EVOLOH, Inc., a pioneering manufacturer of electrolyzer stacks for hydrogen production, has successfully closed an oversubscribed $20 million Series A funding round. The investment was spearheaded by Engine Ventures, with notable contributions from a subsidiary of NextEra Energy Resources and 3M Ventures.
The fresh capital infusion is earmarked for the expansion of EVOLOH’s high-throughput manufacturing technology and the enhancement of its Nautilus™ platform, which features advanced liquid alkaline electrolyzers.
This move is expected to make low-carbon hydrogen more accessible globally, as EVOLOH’s manufacturing approach promises an 80% reduction in both capital investment and operational footprint compared to traditional electrolyzers.
Dr. Jimmy Rojas, the founder and CEO of EVOLOH, expressed confidence that this funding round will catapult the company to the forefront of the electrolyzer manufacturing market. He emphasized the shift towards affordable and efficient hardware commodities, produced entirely through local supply chains.
EVOLOH’s Nautilus™ platform utilizes readily available materials such as steel, plastic, and aluminum, eschewing the need for precious metals or rare earth elements. The company’s advanced liquid alkaline technology aims to lower both the capital expenditures (CAPEX) and operational expenditures (OPEX) of hydrogen plants. Moreover, the Nautilus™ stacks’ compact design allows for the construction of modules up to 24 megawatts, catering to large-scale industrial needs.
Katie Rae, CEO and Managing Partner at Engine Ventures and a board member at EVOLOH, highlighted the company’s potential to revolutionize electrolyzer commercialization and manufacturing processes. She praised EVOLOH’s founding team and early partnerships, which have positioned the company as a valuable addition to Engine Ventures’ cleantech and advanced manufacturing portfolio.
Rick Clark, Vice President of Strategy and Product Solutions at NextEra Energy Resources, underscored the significance of EVOLOH’s use of affordable materials in reducing the cost of green hydrogen. He pointed out the potential for EVOLOH’s technology, when paired with low-cost renewable electricity, to offer innovative decarbonization solutions.
Mark Copman, Senior Vice President of 3M New Growth Ventures, expressed enthusiasm for the investment and potential collaborations with EVOLOH. He noted that 3M’s historical expertise in membrane electrode assembly aligns with EVOLOH’s mission to facilitate the global availability of clean and affordable hydrogen, furthering the company’s commitment to supporting the hydrogen economy and the transition to clean energy.