US-based clean energy company Modern Hydrogen has secured an investment of $32.8m in its Series B-2 funding round.
The round was led by NextEra Energy and joined by strategic investors and partners such as Miura and National Grid Partners.
The clean energy company’s existing backers such as Gates Frontier, IRONGREY, Starlight Ventures, Valo Ventures and Metaplanet also made fresh investments.
Modern Hydrogen said that it will use the proceeds to scale-up the capacity of its hydrogen production units, fast-track decarbonisation of gas networks and support distributed production of hydrogen.
The money will also be used by the Bothell, Washington-based start-up to expand clean carbon material offerings and expand its international market presence through the partnership with Miura in Japan.
To create hydrogen, Modern Hydrogen is creating methane pyrolysis reactors that use natural gas from fossil fuels or biogas from sources like dung.
Utilities, biogas, industrial production and commercial and industrial heating equipment companies that use natural gas and are looking for immediate emission reductions are its clients.
Modern Hydrogen co-founder and CTO Max Mankin said: “Negative emissions technologies are required to meet humanity’s climate goals.
“We can generate net-negative emissions by applying our pyrolysis technology on carbon-neutral gases such as biogas. The solid carbon we pull out from the gas is directly weighed, so every ton of solid carbon we put into products and building materials are verifiable emissions captured, avoided and utilised.”
The business also disclosed that it would drop Modern Electron from its brand name in favour of Modern Hydrogen.
“This new identity reflects its commitment to innovation in the clean hydrogen economy,” the company said.