German cleantech company Hydrogenious LOHC Technologies has raised €50 million to further develop its proprietary liquid organic hydrogen carrier (LOHC) technology.
In its most recent funding round, which the company says was oversubscribed, JERA Americas and Temasek led the round, joining Chevron Technology Ventures and Pavilion Capital in investing in the company for the first time. Existing investors AP Ventures, Royal Vopak and Winkelmann Group also contributed to the round. The new investors have a number of reasons for investing. JERA, for example, is looking to use hydrogen in its US power generation portfolio as part of decarbonisation efforts. Chevron invested through its Future Energy Fund II, which focusses on low carbon technologies with potential to play a critical role in the future energy system.
LOHC technology provides a safe, low-cost means of bulk hydrogen storage and transport. With Hydrogenious’ LOHC technology, hydrogen is bonded to a non-toxic, non-flammable liquid, based on benzyltoluene, from which it can be released as required. It allows hydrogen to be generated and transported at scale anywhere in the world.
With the new funding, Hydrogenious will continue to scale up its StoragePlant and ReleasePlant systems to meet demand for green hydrogen for large-scale industrial projects. It will also use the money for its joint venture with Norwegian shipping company Johannes Østensjø to develop an emissions-free propulsion system for shipping. The company also plans to develop and build turnkey plants and invest in its own LOHC plants, as well as offering operation and maintenance services.
‘Our new investors, including lead JERA Americas, co-lead Temasek, as well as Chevron Technology Ventures and Pavilion Capital, will ensure the best possible support for the realisation of our growth plans,’ says Hydrogenious CEO and founder Dr Daniel Teichmann. ‘There was tremendous demand for a stake in our company. This demonstrates that our proprietary liquid organic hydrogen carrier technology is recognised as the missing link for global deployment of sustainable hydrogen infrastructures. We are at the forefront of hydrogen technology, providing solutions for a rapid energy transition. 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. Together with our existing and new partners we will make large-scale green hydrogen transport and supply a reality to decarbonise industry and mobility worldwide.’