Start-up works to transform the hydrogen economy
Ionomr Completes Series A Funding Agreement of US$15 million
Ionomr Innovations Inc. has closed a $15 million US Series A funding round with lead investors Shell Ventures and Finindus, joined by Chevron Technology Ventures (CTV), NGIF Cleantech Ventures and Pallasite Ventures.
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"This strategic investment demonstrates the industry's confidence in Ionomr's leading membrane and polymer technology," said Bill Haberlin, CEO of Ionomr Innovations. "Green hydrogen production, hydrogen fuel cells and efficient carbon utilization are all critical to reducing emissions in hard to decarbonize heavy industries such as steel making, chemical production, long-term seasonal energy storage, heavy duty transport, aviation and shipping. The backing of these industry partners will allow us to significantly accelerate scale-up and deployment and realize our potential for revolutionizing the enabling materials in this field."
The funding will allow Ionomr to further scale its ion exchange membranes and polymers that are fundamental to the acceleration of the hydrogen economy. Ionomr produces breakthrough materials in both proton exchange membrane (Pemion®) and anion exchange membrane (Aemion®) technology, with the potential to enable applications through the entire hydrogen value chain -- from production of H2 gas and chemicals (through electrolysis) to efficient use of hydrogen in fuel cells. Ionomr's superior materials can make more efficient, cost competitive solutions possible, including eliminating expensive precious metal requirements from hydrogen production and CO2 electrolysis, and supporting higher temperature recyclable fuel cell solutions.
Phoebe Wang, Shell Ventures, Venture Principal "Shell Ventures is pleased to support the development of Ionomr's leading proprietary materials and the potential they offer to accelerate the hydrogen economy. We are excited to work with Ionomr's highly skilled team to accelerate the future of affordable green hydrogen, in line with Shell's aim to achieve double-digit share of global clean hydrogen sales."
Hans Maenhout, Finindus, Investment Director "From the outset, we were impressed by Ionomr's fundamental approach to developing membranes unencumbered by traditional degradation mechanisms and with cost-efficient large-scale manufacturing in mind. The company has succeeded in turning its unique scientific insights into high performance sustainable products for use in both PEM fuel cells and electrolysers, as well as enabling AEM, a most promising novel pathway to low-cost hydrogen production."
Barbara Burger, Chevron Technology Ventures, Vice President, Innovation and President "Ionomr has the potential to lower the cost and improve the performance of hydrogen electrolyzers and fuel cells, addressing key pain points of the hydrogen value chain. This is the latest investment from our $300 million Future Energy Fund II, which focuses on industrial decarbonization, emerging mobility, energy decentralization, and the growing circular carbon economy."
John Adams, NGIF Cleantech Ventures, Managing Partner "With their extensive experience in the development and commercialization of electrochemical devices, we are pleased to be an investment partner in Ionomr Innovations. Ionomr's membranes are fully recyclable and recoverable, making them crucial for the success of a clean hydrogen economy."
Chris Bissonnette, Pallasite Ventures, Managing Partner "Pallasite is proud to continue its many years of support of Ionomr as the company works to transform the hydrogen economy. We continue to believe that Ionomr's revolutionary advanced materials technology has significant potential to solve the problems that have long hampered the viability of the hydrogen and fuel cell industries, as well as being foundational for carbon capture, utilization, and storage. We are thrilled to see this next phase of funding and to work with these world-leading cleantech investors."
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