February 21 (Renewables Now) - French hydrogen company Ergosup has raised EUR 11 million (USD 12.5m) to begin market rollout of its technology.
Both existing and new shareholders participated in the funding round which was the second one since the EUR 2.7 million raised in 2015.
Aliad (Air Liquide Venture), Demeter Ventures, GO Capital and Arkea Credit Mituel were joined by AP Ventures, PSIM (Bpifrance), Normandie Participations and Kouros as investors.
The use of hydrogen as an energy carrier for clean mobility and industrial applications has long been desired but so far the cost has been prohibitively expensive for wider adoption.
Ergosup claims its patented technology which uses zinc electrochemistry for conversion of electricity into pressurised hydrogen is cost competitive for industrial applications, hydrogen service stations, as well as stationary massive energy storage solutions.
The prototype hydrogen producing installation of Ergosup is also more compact than usual - the size of a large refrigerator.
(EUR 1 = USD 1.135)