The facility is the first of its kind in Israel and will produce affordable green hydrogen systems at scale based on H2Pro's innovative E-TAC technology
CAESAREA, Israel, March 30, 2022 /PRNewswire/ -- H2Pro today celebrates and announces the cornerstone ceremony for its new production facility (F1) in the Tzipporit industrial zone in Israel. The ribbon-cutting ceremony was attended by 300 guests, including senior officials from the Energy Ministry, the CEO of the Innovation Authority, the Mayor, Technion leadership, partners, investors, and company employees.
The 600 megawatts (MW) facility is the first of its kind in Israel. In this facility H2Pro will produce cost-effective systems for producing green hydrogen from water and electricity. These systems are based on H2Pro's innovative and patented technology called E-TAC (Electrochemical - Thermally Activated Chemical). By the end of 2023, the factory should be up and running. Once operational, it will create over 100 new jobs.
"Four years ago, I got on a call with Gidi, Avner and Hen. A call which was to bring to life a new company, conceived at the Technion, dedicated to solving the greatest challenge of our generation – the climate crisis. Making the world better, for us, for our children and for generations to come. Today, there are almost a hundred of us, innovating at a breakneck pace. Working hard to bring hydrogen to the world at an unparalleled efficiency. Affordable. Renewable. Green," said Talmon Marco H2Pro's CEO. "Our achievements to date, impressive as they may be, are just the beginning of a journey. We're just getting started. H2Pro is more than just a business. It is a vision. It is a mission. Our mission," added Talmon.
H2Pro is developing a water splitting device, expected to reach an unprecedented 95% efficiency that will cost less than any electrolyzer today. The system will support renewable energy. Coupled with anticipated reductions in the cost of renewable energy, H2Pro believes its technology will enable $1/kg hydrogen at scale in the second half of this decade. The company earlier this year announced the closing of its $75 Million Series B financing. The B round was upsized and led by Temasek and Horizons Ventures with participation from existing investors such as Breakthrough Energy Ventures and multiple new strategic investors, including ArcelorMittal, Yara Growth Ventures, and Companhia Siderugica Nacional. The latest round brings total funding to $107 million.
Founded in 2019 and based in Caesarea, Israel, H2Pro develops E-TAC - a revolutionary method for producing green hydrogen by splitting water that is over 95% efficient, safe and cost-competitive with fossil-fuel hydrogen.
H2Pro's technology, known as E-TAC (Electrochemical - Thermally Activated Chemical), uses electricity to split water into hydrogen and oxygen. However, unlike electrolysis, hydrogen and oxygen are produced at separate steps. This eliminates the need for a costly membrane, allows for a simpler construction and significantly lowers power consumption compared to electrolysis.
H2Pro is backed by leading investors and strategic partners, such as Breakthrough Energy Ventures, Temasek, Horizons Ventures, ArcelorMittal, Yara Growth Ventures, Hyundai, Sumitomo Corporation and New Fortress Energy. E-TAC is based on years of research conducted by its founding team at the Technion, Israel Institute of Technology. H2Pro is the winner of Shell's 2020 New Energy Challenge.
To learn more, visit us at www.h2pro.co
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