Ionomr raises $15M Series A funding round led by Shell Ventures and Finindus
It's the latest milestone for the World Economic Forum top 100 Technology Pioneer.
Vancouver’s Ionomr Innovations has closed a USD $15 million Series A funding round with lead investors Shell Ventures and Finindus, joined by Chevron Technology Ventures (CTV), NGIF Cleantech Ventures and Pallasite Ventures.
The tech: Ionomr Innovations is developing and manufacturing polymer and membrane technology that can provide cost, performance and environmental advantages for fuel cells, hydrogen production, and carbon capture and storage (CCUS) to accelerate the shift to the hydrogen economy.
Background: The company emerged from the electrochemical materials laboratory at Simon Fraser University run by Professor Steven Holdcroft. There, PhD student and Ionomr co-founder Ben Britton and Holdcroft (an Ionomr co-founder and current science advisor) studied ion exchange membranes and polymers, materials required for energy production. The membranes and polymers they developed represented a great leap forward for the technology.
Recent accolades: Last June, Ionomr was one of only two Vancouver firms named to the World Economic Forum's list of top 100 Technology Pioneers.
What’s the big deal: Green hydrogen production, hydrogen fuel cells and efficient carbon utilization—which Ionomr enables with its tech—are all critical to reducing emissions in hard to decarbonize heavy industries such as steelmaking, chemical production, long-term seasonal energy storage, heavy-duty transport, aviation and shipping.
“This strategic investment demonstrates the industry's confidence in Ionomr's leading membrane and polymer technology," said Bill Haberlin, CEO of Ionomr Innovations. “The backing of these industry partners will allow us to significantly accelerate scale-up and deployment and realize our potential for revolutionizing the enabling materials in this field.”
What’s next: The company said the funding will allow it to further scale its ion exchange membranes and polymers that are fundamental to the acceleration of the hydrogen economy.