EVOLOH Secures $20M to Transform Electrolyzer Manufacturing and Make Low-Carbon Hydrogen Globally Accessible
SANTA CLARA, Calif., March 26, 2024 (Newswire.com) - EVOLOH, Inc., a cleantech company that manufactures electrolyzer stacks for hydrogen production, today announced it has raised an oversubscribed $20 million Series A round led by Engine Ventures. Additional participating investors include a subsidiary of NextEra Energy Resources and 3M Ventures. The capital will be used to expand the company’s scalable, high-throughput manufacturing technology and introduce additional capabilities for its NautilusTM platform of advanced liquid alkaline electrolyzers.
EVOLOH is making low-carbon hydrogen globally accessible by revolutionizing the manufacturing of electrolyzers. While incumbent electrolyzers are notoriously expensive and difficult to produce, transport and install, and rely on politically and environmentally challenging supply chains, EVOLOH’s manufacturing facility will offer an 80% reduction in capital investment and footprint.
“This round of funding positions EVOLOH to lead the electrolyzer manufacturing market by transforming electrolyzer stacks into affordable, efficient hardware commodities made with 100% local supply chains,” said Dr. Jimmy Rojas, founder and CEO of EVOLOH.
Electrolyzer stacks, the core component of electrolyzers, are offered via EVOLOH’s NautilusTM platform and made from abundant materials like steel, plastic and aluminum and do not require precious metals or rare earth materials. To reduce the CAPEX and OPEX of hydrogen plants using EVOLOH’s Advanced Liquid Alkaline technology, the NautilusTM stacks use low-cost power electronics and do not require corrosive electrolytes. EVOLOH’s NautilusTM stacks are very compact, and can be built into modules of 24 megawatts, making them ideal for large industrial applications.
Katie Rae, CEO and Managing Partner at Engine Ventures and EVOLOH Board member, added, “EVOLOH has a timely and massive opportunity to not only commercialize better and more affordable electrolyzers, but also introduce a faster and more sustainable electrolyzer manufacturing platform. With an impressive founding team and early partnership activity, EVOLOH is a strong addition to Engine Ventures’ portfolio of cleantech and advanced manufacturing companies.”
“By using affordable, widely available materials, EVOLOH’s electrolyzer stacks create an exciting opportunity to reduce the cost of green hydrogen,” said Rick Clark, vice president, strategy and product solutions, NextEra Energy Resources. “When produced with low-cost renewable electricity, green hydrogen produced with EVOLOH’s technology has the potential to become another innovative decarbonization solution offered by NextEra Energy Resources.”
“3M is excited about our investment in EVOLOH and the potential collaboration opportunities between our companies,” said Mark Copman, senior vice president, 3M New Growth Ventures. “3M has the opportunity to leverage our historical expertise in high-volume membrane electrode assembly and shares EVOLOH’s vision to make clean and affordable hydrogen available around the world. 3M’s investment in EVOLOH fits well with the work 3M is doing to help support the hydrogen economy and move the planet toward a clean energy transition.”
About EVOLOH:
Founded in 2020, EVOLOH Inc., is revolutionizing the manufacturing of water electrolyzers to make low-cost clean hydrogen production possible at gigawatt scale anywhere in the world. NautilusTM stacks, the company’s patented electrolyzers, leverage advanced liquid alkaline technology to minimize costs and technical risks, while also maximizing manufacturing productivity, durability and efficiency. EVOLOH is backed by Engine Ventures, NextEra Energy Resources, 3M Ventures, and supported by Breakthrough Energy Fellows and others. For more information, visit https://evoloh.com/ or follow us on LinkedIn.
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Source: EVOLOH Inc.
