key in driving the energy transformation and going net zero
Steven C Winn, CEO of JERA Americas:
“We are moving forward on all fronts to reach net zero CO2 emissions by 2050. We believe in the low carbon fuel hydrogen as a key component. With our investment in Hydrogenious LOHC we strive to participate in the development of green hydrogen import via LOHC in Europe, North America and Asia.”
JERA Americas has already taken initial strides towards employing hydrogen fuel blending in its US power generation portfolio. At JERA Group, commercial use of hydrogen at its thermal power plants is also targeted for the 2030s. Because JERA’s power plants are located in many countries which all require reliable and competitive decarbonization technology, Hydrogenious’ benzyltoluene-based carrier solutions can play out all their advantages – such as safe handling and storage properties, being highly flexible for short- and long-distance transportation as well as being able to utilize conventional oil-based infrastructure assets.
Barbara Burger, Vice President, Innovation and President of Technology Ventures at Chevron:
“Hydrogenious’ technology has the potential to unlock the economic value of hydrogen through lower transportation, storage and distribution costs. We are excited for this latest investment from our Future Energy Fund II, which focuses on low carbon technologies with potential to play a critical role in the future energy system. We welcome Hydrogenious LOHC Technologies to this portfolio.”
Kevin Eggers, Founding Partner of AP Ventures:
“We are very pleased to welcome our most recent co-investors, notably JERA Americas and Temasek as co-leads. Hydrogenious LOHC Technologies is now even better positioned with such a strong and diverse set of investors. We remain convinced that the hydrogen economy will develop on the back of cost competitive bulk storage and handling technologies for which Hydrogenious has a revolutionary solution. The company has made great strides to date and we look forward to supporting their future development.”
Marcel van de Kar, Global Director New Energies of Royal Vopak:
“Helping set up new international green hydrogen supply chains is a key element of our new energies strategy. It is an exciting opportunity for us to be working on concrete projects together with Hydrogenious LOHC Technologies to provide solutions for global transportation, storage and distribution of hydrogen.”
Vopak is developing new infrastructure solutions to actively contribute to the introduction of vital products of the future, including clean hydrogen. The international company with headquarters in Rotterdam has partnered with Hydrogenious LOHC Technologies since 2019, to combine its operational expertise, global terminal network and market knowledge with the LOHC technology and innovative power of Hydrogenious. With this strategic partnership, Vopak aims to contribute to the development of transregional and global transport of hydrogen and to the advancement of hydrogen-based economies.
Heinrich Winkelmann, CEO and Partner of Winkelmann Group GmbH:
“I am very pleased to be supporting Hydrogenious’ commitment on an even broader financial and partner basis. Such diversification provides grounds for further internationalisation of opportunities and reflects the recognition of Hydrogenious’ LOHC solution.”
Hydrogenious’ funding cycle from startup to fast-growing SME successful
In 2014, one year after the company was founded, AP Ventures invested in the seed funding. A subsequent funding round was conducted in July 2019 and raised 20 million euros: Royal Vopak, Covestro, Mitsubishi Corporation and Winkelmann Group became involved as strategic investors, being followed in early 2020 by Hyundai Motor Company as another strategic investor.