Lithuania’s Ignitis Innovation Fund managed by Contrarian Ventures has invested additional 430,000 euros into the Israel-based company H2Pro developing green hydrogen production technology.
It is already the third round of investments into start-up creating a more environment-friendly hydrogen technology. H2Pro is also invested in by world-renowned venture capital fund Breakthrough Energy Ventures, established by Bill Gates, with managed assets worth over 2 billion US dollars. The total amount in this investment round into H2Pro reaches 18.5 million euros.
“Ignitis Innovation Fund is constantly looking for the most promising energy start-ups and companies which are in the early stage of development that contributes to the rapid transformation of the sector and decarbonisation,” said the Ignitis Group Chair of the Management Board and CEO Darius Maikštėnas. “We can confidently say that hydrogen is the future energy source and, currently, a special focus is directed towards developing and improving its green production technologies. The team at H2Pro is working on exactly that. The third round of investments into the start-up proved that the huge potential of the company’s area of expertise is also recognised by the risk capital funds managed by renowned individuals.”
The first round of investments by Ignitis Innovation Fund into H2Pro, which was in autumn 2019, amounted to over 250,000 euros. At that time, the investments into Israel-based start-up also came from vehicle manufacturer Hyundai and several other risk capital funds and strategic investors. Since the first round of Fund investments in 2019, the market value of H2Pro grew several times.
One of the objectives of the Israel-based company is planning to bring down the cost of renewable hydrogen production to fossil fuel-derived levels in the next several years.
The team at H2Pro is developing an innovative, clean, inexpensive and safe hydrogen production technology which is called E-TAC (Electrochemical-Thermally Activated Chemical). It also produces 30 per cent more hydrogen than traditional electrolysis per kilowatt-hour.
The unique technology developed by H2Pro can be adopted in the industry sectors that produce the most CO2 emissions such as cement or fertiliser production, oil refining.
Hydrogen technology is considered as one of the components enabling ambitious goals of renewable energy. The development of the technology is now being supported by the largest EU States, which have prepared hydrogen development and application strategies.
Ignitis Group, together with other 18 companies and business associations, has also joined in November last year the Lithuanian Hydrogen Platform – one of the most significant initiatives to decarbonise the energy sector. The Group will contribute to the development of hydrogen technologies, in order to be able to use hydrogen as green energy in the future and as a solution for energy storage. Among the objectives set by the Hydrogen Platform, there is an objective to actively contribute towards forming the national hydrogen strategy and suggestions of various legislative initiatives that would stimulate the hydrogen technology development in Lithuania.