Hydrogenious LOHC Technologies has raised a further €50 million to scale and commercialise its technology, H2 Bulletin reports.
The investment round was led by Jera Americas, with Temasek, Chevron Technology Ventures, and Pavilion Capital as additional investors. Existing investors AP Ventures, Royal Vopak and Winkelmann Group also contributed to the round. The funding will be used to commercialise its technology around the world.
Hydrogenious LOHC is headquartered in Erlangen, Germany and was founded in 2013. It is now one of the leading companies of Liquid Organic Hydrogen Carrier (LOHC). The company benzyltoluene as a carrier medium provides added safety during transportation.
Hydrogenious LOHC is building one of the world’s largest LOHC plants in Dormagen, Germany. The plant is expected to be commissioned in 2023. Through the investment, Jera Americas will acquire knowledge of LOHC technology and support the development of LOHC plants in other key markets, thus contributing to establishing hydrogen supply chains globally.
The company will continue to drive the industrialisation and scale-up of its StoragePlant and ReleasePlant systems to match the huge demand for green hydrogen for large-scale industrial projects. It 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’.
Jera Americas Inc. has contributed € 15 million to Hydrogenious LOHC Technologies GmbH. Jera Americas aims to achieve zero carbon emissions by 2050. It believes hydrogen will play a key role to fulfil its carbon neutrality ambition.
Dr Daniel Teichmann, CEO and founder, said, “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.”
Steven Winn, CEO of Jera Americas, said, “Our investment in Hydrogenious LOHC is another important step in the development of the low carbon fuel value chain.”
Barbara Burger, VP of Innovation and President of Technology Ventures at Chevron, said, “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.”
Kevin Eggers, the Founding Partner of AP Ventures, said, “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.”
Marcel van de Kar, Global Director New Energies of Royal Vopak, said, “Helping set up new international green hydrogen supply chains is a key element of our new energies strategy.”
Heinrich Winkelmann, CEO and Partner of Winkelmann Group, said, “Such diversification provides grounds for further internationalisation of opportunities and reflects the recognition of Hydrogenious’ LOHC solution.”