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Today’s Highlights:
🔝Top Story: Modern Hydrogen Secures $25M to Expand Hydrogen and Carbon Capture Technologies.
💲Investment: The U.S. has approved over $31 billion in loans and investments for EV, grid, and renewable energy projects.
🔬 Innovation: UNSW researchers secured nearly $750,000 in GLODIP funding to create a Sunlight-to-Hydrogen Research Hub focused on cost-effective solar hydrogen production.
🔄 Integration: Eight companies joined the Towards Net Zero Coalition, Modon will use green hydrogen for steel, and ENGIE supported Spain’s wind project.
💡 Intelligence: 10 Notable Clean Energy Investors in 2024.
Modern Hydrogen Secures $25M to Expand Hydrogen and Carbon Capture Technologies
Image Credits: Gates Ventures
Funding Boost and Strategic Vision
Modern Hydrogen, a Woodinville, Wash.-based clean tech startup, raised $25 million in new funding, bringing its total funding to over $100 million. The round was supported by existing and new investors, and the company plans to use the capital to expand into new markets and strengthen partnerships. CEO Tony Pan stated that further details about these partnerships will be shared in early 2025, emphasizing the company’s focus on enhancing gas infrastructure and accelerating carbon capture.
Methane Pyrolysis Reactor Technology
The startup’s core innovation is a methane pyrolysis reactor that transforms natural gas or biogas into hydrogen fuel and solid carbon. The hydrogen, which burns cleanly to produce water vapor, has versatile applications in energy generation, fuel cells, and industrial processes like steel manufacturing. The solid carbon byproduct can be used for products such as asphalt, with notable demonstrations including a visit by investor Bill Gates, who used the asphalt in a pothole repair.
Evolution and Growth Trajectory
Founded in 2015 at Intellectual Ventures and initially focused on waste heat-to-electricity technology, Modern Hydrogen pivoted to hydrogen production and carbon solutions to address clean energy demands. The startup has raised over $100 million in total funding, employs approximately 80 people, and ranks No. 193 on GeekWire’s list of top privately held Pacific Northwest startups. It continues to position itself as a leader in clean hydrogen and carbon capture innovation. Read More
Investment Highlights of the Day
- The DOE approved a $9.63 billion loan to BlueOval SK LLC for three EV battery plants, boosting domestic production and job creation. Read More
- The U.S. will provide PG&E with a $15 billion loan for climate resilience and grid upgrades, alongside a $2.4 billion stock offering. Read More
- The DOE has issued a conditional loan guarantee of up to $305.5 million to Nostromo Energy for the large-scale deployment of its IceBrick thermal energy storage system in California. Read More
- Oriana Power Ltd has signed an MoU with the Rajasthan government to invest INR 10,000 crores in solar, green hydrogen, and energy storage projects across six locations in the state. Read More
Innovation Highlights of the Day
UNSW researchers received nearly $750,000 in GLODIP funding to establish a Sunlight-to-Hydrogen Research Hub for developing cost-effective photocatalytic solar hydrogen production. Read More
Integration Highlights of the Day
- Eight new companies, including AS Watson, Beiersdorf, and Ferrero, have joined the Towards Net Zero Coalition, accelerating progress towards decarbonization and net zero by 2050. Read More
- Abu Dhabi’s Modon is set to become the first customer of a UAE pilot project using green hydrogen to produce sustainable steel, in collaboration with Emsteel Group and Masdar. Read More
- ENGIE has signed a 10-year Power Purchase Agreement with Altano Energy to support the 40.5 MW Dama de Baza wind project in Spain, contributing to the country’s renewable energy goals. Read More
Climate Insider Intelligence: Notable Clean Energy Investors in 2024
Renewable energy is everywhere – in the sun, the wind, the sea. But harnessing it? That’s a whole other challenge. It’s a race that’s taken decades, with heavy investments of time and resources. But now, as renewable energy becomes cheaper than fossil fuels, it’s revolutionizing the energy landscape and attracting billions in investments. From Bill Gates-backed Breakthrough Energy Ventures to the fossil-fuel giants like Shell Ventures and BP, key players are funding everything from fusion tech to geothermal power. Want to know which investors are leading the charge in green energy? Here are notable renewable energy investors shaping the future.Names like Energy Impact Partners, Shell Ventures, and Prelude Ventures are transforming the landscape—read on to see who’s funding the innovations that will power tomorrow’s world. Read More
