Playground is an early-stage investment firm that helps old and new investors and entrepreneurs working at the intersection of bits, atoms, and AI. It focuses on investment, innovation, connected hardware, artificial intelligence, and robotics.

Playground Global

Plug Power is a hydrogen and fuel cell company that provides clean hydrogen and zero-emission fuel cell solutions. Plug Power is building the hydrogen economy as the leading provider of comprehensive hydrogen fuel cell turnkey solutions. The Company’s innovative technology powers electric motors with hydrogen fuel cells amid an ongoing paradigm shift in the power, energy, and transportation industries to address climate change and energy security, while meeting sustainability goals. Plug Power created the first commercially viable market for hydrogen fuel cell technology. As a result, the Company has deployed over 40,000 fuel cell systems for e-mobility, more than anyone else in the world, and has become the largest buyer of liquid hydrogen, having built and operated a hydrogen highway across North America. Plug Power delivers a significant value proposition to end-customers, including meaningful environmental benefits, efficiency gains, fast fueling, and lower operational costs. Plug Power’s vertically-integrated GenKey solution ties together all critical elements to power, fuel, and provide service to customers such as Amazon, BMW, The Southern Company, Carrefour, and Walmart.  The company was founded in 1997 and based in Latham, New York.

Plug Power

GFC is a globally oriented, stage agnostic venture capital firm that empowers gifted entrepreneurs. The firm seeks to invest in companies that operate within the internet, retail, financial software, media, communication, and information technology sectors. It was founded by Oliver Samwer in 2013 and is based in Berlin, Berlin, Germany.

Global Founders Capital

Coatue is a privately owned hedge fund sponsor. The firm invests in the public equity markets globally focusing on investments in technology, media, and telecommunications in addition to other sectors. It employs a long or short strategy to make its investments.

Coatue

Airbus Ventures invests in autonomous mobility, electrification, low-carbon economy, advanced materials, manufacturing systems, next-generation computing, sensing, security, and beyond. AV continuously fosters close and trusted relationships with other leading venture firms, actively offering hands-on expertise to our portfolio companies. We proudly leverage the richly dense networks of our mothership Airbus and its supply chain, as well as the wider ecosystem of our Limited Partners. We work with multiple LPs – including Airbus SE, Development Bank of Japan Inc., Mitsubishi HC Capital, Fuyo General Lease Co., Ltd., and McKinley Capital – to better enable our entrepreneurs to grow and succeed.

Airbus Ventures

JetBlue Ventures invests in and partners with early-stage startups improving the future of travel and hospitality. The company provides funding to promising startups.

JetBlue Ventures

Toyota Ventures is a San Francisco Bay Area-based venture capital firm that invests in early-stage startups from around the world. Founded in July 2017, its mission is to discover what’s next for Toyota by helping startups bring disruptive technologies and business models to market quickly. With more than $500 million in assets under management, the firm’s funds include the Toyota Ventures Frontier Fund focused on artificial intelligence, cloud computing, autonomy, mobility, robotics, smart cities, digital health, financial technologies, materials, and energy; and the Toyota Ventures Climate Fund focused on innovative solutions for carbon neutrality.

Toyota Ventures

Future Shape is an investment and advisory firm that invests in engineers and scientists that develops deep technology. The firm also provides coaching and consulting services for the companies that are forging new ground and help introduce new products. Future Shape was founded in 2014 and is based in Paris, France.

Future Shape

Sojitz is operates as a general trading company. The company exports built-up vehicles; assembles, manufactures, and sells local vehicles; and sells automobiles and motorcycle components, commercial aircraft, defense and related equipment, business jets, tires, surface-mounting machines, bearings, oil, natural gas, LNG, petroleum products, nuclear fuels, and nuclear power-related equipment and machinery.

Sojitz

GE Aviation is a provider of jet and turboprop engines, components, and integrated systems. Headquartered in Evendale, Ohio, outside Cincinnati, GE Aviation is among the top aircraft engine suppliers, and offers engines for the majority of commercial aircraft. GE Aviation is part of the General Electric conglomerate, which is one of the world's largest corporations. The division operated under the name of General Electric Aircraft Engines or GEAE until September 2005.   It offers engines, systems, and services for commercial, military, business, and general aviation aircrafts.   GE Aviation's main competitors in the engine market are Rolls-Royce and Pratt & Whitney. GE operates a joint venture with SNECMA of France, and CFM International.

