Milwaukee's Advanced Ionics received $12.5 million in a Series A investment for its green hydrogen electrolyzer technology.
The technology startup was founded in 2017 and is a pioneer in scalable, sustainable green hydrogen production. Its target market is heavy industry, including steel, glass and fertilizer manufacturers. Wisconsin Inno named Advanced Ionics to its list of startups to watch in 2023.
Series A investors include BP Ventures, Clean Energy Ventures, Mitsubishi Heavy Industries and GVP Climate. BP Ventures is the venture capital body of the multinational oil and gas company BP.
“Advanced Ionics’ technology has the potential to drive down cost and disrupt the hydrogen market,” said Gareth Burns, vice president of BP Ventures in a news release. “BP has a global portfolio of hydrogen projects, and as the world transitions to a net zero future, it’s important to us to be investing in these technologies and advance the track to deploying green hydrogen. We look forward to working with Advanced Ionics on the next stage of its growth.”
The high-cost of green hydrogen has hampered investment in the sustainable technology, but Advanced Ionics claims that its technology uses up to 50% less electricity than typical electrolyzers.
According to the World Economic Forum, green hydrogen is produced by splitting water molecules into hydrogen and oxygen with renewable electricity. The hydrogen produced can be used to power industrial processes.
Alternatively, grey hydrogen and blue hydrogen release carbon-based pollutants. Grey hydrogen, used widely to power industrial processes, usually splits methane and releases carbon dioxide as a byproduct.
"Many industrial processes that use hydrogen can replace grey with green or blue, provided CO2 is adequately priced or other mechanisms for the decarbonization of those sectors are put in place," said renewable energy expert Emanuele Taibi in a Q&A with the World Economic Forum.
