US-based green hydrogen technology developer Ecolectro Inc. has secured USD 10.5 million in a Series A funding round to support the development of its innovative anion exchange membrane (AEM) electrolysers for on-site hydrogen production.
This funding will help the company advance its modular electrolyser systems, which range from 250 kW-500 kW to 1 MW-5 MW, with prototypes set for industry testing in early 2025 and commercial availability expected by late 2025.
The funding round was led by Toyota Ventures and included participation from Starshot Capital, DNX Ventures, Energy Revolution Ventures, New Climate Ventures, Banco Popular Impact Fund, and Techstars.
Ecolectro's AEM electrolysers utilize eco-friendly, recyclable materials and aim to reduce green hydrogen production costs, with the company already demonstrating production under USD 2.50/kg with over 70% efficiency.
Lisa Coca, Climate Fund partner at Toyota Ventures and Ecolectro Board Member, commented that Ecolectro's technology has the potential to drive the cost of green hydrogen down to USD 1.35/kg by 2030.
The company's first commercial deployment was in partnership with Liberty New York Gas, where a 10-kW pilot electrolyser was successfully used to produce hydrogen blended with natural gas for heating commercial buildings. Following the success of this pilot, Liberty has decided to scale the system up to 1 MW.
The Series A funding brings Ecolectro's total capital raised to USD 27.7 million, including grant funding from the US Department of Energy, New York State's Energy Research and Development Authority (NYSERDA), and the National Science Foundation.
