Jericho Energy Ventures Inc (CVE:JEV) this week said it has led a USD-3.6-million (EUR 3.2m) seed funding round in Supercritical Solutions Ltd, a UK company developing a novel water electrolyser for hydrogen production.
The Canadian venture capital platform has committed USD-1.78-million, with Chris Sacca’s Lowercarbon Capital and New Energy Technology also taking part in the fundraising.
Supercritical, whose current investors include miner Anglo American Plc (LON:AAL) and UK-based Deep Science Ventures, will use the funds towards development of its technology.
The company seeks to overcome the inability of traditional electrolysers to deliver hydrogen at the higher pressures needed for storage, transportation and most end-uses, which requires the co-location of expensive compressors, the investor explained. Supercritical’s electrolyser has a membraneless design which allows it to work with supercritical water and generate gases at over 200 bar of pressure.
According to Jericho Energy Ventures’ head of corporate strategy Ryan Breen, Supercritical Solutions’ “new class of electrolyser has the potential to disrupt the large incumbent industrial hydrogen market, in addition to the exponential opportunity associated with increasing global clean hydrogen production.”
(USD 1 = EUR 0.882)
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