BP leads in green hydrogen tech startup Advanced Ionics’ Series A round: BP Ventures, the venture capital arm of British oil and gas giant BP, was the top participant in US-based green hydrogen technologies startup Advanced Ionic’s USD 12.5 mn Series A funding round, according to a statement. Financiers including Mitsubishi Heavy Industries, Clean Energy Ventures, and Gatemore Capital Management also participated in the funding round. Advanced Ionic’s Symbion electrolyser tech taps into steam already available in industrial settings to push down electricity consumption by half compared to conventional alternatives, and enables industrial hydrogen developers to produce green hydrogen for less than USD 1 per kg, according to the company’s website. Symbion electrolyzers push down electricity to less than 35 KWh, compared to up to 50 KWh for alternatives currently available on the market. The startup — which has raised USD 19.5 mn to date — will use the proceeds to scale its small-scale water vapor-based electrolyzers to heavy, hard-to-abate sectors.

OTHER STORIES WORTH KNOWING ABOUT THIS MORNING-

  • Amazon booted by climate watchdog: UN-backed corporate climate goals watchdog SBTi has removed Amazon from a list of companies taking action on climate after it failed to outline a reliable target for lowering carbon emissions. (Bloomberg)
  • Solar giant Jinko shares drop after new plant announcement: Shares of China's leading solar panel maker Jinko Solar dropped 12% after the company announced plans to raise CNY 9.7 bn (c. USD 1.3 bn) for a new manufacturing facility. (Bloomberg)
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