British oil and gas company bp led a $12.5 million investment in American green hydrogen production technology provider Advanced Ionics with Clean Energy Ventures, Mitsubishi Heavy Industries, and GVP Climate to reduce costs and electricity requirements for green hydrogen production, according to bp’s announcement released on Tuesday.
The investment will help catalyze Advanced Ionics’ growth and facilitate the initial deployment of its SymbionTM water vapor electrolyzer technology for heavy industry.
‘bp ventures’ investment in Advanced Ionics is a powerful backing of our technology’s potential to help accelerate green hydrogen’s future and heavy industry’s shift towards decarbonization,’ Chad Mason, CEO of Advanced Ionics, was quoted as saying in the statement.
‘The results we have achieved in our testing, along with early customer interest, have indicated that we are an ideal technology provider for industrial customers looking to augment, expand, or replace their existing hydrogen production facilities with green hydrogen,’ he added.
Electricity use accounts for more than 70% of green hydrogen production costs. However, the company’s water vapor electrolyzer, which is made of widely available steel and other simple materials, helps reduce the cost and electricity requirements for green hydrogen production by ‘symbiotically integrating with standard industrial processes to utilize available heat.’
Requiring less than 35 kilowatt-hours (kWh) per kilogram of produced hydrogen compared to more than 50 kWh per kilogram for typical electrolyzers, Advanced Ionics’ electrolyzer stack could make green hydrogen accessible for less than $1 per kilogram at scale.
‘Advanced Ionics’ technology has the potential to drive down costs and disrupt the hydrogen market,’ Gareth Burns, vice president of bp Ventures, was quoted as saying in the statement.
‘bp has a global portfolio of hydrogen projects, and as the world transitions to a net zero future, it’s important to us to be investing in these technologies and advance the track to deploying green hydrogen. We look forward to working with Advanced Ionics on the next stage of its growth,’ he added.