GE Aviation

Stratos Ventures is a European early stage venture capital firm with a focus on information and communication technology sectors. Stratos Ventures helps entrepreneurs in creating leading companies in the high growth areas of wireless communication, convergence and photonics. Stratos Ventures supports its high involvement investment model through offices in Helsinki, London and San Diego.

Stratos Ventures

Tencent is an internet service portal offering value-added internet, mobile, telecom, and online advertising services. Its communications and social platforms Weixin and QQ connect users with each other, with digital content and daily life services in just a few clicks.  Tencent has maintained steady growth under its user-oriented operating strategies. It provides value-added internet, mobile, and telecom services, as well as online advertising under the strategic goal of providing users with ''one-stop online lifestyle services.'' Tencent’s Internet platforms in China – QQ (QQ Instant Messenger), WeChat, QQ.com, QQ Games, Qzone, 3g.QQ.com, SoSo, PaiPai, and Tenpay – aim to address the various needs of internet users, including communication, information, entertainment, e-commerce, and others. In September 2013, Tencent's market valuation rose to $101 billion, and as of November 21, 2013, QQ had 2 billion active users and WeChat had 650 million monthly active users. The numbers of active users for QQ mail, Qzone, Tencent Weibo, and QQ news were 274 million, 626 million, 220 million, and 150 million, respectively. Tencent was founded in November of 1998. In April 2000, the IDG and PCCW invested a total of $2.2 million dollars in the company. Tencent was listed on the Hong Kong Stock Exchange (SEHK) on June 16, 2004. Baidu, Alibaba, and Netease are Tencent's major competitors.

Tencent

Trucks Venture Capital funds the entrepreneurs building the future of transportation.

Trucks Venture Capital

Mitsubishi UFJ Lease & Finance prove worthy of the trust of customers, shareholders and employees as contribute to realize a more prosperous society.

Mitsubishi HC Capital

Fourth Realm invests at the intersection of bits and atoms, looking for founder-problem fit, step-functioning changes, and markets being pushed to evolve by massive tailwinds.

Fourth Realm

Time Ventures is an investment fund for Marc Benioff. The company looks to invest in theB2B, hospitality, non-financial services, and commercial products and services sectors.

Time Ventures

75 & Sunny is Spencer Rascoff's investment firm and startup lab. In 2020, 75 & Sunny Ventures invested in 39 companies, 25 of which are based in Los Angeles. Meanwhile, 75 & Sunny Labs launched two startups: dot.LA and Pacaso. In 2021, 75 & Sunny Ventures is on track to invest in more than 25 startups, and 75 & Sunny Labs will launch two new companies. Spencer —  who co-founded Hotwire and Zillow, and who was CEO of Zillow for more than a decade —  started 75 & Sunny to support and mentor startups and their leaders in LA and beyond.  Its team provides 75 & Sunny companies with a broad range of support, including leadership coaching; marketing and PR advice; brand amplification; product strategy; recruiting; access to our broad network of partners that include top venture capital and private equity firms; overall mentorship; and help with subsequent fundraising. Spencer is an investor in over 55 venture capital funds, many of which use 75 & Sunny for informal deal-sourcing at the earlier stage.

75 & Sunny

Hawktail Management operates as an investment firm.

Hawktail Management

Waltzing Matilda Aviation specializes in private air travel and aircraft management.

Waltzing Matilda Aviation

Fortescue Future Industries (FFI) is a global green energy and product company committed to producing zero-emission green hydrogen from 100 percent renewable sources.

Fortescue Future Industries

Universal Hydrogen

Universal Hydrogen is dedicated to making hydrogen aviation a near-term reality. The company is building a hydrogen ecosystem for aviation through strategic partnerships and new technologies for hydrogen distribution and propulsion. Universal Hydrogen was founded in 2020 and is based in Hawthorne, CA.

Universal Hydrogen produces hydrogen fuel tanks for aircraft using its modular capsule technology. The company is also developing a conversion kit to retrofit existing aircraft with a hydrogen-electric powertrain.

