EH Group Engineering, a developer and manufacturer of low-cost fuel cell technology, announced that it has secured CHF5M (approx €4.7M) in a pre-Series A round of funding. London-headquartered AP Ventures, a significant investor in breakthrough hydrogen technologies, participated in the round.
The company claims it will use the funding to install its own proprietary stack assembly technology and accelerate the development of its first commercial fuel cell stack products.
The Swiss company is also planning to raise additional capital in 2022 to finance its progression to commercial-scale roll-out.
“We are delighted to have a marquee investor in AP Ventures join us on our ambitious journey. Their longstanding pedigree in investing across the hydrogen value chain is second to none. We look forward to capturing synergies and deepening our relationship as we work to accelerate our fuel cell deployments”, says Christopher Brandon, co-founder and director of EH Group.
What does EH Group Engineering solve?
Fuel cell electric vehicles are a crucial part of the low-carbon future and play a significant role in achieving global carbon reduction goals. As a result, hydrogen fuel cells are increasingly being viewed as an attractive technology.
According to the report, the hydrogen fuel cell vehicle market is projected to reach $42,038.9M by 2026, growing at a CAGR of 66.9 per cent from 2019 to 2026.
However, there are two key barriers to the more widespread adoption of fuel cells – costs and production scale of fuel cell systems.
Founded in 2017 by Christopher Brandon and Mardit Matian, the Swiss company has developed proprietary technology to help address both these constraints.
With its technology, the company aims to create energy-dense fuel cells that can be produced at a scale and cost to competitively meet global demand across mobile and stationary applications.
Based out of London, AP Ventures invests in new technologies and businesses which aim to solve global challenges such as renewable energy integration, resource scarcity and growing population.
The company has been investing in the hydrogen industry since 2013 and is recognised as a leading venture capital fund across this value chain.
“We are excited to invest in, and support Mardit, Chris, and the rest of the team at EH Group. We believe this technology has the potential to be game-changing and targets two important challenges for making fuel cells and hydrogen, as a global decarbonisation vector, more competitive”, says Andrew Hinkly, Managing Partner at AP Ventures.