Modern Hydrogen announced a USD 32.8 million Series B-2 investment round that was oversubscribed and led by NextEra Energy. Miura and National Grid Partners also participated as strategic investors and partners.
As part of the funding round, previous investors Gates Frontier, IRON GREY, Starlight Ventures, Valo Ventures, and Metaplanet continued participating and increasing their investments.
The investment will scale up Modern Hydrogen’s hydrogen-generating units’ capacity. This will facilitate distributed hydrogen production and speed up the decarbonization of gas networks without the need for brand-new hydrogen pipes or significant infrastructure changes. The funds will also increase the company’s clean carbon material offerings and global market presence through cooperation with Miura in Japan.
The business also disclosed that it would drop Modern Electron from its brand name in favor of Modern Hydrogen. This new brand reflects its dedication to innovation in the clean hydrogen economy. The business will continue to supply the superior technology and goods that its customers have come to expect as Modern Hydrogen. It will keep broadening its clean energy and material offerings under the “Modern” banner.
The fact that NextEra Energy, Miura, and National Grid Partners participated in this fundraising round demonstrates their support for Modern Hydrogen’s mission and ability to clean up one of the principal energy sources used by modern society: natural gas.
“As a top producer of industrial boilers, we aim to enable our clients to decarbonize heat in an ‘actionable’ manner. The clean hydrogen generation from natural gas at the point of use is unique among the many hydrogen production and transportation paths. Combined with our hydrogen-fired boiler, it will be a perfect solution for consumers with limited access to clean hydrogen through other pathways. When I attended the COP27 last year, I was struck by how urgent climate action is. We will engage with Modern Hydrogen to hasten the adoption of hydrogen, stated Daisuke Miyauchi, President & CEO of MIURA Co., Ltd.
“National Grid is mobilizing to help our customers reach net zero, and hydrogen plus renewable natural gas are key pillars of our strategy,” said Lisa Lambert, Chief Technology & Innovation Officer of National Grid and the founder and president of National Grid Partners. By lowering the cost of low-CO2 hydrogen on-site, modern technologies could speed up our gas clients’ adoption of clean hydrogen. Furthermore, by combining renewable natural gas in National Grid’s network with pyrolysis technology from Modern, we may achieve negative emissions without incurring the expensive cost of CO2 capture.
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