A French startup developing an innovative and patented process for the direct production of hydrogen by electrolysis under high pressure has raised €11m in a round of funding.
In order to meet Nicolas Hulot’s goal of achieving 10% carbon-free hydrogen by 2023, and 40% by 2028, ERGOSUP is proposing supplying green hydrogen.
The startup will first target zero emission transport with different types of hydrogen-electric vehicles and the onsite production of industrial gas instead of receiving supplies by tank truck.
The €11m of funding was raised through the PSIM (Major Innovation Support Programme) Fund managed by Bpifrance as part of the Future Investment Programme, AP Ventures, Kouros and Normandie Participations, as well as its long-standing shareholders including Air Liquide.
The new capital will enable the launch of small series production, the development of marketing, plus the recruitment of sales staff, project managers and technicians.
ERGOSUP previously raised €2.7m to help strengthen its team, complete its technology development phase and deploy a prototype and demonstration units.
Patrick Paillere, CEO of ERGOSUP, said, “I am very proud of the renewed confidence of our historic shareholders, one of which is a member of the Hydrogen Council. But also, there is the arrival of new international, national and regional funds, again with significant support from the Normandy Region.”
“This operation, which is part of an impressive rise in the use of hydrogen, consolidates our development strategy. Thus, will be able to accelerate the deployment of our integrated and decentralised sites and reinforce our teams to launch our industrialisation and stimulate commercialisation.”