Joi ScientificTM Inc., a US-based hydrogen (H2) producer, closed its over-subscribed Series-A funding round on 16th February, in which it raised more than $5m.
The funds will be used to advance the development and commercialisation of its Hydrogen 2.0TM technology – the world’s first on-demand H2 production process based on the clean and cost-effective extraction of H2 from water, at the point of use.
Traver Kennedy, Chairman and CEO of the clean energy company, explained, “H2 has proven too costly and carbon-intensive to extract, and too expensive and cumbersome to safely transport and store. Until now, the production and use of H2 as a fuel have been neither practical nor very clean.”
“Joi Scientific’s Hydrogen 2.0 technology is a new approach to make H2 a practical, clean and cost competitive energy source. It is no longer just an energy carrier.”
Dean Woodman, of Woodman Family Investments LLC, is the lead investor in the company, and signified a wish to “back organisations with potentially disruptive ideas that can fundamentally change the world.” He went on to say, “It is inevitable that H2 will be the fuel of the future, as it is abundant and clean. But to get there, we needed to solve the major challenges of delivering economical, on-site production—and Joi Scientific has done exactly that.”
Joi Scientific’s Hydrogen 2.0 technology uses generators for the extraction of H2 and is headquartered at the Kennedy Space Center in Florida.