Hydrogen Economy

Universal Hydrogen aviation company shuts down after funding challenges

Universal Hydrogen produces hydrogen fuel tanks for aircraft using its modular capsule technology. The company is also developing a conversion kit to retrofit existing aircraft with a hydrogen-electric powertrain.In March 2022, Universal Hydrogen announced plans to build a manufacturing and distribution facility for hydrogen storage modules in Albuquerque, New Mexico.The new plant was expected to begin full-scale manufacturing in 2024 and would produce both gaseous and liquid hydrogen, assemble aircraft retrofit kits, and provide aftermarket maintenance services.The company has an R&amp;D center in Toulouse, France, which facilitates the production of both gaseous and liquid hydrogen capsules. It also has a flight test center in Moses Lake, Washington. Universal Hydrogen was expected to begin supplying hydrogen to regional aircraft by 2025. The company also planned to expand its hydrogen offerings to larger single-aisle aircraft.Key customers and partnershipsIn November 2023, the company signed an MoU with Japan Airlines (JAL) and JAL Engineering Co. (JALEC) to replace JAL’s regional fleet with its ATR retrofit conversion kit solution, with JAL and JALEC contributing to the technical design and development of the conversion kits and the overall hydrogen value chain in Japan.In March 2022, Universal Hydrogen partnered with <a href="https://www.businesswire.com/news/home/20220315006284/en/Universal-Hydrogen-and-H3-Dynamics-Announce-Hydrogen-Aviation-Partnership">H3 Dynamics</a>, a Singapore-based AI and robotics company, to develop a range of unmanned and manned aircraft powered by hydrogen fuel logistics. In March 2023, the company <a href="https://www.businesswire.com/news/home/20230312005025/en/Universal-Hydrogen-Announces-Collaboration-in-Japan-to-Study-Green-Hydrogen-Supply-and-Logistics-Solutions-for-Japanese-Airlines">collaborated</a> with Sojitz Corporation, Mitsubishi HC Capital, and an undisclosed third Japanese partner to explore green hydrogen supply and logistics solutions for Japanese airlines. In <a href="https://sp-edge.com/updates/23439">October 2023</a>, Universal Hydrogen partnered with JBT AeroTech, a provider of airport ground support equipment, to design the H2AmpCartTM, a hydrogen fuel cell-powered mobile battery charger for electric airport support equipment.As of March 2023, the company had already received nearly 250 retrofit orders valued at more than USD 1 billion from 16 customers, including Air New Zealand.Funding and financialsThe company’s most recent funding was in <a href="https://sp-edge.com/updates/13657">October 2022</a>, when it received a strategic investment from American Airlines. Financial details of the transaction were not disclosed. The proceeds were used for commercialization efforts.

<div>
 
 Nikola Motor Company (Nikola), which has been listed on the NASDAQ since June 2020, develops heavy-duty battery-electric and hydrogen-electric trucks. Its &ldquo;Nikola Tre&rdquo; semi-truck and &ldquo;Nikola Badger&rdquo; pickup truck are available in both hydrogen fuel cell electric vehicle (FCEV) and battery electric vehicle (BEV) versions. Its other semi-truck, &ldquo;Nikola Two,&rdquo; is configured as an FCEV only. Bosch and PowerCell AB provide the fuel cells for Nikola&rsquo;s trucks.&nbsp;
 
 
 The Nikola Tre FCEV model, aimed at medium- and long-haul trucking (300&ndash;500 miles per day), began alpha testing in February 2022. The company began series production in 
 <a href="https://sp-edge.com/updates/23281">
 July 2023
 </a>
 , with the official commercial launch in September 2023. In February 2024, Nikola announced that it would be the first commercial vehicle company in North America to integrate what3words, a precise location technology, into its Class 8 trucks in 2024.
 
