Japan-based clean chemistry startup developing catalysts for next-generation energy systems, AZUL Energy, raised USD 3.2 million (YEN 475 million) in Series A financing. The round took place on February 5, 2024. Spiral Capital, Inc. led the new round of funding. Meanwhile, the company saw participation from TOHOKU University Venture Partners Co., Ltd., JMTC Capital LLC, Mitsubishi UFJ Capital Co., Ltd., Governance Partners Inc. Also existing investor Spurcle Inc., totalling six companies in a third-party allotment of new shares joined in the funding.
Purpose of financing for the company
With the latest financing, the company seeks to promote the mass production of its proprietary catalyst and its electrode sheet. Meanwhile, the company has plans to expand business development overseas through the network developed in the MassChallenge program.
What the company’s official has to add
Koju Ito, CEO at AZUL Energy, said, “Since the previous fundraising in 2021, we have provided samples to customers developing and manufacturing fuel cells, metal-air batteries, and water electrolyzers and have conducted demonstration tests for full-scale adoption. With this new financing, we will promote the mass production of our proprietary catalyst and its electrode sheet. We will also promote business development overseas through the network developed in the MassChallenge program”.
What the investors have to comment
Mr. Akitomo Naoi, Senior Associate at Spiral Capital, Inc., further added, “We are very pleased to be investing in AZUL Energy. In recent years, with the rapid progress in the social implementation of renewable energy worldwide, Long Duration Energy Storage (LDES) technology has become one of the Climate Tech trends to watch. AZUL Energy’s rare-metal-free catalyst is a promising technology for LDES as it enables hydrogen energy and battery energy storage, an innovation that attracted us to invest. We look forward to supporting this as a new catalyst platform that will lead the way to a decarbonized society.”
About AZUL Energy
Akihisa Ito, Hiroshi Yabu, and Hiroya Abe are the founders of the company. AZUL Energy develops high-performance catalysts invented by Tohoku University for next-generation energy systems. AZUL Energy’s catalysts are lower cost and free of resource constraints, contributing to a more sustainable society. Although rare metal catalysts such as platinum are used in hydrogen energy systems and are expected to reduce CO2 emissions, they are costly and have significant resource constraints.
The company has developed a high-performance catalyst that offers the same performance as rare metal catalysts (such as platinum) but without the high costs or significant resource constraints. They intend to implement it in various applications to promote a decarbonized and recycling-oriented society.
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