- Ecolectro raised $10.5 million in Series A funding to develop modular anion exchange membrane (AEM) electrolysers for green hydrogen production.
- The company’s AEM technology has demonstrated hydrogen production at under $2.50/kg with over 70% efficiency, aiming for $1.35/kg by 2030.
- Toyota Ventures led the round, which included multiple investors and brought Ecolectro’s total funding to $27.7 million.
Ecolectro Inc., a US-based green hydrogen technology developer, has raised $10.5 million in a Series A funding round. The investment will advance the company’s proprietary anion exchange membrane (AEM) electrolysers for on-site hydrogen production. Ecolectro plans to enhance its commercial-class systems, ranging from 250 kW to 5 MW.
The company will begin testing its new electrolyser systems with industry partners in early 2025 and launch full commercial availability by late 2025. Toyota Ventures led the Series A round, which included investors like Starshot Capital, DNX Ventures, Energy Revolution Ventures, New Climate Ventures, Banco Popular Impact Fund, and Techstars.
Ecolectro’s AEM technology uses recyclable materials and is designed to be eco-friendly. The system has already produced green hydrogen at less than $2.50 per kilogram, with over 70% efficiency. The company’s proprietary membrane chemistry removes the need for rare earth materials, such as iridium, which other electrolysis technologies commonly use.
Earlier this year, Ecolectro partnered with Liberty New York Gas to deploy a 10-kW electrolyser pilot program in Massena, New York. The program produced hydrogen blended with natural gas to heat commercial buildings. After the pilot’s success, Liberty New York Gas increased the system’s capacity to 1 MW.
Lisa Coca, a partner at Toyota Ventures and Ecolectro Board Member, said Ecolectro’s AEM technology could reduce the cost of green hydrogen to $1.35 per kilogram by 2030. The technology’s ability to produce hydrogen at a low price is crucial in scaling green hydrogen production in the coming years.
Ecolectro will use the Series A funding to expand its production capabilities and further develop its AEM electrolysers. The company has now raised $27.7 million, including a previous grant from the US Department of Energy, New York State’s Energy Research and Development Authority (NYSERDA), and the National Science Foundation.
Developing low-cost, efficient, green hydrogen technologies is crucial for the global transition to clean energy. Hydrogen plays a key role in decarbonising industries that are hard to electrify, such as heavy transportation and industrial heating. Ecolectro’s AEM electrolysers represent one of the many technologies to make green hydrogen more accessible and affordable.
Ecolectro’s innovation could help the US and other countries meet climate goals. The US government has invested heavily in hydrogen technology development, and Ecolectro’s work supports these efforts. The company’s electrolysers could contribute significantly to the transition to sustainable energy sources.
Electron focuses on sustainability and uses eco-friendly materials to reduce the environmental impact of hydrogen production. The company aims to eliminate the need for rare earth elements, making its technology economically and environmentally advantageous.
With the latest funding, Ecolectro plans to expand its capabilities. The company aims to build on its success and continue innovating in the green hydrogen space. Commercial deployment of its systems could drive broader adoption of hydrogen technology in the energy market, further advancing global decarbonisation efforts.