- It says its solar hydrogen panels do not require on-grid or costly power electronics.
SunHydrogen Inc, the developer of a low-cost method to produce green hydrogen using solar power, has revealed that it is currently well-capitalised. The company, while stating this, also share its hopes of having a production-quality prototype of its nanoparticle-based technology at the end of 2022.
The company, based in California, has its technology based on microscopic machines called Photoelectrosynthetically Active Heterostructures (PAH) nanoparticles. PAH nanoparticles have multiple layers that permit a solar electrolysis reaction to occur. Billions of these nanoparticles are bundled together to create a solar hydrogen panel.
Sunhydrogen revealed that its technology includes few advantages over traditional electrolysers due to its solar hydrogen panels, which do not require on-grid power or costly power electronics. Also, the panels can utilise the water of different purity levels.
The company stated that it had used USD 52 million in cash and cash equivalents on its balance sheet at the end of its fiscal year on June 30, 2022.
“Being well-capitalised at this time not only allows us to feel confident about seeing our technology through to commercial viability, but it also allows us to begin exploring strategic investments in the hydrogen space,” stated chief executive Tim Young.
Young also added that the company is actively seeking opportunities for investment in and acquisition of complementary hydrogen technologies. Chief operating officer Woosuk Kim, the former Senior Vice President and Head of the M&A Group at Seoul-based SK Innovation, leads SunHydrogen’s investment strategy.