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Cleantech startup EVOLOH announced today that it has raised $20 million, with proceeds aimed at […]]
Cleantech Startup EVOLOH Raises $20 Million for Low Cost Clean Hydrogen Technology – ESG Today
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Cleantech Startup EVOLOH Raises $20 Million for Low Cost Clean Hydrogen Technology
Susan Lahey
March 27, 2024
Cleantech startup EVOLOH announced today that it has raised $20 million, with proceeds aimed at advancing the company’s solution enabling efficient, low-cost clean hydrogen production.
Founded in 2020, California-based EVOLOH manufactures high-performance electrolyzer stacks – the core component of electrolyzers – for hydrogen production. The company’s platform, Nautilus, utilizes liquid alkaline technology designed to minimize costs and technical risks, using abundant materials like steel, plastic and aluminum that do not require precious metals or rare earth materials. According to the company, its manufacturing facility will offer an 80% reduction in capital investment and footprint.
EVOLOH said that it will use the new capital to expand its manufacturing technology and introduce additional capabilities for its Nautilus solution.
Dr. Jimmy Rojas, founder and CEO of EVOLOH said:
“This round of funding positions EVOLOH to lead the electrolyzer manufacturing market by transforming electrolyzer stacks into affordable, efficient hardware commodities made with 100% local supply chains.”
The funding round was led by Engine Ventures, with additional participation from investors including NextEra Energy Resources and 3M Ventures.
Katie Rae, CEO and Managing Partner at Engine Ventures said:
“EVOLOH has a timely and massive opportunity to not only commercialize better and more affordable electrolyzers, but also introduce a faster and more sustainable electrolyzer manufacturing platform. With an impressive founding team and early partnership activity, EVOLOH is a strong addition to Engine Ventures’ portfolio of cleantech and advanced manufacturing companies.”
Susan Lahey
Susan Lahey started her career as a business reporter for The Kansas City Star and has worked as a freelancer covering business, investment, technology, sustainability and science for numerous publications. She has also worked as a writer and editor for publicly funded projects mandating environmental cleanup of a molybdenum mine in Northern New Mexico; and recovery and resiliency measures following Hurricane Maria in Puerto Rico. Recently she worked as Director of Communications for a European wave energy company.
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