Jericho and Gencell raises funds; NewHydrogen expands development plan
Supercritical Solutions claims to reduce the need for gaseous compression the lowest cost of pressurised clean hydrogen for most applicable use cases.
Jericho Energy Ventures has led a Seed Series fundraising round for Supercritical Solutions, Ltd., focused on developing its new class of water electrolysers to produce low-cost clean hydrogen.
Jericho’s US$ 1.78 million lead investment is joined by Lowercarbon Capital and New Energy Technology for a total commitment of US$ 3.6 million, which Supercritical intends to use to support the ongoing development of its disruptive electrolyser technology. Existing investors include global mining company Anglo American and Deep Science Ventures.
Supercritical has developed a new class of electrolyser whose proprietary membraneless design enables it to exploit the benefits of supercritical water, outputting gases at over 200 bar of pressure. This delivers a step-change in efficiency for hydrogen production and eliminates expensive hydrogen compressors in most applications. Hydrogen for use in ammonia production and hydrocarbon refining requires pressures of 70-230 bar, with most gaseous storage applications ranging from 350-700 bar.
GenCell raises funds
GenCell Energy has completed a significant raising of capital to about NIS 112.5 million to support the expansion of its business activities. The fundraising was carried out through a private placement of shares which constitutes around 10.4% of the company’s capital (fully diluted), by several leading institutional entities in the Israeli capital market. Participants in the placement include the Harel Group, which has become a stakeholder in the company and Migdal Insurance which has made an additional investment alongside other institutional investors.
NewHydrogen expands green hydrogen development plan
NewHydrogen, Inc. has expanded its green hydrogen development plan and will commit more R&D resources to help drive down the cost of producing green hydrogen.
David Lee, CEO of NewHydrogen, said, “We have made great progress with our existing technology developments to replace and reduce the expensive rare earth materials, which represent a significant cost factor. Now, we will widen our focus to include other breakthrough technologies to enable the next generation of low-cost electrolysers.”