Ecolectro, an emerging leader in green hydrogen technology, announced the successful close of its $10.5M Series A funding round, led by Toyota Ventures with participation from Starshot Capital, DNX Ventures, Energy Revolution Ventures, New Climate Ventures, Banco Popular Impact Fund, and Techstars, among others. This funding brings Ecolectro’s total capital raised to $27.7M, including grant funding from the U.S. Department of Energy under the Infrastructure Investment and Jobs Act, New York State’s Energy Research and Development Authority (NYSERDA), and the National Science Foundation. These funds will be used to accelerate the development and deployment of Ecolectro’s groundbreaking Anion Exchange Membrane (AEM) electrolyzers, offering an affordable and scalable path to reducing carbon emissions through true green hydrogen.
The global green hydrogen market, valued at over $7B in 2023, is projected to grow at an annual rate of 41.6% over the next decade. Despite this rapid growth, the nascent hydrogen industry still faces significant cost and logistical challenges. A major barrier is the reliance on Proton Exchange Membrane (PEM) electrolyzers, which require iridium—an extremely rare and expensive metal that has seen prices rise by over 700% in the last decade. Additionally, PEM electrolyzers typically utilize PFAS, the “forever chemicals” linked to cancer, infertility, and ozone depletion, that are facing severe restrictions in the US, EU, Japan, and other jurisdictions. These challenges are further compounded by the high costs of shipping and storing hydrogen, which can account for up to half the total delivered price.
Ecolectro, founded by Cornell PhD chemists Dr. Kristina M. Hugar and Dr. Gabriel G. Rodríguez-Calero, has developed a breakthrough AEM electrolyzer. At the core of this technology is a proprietary membrane chemistry that eliminates the need for rare earth materials like iridium and harmful chemicals such as PFAS, instead utilizing readily available, recyclable and eco-friendly materials. This membrane is highly durable, operating efficiently in high-temperature and alkaline conditions, and achieves over 70% efficiency (<47.5 kWh/kg) in typical operating environments, significantly outperforming comparable PEM and alkaline systems.
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Additionally, Ecolectro’s AEM electrolyzers provide reliable performance even with variable energy inputs, making them ideal for integration with solar, wind, and other intermittent renewable energy sources, as well as for industries where continuous hydrogen production is not always needed.
Ecolectro’s fully integrated, plug-and-play electrolyzers are designed with flexibility in mind to meet specific customer needs. Their modular design allows customers to adopt hydrogen without large upfront investments, and expand their system requirements over time.
By enabling on-site hydrogen production, Ecolectro significantly lowers the overall cost of hydrogen by eliminating the need for expensive transportation and storage infrastructure. This also reduces environmental impacts by cutting carbon emissions from transport trucks and preventing hydrogen losses that typically occur during storage and handling. Customers who adopt Ecolectro’s electrolyzers to produce their own hydrogen are also eligible to receive federal and state green hydrogen tax credits, further enhancing the economic appeal of the solution.
“Hydrogen is key to decarbonizing heavy industry and other hard-to-abate sectors, but cost-prohibitive barriers have delayed its widespread adoption,” said Dr. Rodríguez-Calero, Co-Founder and CEO of Ecolectro. “With our innovative AEM technology, we’re breaking down those barriers today—not years from now. Thanks to our investors, including Toyota Ventures, we’re well-positioned to bring affordable green hydrogen to market at scale next year.”
SOURCE: PRNewswire