Columbus-based Power to Hydrogen raises $18 million to help the world transition to clean energy
Power to Hydrogen, a leader in advanced electrolysis technologies for the production of green hydrogen, has raised over $18 million in a Series A funding round led by Rev1 Ventures and Worthington Enterprises.
The funding will support Power to Hydrogen's global expansion through R&D, manufacturing, sales, and marketing. The company will grow its U.S.-based team in Columbus and grow with new offices in Belgium. Power to Hydrogen will also complete the development of its industrial-scale electrolysis stack and system for what it calls the largest anion exchange membrane (AEM) electrolysis stack installment in the world, aiming to help the world bring down the cost of hydrogen technologies.
Power to Hydrogen in a LinkedIn post thanked Finindus, JERA Co., Inc., Asahi Kasei, INP Capital, American Electric Power, EDP Ventures, E.ON, ESB, and Realize Impact for joining the round. The company also thanked BRITE Energy Innovators, Third Derivative, Free Electrons Program, SecondMuse, Greentown Labs, Rice Alliance for Technology and Entrepreneurship, Plug and Play Tech Center, Cleantech Open, Startup Basecamp, and others for support along the way.
What It Means to Ohio
Power to Hydrogen’s investors have deep ties to Ohio.
A top seed investor in the Midwest, Columbus-based Rev1 supports and invests in early-stage companies in software, life sciences, and other advanced technologies through Rev1 Capital while fueling innovation and a thriving tech ecosystem for startups and corporations alike.
Rev1 partner Worthington Enterprises, with global headquarters in Columbus, has partnered with Rev1 since 2022 to fuel innovation in sustainability, smart manufacturing, the Internet of Things, and data and analytics. Worthington Enterprises makes building products, consumer products, and sustainable energy solutions.
Apart from Power to Hydrogen, Ohio is home to a number of innovators in the energy space.
In Cleveland, LAND Energy is using electric motorcycles as the jumping off point for swappable smart batteries.
What They’re Saying
"This is a pivotal moment for us as we look to expand and continue developing our technology. Being backed by leaders, including Rev1 Ventures, allows us to be thoughtful about how we grow to ensure we can deliver on our vision. The integration of strategic services and capital is a powerful combination that sets us up for success now and in the future.”
- Dr. Paul Matter, Founder and CEO, Power to Hydrogen
“We welcome an excellent mix of new investors, including the leading investor in the Midwest of the United States, two of the most successful hydrogen investors over the last decade, and strategic partners spanning Australia, Japan, North America, and Europe.”
- Dr. Matter
"Power to Hydrogen is delivering an incredibly innovative green hydrogen production technology that will advance sustainable hydrogen production.”
- Ryan Helon, Executive Vice President of Investment Funds, Rev1 Ventures