 
 In 
 <a href="https://sp-edge.com/updates/15793">
 January 2023
 </a>
 , Nikola announced the launch of mobile hydrogen fueling stations to refuel FCEVs. In 
 <a href="https://sp-edge.com/updates/26470">
 February 2024
 </a>
 , the company launched its first HYLA hydrogen fueling station in Southern California for Class 8 trucks, with HYLA stations capable of fueling up to 40 hydrogen fuel cell electric Class 8 trucks per day. Nikola plans to build a network of up to 60 stations by 2026, consisting of HYLA stations, customer-owned stations, and partner stations (such as FirstElement Fuel&rsquo;s station in Oakland).&nbsp;
 
 
 The company is headquartered in Phoenix, Arizona and has a manufacturing facility in 
 <a href="https://sp-edge.com/updates/20771">
 Coolidge, Arizona
 </a>
 . In May 2023, the Iveco Group took full ownership of the joint venture in Ulm, Germany (which started in 2019), and will continue to develop vehicle control software for the jointly developed BEV and FCEV. Nikola will receive the IVECO S-Way technology license for North America and gain joint ownership of the jointly developed Generation 1 eAxles technology.
 
 
 Nikola acquired battery supplier Romeo Power in August 2022 to accelerate its battery pack production but began liquidating its assets in July 2023 due to rising battery production costs. A month later, the company recalled 209 Tre BEVs because battery packs supplied by Romeo Power were causing underhood fires. Also in July 2023, Fortescue Future Industries (FFI) agreed to acquire Nikola&rsquo;s green hydrogen project, the Phoenix Hydrogen Hub (PHH), in order to fully develop it following their initial agreement in January 2023. The parties are working toward a hydrogen supply agreement to support Nikola&rsquo;s Class 8 trucks.
 
 
 Key customers and partnerships
 
 
 Nikola has received orders from several companies for FCEV trucks, including such as 1) letter of intent with Total Transportation for 70 units, 2) 
 <a href="https://sp-edge.com/updates/6036">
 PGT Trucking
 </a>
 for 100 units, 3) 
 <a href="https://sp-edge.com/updates/7719">
 Covenant Logistics Group
 </a>
 for 40 units, 3) 
 <a href="https://sp-edge.com/updates/15372">
 Plug Power
 </a>
 for 75 units, 4) 
 <a href="https://sp-edge.com/updates/18208">
 AJR Trucking
 </a>
 for 50 units, 5) J.B. Hunt for 3 units, and 6) IMC Logistics for 50 units.
 
 
 The company has several dealer locations in the Southeast, Midwest, and Northeast regions of the US, with RIG360 and Quinn Company being notable dealers. In September 2023, Nikola expanded its dealer network to Canada in partnership with ITD Industries.&nbsp;
 
 
 In January 2022, Nikola 
 <a href="https://sp-edge.com/updates/7959">
 signed an agreement
 </a>
 with Corcentric Fleet Funding Solutions, a leasing and financial solutions provider, to finance the sale of Nikola Tre Class 8 BEVs and Nikola Tre FCEVs.&nbsp;
 
 
 Nikola has also entered into several partnerships to develop hydrogen infrastructure to support the supply of hydrogen fuel for its trucks. In September 2021, the company signed an MoU with OPAL Fuels, a provider of renewable natural gas (RNG), to jointly develop and commercialize hydrogen fueling infrastructure, and in October 2021, it partnered with TC Energy Corporation, a Canadian energy infrastructure company, to build and operate large-scale hydrogen hubs in North America. In September 2022, Nikola entered into a 
 <a href="https://sp-edge.com/updates/13113">
 joint venture
 </a>
 with E.ON, a Germany-based energy network and infrastructure operator, to strengthen its hydrogen refueling ecosystem across Europe. In November 2022, Nikola collaborated with 
 <a href="https://sp-edge.com/updates/14146">
 KeyState
 </a>
 , a green hydrogen producer, to purchase 100 metric tons of hydrogen per day, to fuel 2,500 Nikola Tre FCEVs. In March 2023, the company partnered with Klean Industries, to convert Klean&rsquo;s logistics partners&rsquo; truck fleet to Nikola Class 8 vehicles, while Nikola evaluates off-take opportunities from green hydrogen projects being developed by Klean and its partners. In May 2023, Nikola partnered with 
 <a href="https://sp-edge.com/updates/18208">
 Voltera
 </a>
 , an EV charging infrastructure provider, to deploy 50 hydrogen fueling stations across North America over the next five years. In July 2023, Nikola partnered with 
 <a href="https://sp-edge.com/updates/20223">
 BayoTech
 </a>
 to strengthen its hydrogen refueling and EV charging ecosystem.&nbsp;
 
 
 In July 2023, the company partnered with 
 <a href="https://sp-edge.com/updates/20352">
 Bosch
 </a>
 to obtain fuel-cell power modules for its Nikola Tre Class 8 FCEV trucks.
 
