Milwaukee-based startup Advanced Ionics, Inc., a manufacturer of electrolyzers, has closed a $4.2 million funding round led by Boston-based Clean Energy Ventures. SWAN Impact Network of Dripping Springs, Texas also took part in the funding round.
The company’s electrolyzers use low-cost renewables or nuclear energy to produce green hydrogen for less that the current cost of fossil fuel-derived hydrogen. Advanced Ionics says it can produce green hydrogen for less than $1/kg. The $4.2 million in funding will be used to implement several pilot projects with customers and to accelerate the company’s product development.
Chad Mason, founder and CEO of Advanced Ionics, knew from a young age the importance of decarbonization. He grew up on a family farm in central North Dakota, where he first observed large energy usage.