Advanced Ionics, a US-based provider of next-generation industrial electrolysers, has raised $12.5 million in Series A from bp ventures. Some of the other investors include Mitsubishi Heavy Industries, GVP Climate, and Clean Energy Ventures. The funding will aid in the growth of Advanced Ionics, facilitating initial implementation of its Symbion water vapour electrolyser for heavy industry.
The company will utilise the funds to supply electrolyser systems to its early customers. Through a pilot programme with the Repsol Foundation, the company has already shown the effectiveness of its product. In addition to the investment made by bp Ventures, bp will also look into possible pilot projects with Advanced Ionics. Aster, as well as angel investors such as Clean Energy Venture Group and SWAN Impact Network, are other investors in Advanced Ionics.
In December 2022, bp signed a MoU with the government of Egypt to explore the prospects of establishing a new green hydrogen production facility in the country. The agreement was signed by bp, the Egyptian Electricity Transmission Company, the General Authority for Suez Canal Economic Zone, the Egyptian New and Renewable Energy Authority, and the Sovereign Fund of Egypt for Investment and Development.