 
 Funding and financials
 
 
 In June 2020, Nikola was listed on the NASDAQ through a special purpose acquisition company (SPAC) deal, valuing the company at USD 3.3 billion. The company reported revenues of USD 35.8 million and a net loss of USD 966.3 million in 2023.&nbsp;
 
 
 In 
 <a href="https://sp-edge.com/updates/10072">
 May 2022
 </a>
 , Nikola received a USD 200 million investment from Antara Capital LP through the sale of convertible senior notes to scale truck production and tooling setup, accelerate the hydrogen infrastructure development, and for general corporate expenses. In 
 <a href="https://sp-edge.com/updates/17977">
 March 2023
 </a>
 , Nikola announced that it plans to raise USD 100 million through a secondary stock offering to the public, to be used for working capital needs and other general corporate purposes. Subsequently, in 
 <a href="https://sp-edge.com/updates/19876">
 July 2023
 </a>
 , the company received a USD 41.9 million grant from the California Transportation Commission (CTC) to build six open-access, heavy-duty hydrogen fueling stations in Southern California. In 
 <a href="https://sp-edge.com/updates/20607">
 August 2023
 </a>
 , Nikola received an additional USD 16.3 million in regulatory funding to build its hydrogen fueling stations. In 
 <a href="https://sp-edge.com/updates/23030">
 October 2023
 </a>
 , the company also won USD 165 million in an arbitration case against its former executive chairman, Trevor Milton. In December 2023, the company sought to raise funds by selling 133.3 million new shares and issuing USD 175 million in new debt to fund its August truck recall, expand its hydrogen fuel cell electric truck business, and commercialize its FCEVs.
 
</div>

Nikola Motor Company

<div>
 
 Heliogen is a next-generation power company that uses an array of computer-controlled mirrors (heliostats) to collect and concentrate sunlight to produce ultra-high temperatures of around 1,000 &deg;C for its &ldquo;Sunlight Refineries&rdquo; that generate heat, electricity, and green hydrogen.
 
 
 Applications of the company&rsquo;s technology include 1) &ldquo;HelioHeat,&rdquo; which uses the company&rsquo;s solar concentration technology in heat-intensive industrial applications such as cement, lime, and steel production to reduce the use of fossil fuels; 2) &ldquo;HelioPower,&rdquo; which combines the solar concentration technology with supercritical carbon dioxide turbines to generate electricity to power industrial facilities, data centers, and mining operations; 3) &ldquo;HelioFuel,&rdquo; which uses the solar concentration technology to produce renewable hydrogen.&nbsp;
 
 
 In February 2022, the company announced plans to deploy a 
 <a href="https://sp-edge.com/updates/8393">
 facility
 </a>
 in Arizona that would produce 20,000 tons of hydrogen per year. Later that year, Heliogen opened its first full-scale manufacturing facility located in Long Beach, California, which houses assembly lines, a test facility, and a rapid development center for the production of heliostats and other components for its concentrated solar power system.&nbsp;
 
 
 Key customers and partnerships
 
 
 In December 2021, Heliogen collaborated with CarbonCapture Inc. to develop sustainably-powered direct air capture (DAC) facilities. It also partnered with Woodside Energy, an Australian energy company, for the Capella Project, a 5 MW commercial concentrating solar power plant to be built by Heliogen in Kern County, California, with groundbreaking scheduled for 2024. In addition, Heliogen 
 <a href="https://sp-edge.com/updates/6782">
 partnered with Bloom Energy
 </a>
 to launch a green hydrogen production demonstration facility in California. In August 2022, the company partnered with 
 <a href="https://sp-edge.com/updates/12179">
 Dimensional Energy
 </a>
 to produce SAF from concentrated sunlight and green hydrogen.
 
