California, USA-based company H Cycle LLC announced the closure of its Series A round. However, it did not disclose the amount received in the funding. The round took place on April 24, 2023. Azimuth Capital Management’s new Azimuth V Energy Evolution Fund and ENEOS Innovation Partners LLC led the financing for the firm.
Purpose of financing for H Cycle
With the latest proceeds from the Series A round, the company seeks to fund its expansion. In 2022, Idemitsu as a lead investor launched Azimuth V Energy Evolution Fund. With the launch, Idemitsu entered a full-scale feasibility study with H Cycle exploring the production of green hydrogen using waste in Japan.
The partnership between Idemitsu and H Cycle enables a strong market presence of the former in Japan. Idemitsu is exploring support for the decarbonization of Japan’s energy supply while improving waste utilization. It seeks to deploy H Cycle’s solution on a regional basis in Japan to reduce transportation needs for waste feedstock and hydrogen output.
What the company’s official has to add
Rob Morgan, CEO of H Cycle, said, “The purpose of this funding round is two-fold. Firstly, it aligns with strategic partners that can provide operating experience and secondly, secure growth capital to accelerate H Cycle’s path to market. We are confident that our partnership with Azimuth, its fund investors, and ENEOS achieves both objectives.”
What the investors have to say
Jeff Van Steenbergen, Managing Partner, Azimuth Capital Management, further added, “We know that demand for clean hydrogen assets is to grow exponentially over the next decade. The climate benefits of H Cycle’s approach, particularly avoided landfill methane emissions, align very well with Fund V’s key decarbonization objectives. We believe that H Cycle is in an exceptional position to be a leader in this space.”
In addition, Yasunori Yazaki, Chairman of ENEOS Americas, Inc, said, “This investment by ENEOS demonstrates our commitment to expand our presence in the green hydrogen sector. We see H Cycle’s approach as a model that can be applied in other markets – including Japan. We look forward to working with H Cycle and its partners to pursue these market development opportunities.”
What the advisor of H Cycle has to say
Marathon Capital, the world’s largest independent advisory bank serving the global sustainable energy, technology and infrastructure markets, served as an advisor for H Cycle.
Jonathan Hough, Managing Director of Marathon Capital, said, “H Cycle’s process technology ties directly to Marathon’s purpose of facilitating a more sustainable energy future, and we are pleased to have supported H Cycle throughout this important process with Azimuth and ENEOS. Their commitment to the platform’s expansion will support our global economy’s rapid transition to producing cleaner forms of energy molecules.”
What the Idemitsu official has to comment
Motohiro Suzuki, President, Idemitsu Americas Holdings, Inc, said, “We are pleased to hear about the closing of Series A funding of H-Cycle as the lead investor of Azimuth V Fund as well as the business partner of H-Cycle in Japan. Our primary goal is to develop a locally produced, locally consumed hydrogen supply base. To achieve this in a timely fashion, we are presently accelerating engagement with key government agencies and potential project partners. The H Cycle solution will be a material contributor to not only Idemitsu’s own commitment to achieving carbon neutrality by 2050 but also to the same for Japan at large.”
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