Climate Insider Brief:
- Modern Hydrogen, a Woodinville, Wash.-based clean tech startup, raised $25 million in new funding from existing and new investors, bringing its total funding to over $100 million.
- The company’s methane pyrolysis reactor converts natural gas or biogas into clean hydrogen fuel and solid carbon.
- Hydrogen is used for energy, industrial processes, and fuel cells, while the solid carbon has applications like asphalt production.
Woodinville, Wash.-based clean tech startup Modern Hydrogen has raised $25 million in a new funding round, backed by a mix of existing and new investors. The investment, initially reported via a regulatory filing spotted by GeekWire, has been confirmed by the company.
“We plan to talk more about our new strategic partnerships after the New Year that expands into new markets, and how we can enhance the value of existing gas infrastructure already on the ground, and speed up carbon capture and utilization,” said Modern Hydrogen CEO Tony Pan in a statement.
Pioneering Hydrogen and Solid Carbon Innovations
Modern Hydrogen has developed a methane pyrolysis reactor that converts natural gas into clean-burning hydrogen fuel and solid carbon, a byproduct with various industrial applications. The hydrogen fuel, which burns cleanly to produce only water vapor, can be used for energy generation, steel manufacturing, and fuel cells. The solid carbon, on the other hand, serves as a valuable ingredient for products like asphalt.
Highlighting the technology’s potential, Bill Gates, one of the company’s investors, visited Modern Hydrogen’s headquarters earlier this year and filled a pothole using asphalt derived from the startup’s system.
The reactor works with natural gas from fossil fuels or biogas sources such as manure. By utilizing methane pyrolysis, the company aims to integrate carbon capture and enhance the efficiency of existing gas infrastructure.
A History of Innovation and Growth
Modern Hydrogen began in 2015 at Intellectual Ventures, the innovation hub founded by former Microsoft researcher Nathan Myhrvold and supported by Gates. Initially called Modern Electron, the company focused on capturing waste heat from home appliances to generate electricity. Over time, the startup pivoted to hydrogen production and solid carbon technologies to address growing clean energy demands.
The company is led by co-founders Tony Pan, who serves as CEO, and Max Mankin, its CTO.
Modern Hydrogen has raised more than $100 million to date, including $32.8 million from a round in May 2023. It currently employs around 80 people and ranks No. 193 on GeekWire’s list of top privately held startups in the Pacific Northwest.
A Strategic Vision for 2025
Modern Hydrogen’s latest funding will help it expand into new markets and strengthen its strategic partnerships. The company is expected to reveal additional details about these partnerships in early 2025.
“We’re excited about how our technology can enhance the value of existing gas infrastructure and accelerate carbon capture and utilization,” said Pan.
As the clean tech sector continues to grow, Modern Hydrogen is positioning itself as a leader in the transition to hydrogen fuel and carbon capture solutions, demonstrating how innovation can leverage existing resources for a sustainable future.
Source: GeekWire
Featured Image: Credit: Gates Ventures
