Hydra Energy raises $15M to scale green hydrogen fueling infrastructure
Funding supports the development of Hydra's waste hydrogen capture plant in BC and quest to make hydrogen transport a reality.
Hydra Energy has raised $15 million from Just Business to convert existing heavy-duty trucks to run on green hydrogen. The funding brings Hydra's total raised to date to $22 million.
Why it matters: The funding will help drive the development of Hydra's initial waste hydrogen capture plant in British Columbia, its fueling infrastructure, and conversion kits in the company's quest to make hydrogen transport a reality.
By replacing 40 percent of diesel with hydrogen in Canada alone, Hydra could displace the equivalent of approximately 7.1 billion liters (1.9 billion gallons) worth of diesel per year. That's the equivalent of taking over four million passenger cars off the road each year.
Details: After completing extensive on-road testing by professional drivers on commercial routes covering over 200,000 km, Hydra's flagship Hydrogen-as-a-Service (Haas) project is scheduled to break ground later this year.
Hydra offers truck fleets and commodity haulers HaaS, including hydrogen-diesel, dual-injection conversion kits and green hydrogen fuel at a fixed discount five percent lower than their existing diesel costs with no up-front investment.
What else happened? Chief Operating Officer Jessica Verhagen has been promoted to the role of Chief Executive Officer, replacing co-founder Simon Pickup. Verhagen has been named in the Clean Technology category for the 2021 Clean50 list for her achievements in advancing the cause of sustainability and clean capitalism in Canada.
Zoom out: With transportation currently responsible for the fastest growth in CO2 emissions accounting for 24 percent of global greenhouse gas emissions, trucking being one of the fastest-growing sectors, and zero-emission semi-truck advancements slow to commercialize, Hydra’s goal is to create a low-risk solution using existing trucks and resources to decarbonize the trucking industry.
The money talks: “One of the most important industries to be decarbonized is transportation," said David Batstone, Senior Managing Partner and co-founder of Just Business. "We have full confidence in Hydra's innovative technology and business model, which is why we invested in an early-stage company. We believe that improving this traditionally diesel-heavy industry harnesses the potential of clean fuel now and will help pave the world for the hydrogen revolution in the future."
Final words: “Hydrogen is no longer a fuel of the future,” said Badr Abduljawad, Co-Founder and Chief Innovation Officer of Hydra in a statement. “This funding brings Hydra closer to having 65 trucks on today's roads that deliver significant fuel and emissions savings to our early users. I co-founded Hydra to make low carbon hydrogen adoption scalable through a business model that's affordable for fleets to implement. We are grateful to our new investor, Just Business, for supporting us in expanding this vision throughout North America.”