 
 In July 2023, Heliogen signed an agreement to supply the city of Lancaster with green hydrogen from its local Proxima plant. Around the same time, the company partnered with NantGPower to develop a pilot solar calcination facility at Proxima to reduce carbon emissions from cement production and lithium extraction. In January 2024, Heliogen announced a joint development agreement with Omanor to build a facility in Mexico to harness the country&rsquo;s solar potential.&nbsp;
 
 
 Funding and financials
 
 
 In October 2022, Heliogen was awarded 
 <a href="https://sp-edge.com/updates/13998">
 USD 4.1 million
 </a>
 by the US Department of Energy Solar Energy Technologies Office, to fund a demonstration project to reduce carbon emissions from cement production. In May 2022, the company received 
 <a href="https://sp-edge.com/updates/10119">
 USD 50 million
 </a>
 in funding from Woodside Energy, and a previously announced 
 <a href="https://sp-edge.com/updates/7456">
 USD 39 million
 
 </a>
 grant from the US Department of Energy (DOE), to deploy a solar demonstration facility.&nbsp;
 
 
 In December 2021, Heliogen was listed on the NYSE through a special purpose acquisition company (SPAC) merger. The company received USD 188 million from the transaction and expects to use the proceeds to scale heliostat manufacturing and R&amp;D activities. In November 2023, the NYSE suspended trading of Heliogen's shares and initiated delisting proceedings.
 
 
 Key competitors:
 None comparable (uses solar concentration technology to produce renewable hydrogen)
 
</div>

Heliogen

Based in the UK and US, ZeroAvia is developing hydrogen-based, zero-emission aviation solutions with an initial focus on 9–19 seat, 300 mile range fixed-wing aircraft for passenger, cargo, and agricultural transport. The company expects to launch its first commercial aircraft by 2025.ZeroAvia also plans to develop four larger and more powerful hydrogen-powered aircraft in the future: 1) a 40–80 seat model with a 700 mile range by 2027, 2) a 100–200 seat model with a 2,000 mile range by 2030, 3) a 200+ seat model with a 2,000 mile range by 2035, and 4) a 200+ seat model with a 5,000 mile range by 2040.The company has received approval from the UK Civil Aviation Authority (CAA) and the US Federal Aviation Administration (FAA) to test its prototype aircraft. Since 2019, the company has completed several test flights in California to evaluate its initial powertrain design. In September 2020, the company tested its prototype aircraft at its research facility in Cranefield, UK, marking the first flight of a commercial aircraft powered by hydrogen fuel cells. In September 2021, ZeroAvia selected Hyzon Motors to supply fuel cell stack systems for two of its prototype aircraft.In <a href="https://sp-edge.com/updates/21059">August 2023</a>, the company reported that it had developed the world's first high-performance compressor capable of supporting up to 900 kW of fuel cell systems for fuel cell-based aircraft propulsion. The company plans to begin certification testing of the compressor in 2024 and then integrate it into its first two hydrogen-electric engines. In <a href="https://sp-edge.com/updates/28887">April 2024</a>, ZeroAvia reported plans to offer several of its key components for hydrogen-electric engines to other aviation companies and also opened a propulsion center of excellence at Paine Field in Everett near Seattle.Key customers and partnershipsIn <a href="https://sp-edge.com/updates/25829">January 2024</a>, ZeroAvia received a conditional order from MEHAIR for up to 20 ZA600 engines.In <a href="https://sp-edge.com/updates/6210">October 2021</a>, ZeroAvia signed a memorandum of understanding (MoU) with MHI RJ Aviation Group (MHIRJ), a subsidiary of Mitsubishi Heavy Industries, to develop hydrogen-electric propulsion technology for regional jet applications. The company also partnered with <a href="https://sp-edge.com/updates/6253">Alaska Airlines</a> and Royal Schiphol Group (a Dutch airport operator) to develop hydrogen-powered aircraft. ZeroAvia <a href="https://sp-edge.com/updates/11794">collaborated</a> with Edmonton International Airport (EIA), to develop hydrogen infrastructure at Canadian airport sites. Other partners include <a href="https://sp-edge.com/updates/6563">ASL Aviation, HAL, Rose Cay</a>, <a href="https://sp-edge.com/updates/7357">De Havilland Canada</a>, <a href="https://sp-edge.com/updates/9558">ZEV Station</a>, <a href="https://sp-edge.com/updates/10328">Shell</a>, <a href="https://sp-edge.com/updates/11092">Otto Aviation</a>, <a href="https://sp-edge.com/updates/11718">Ravn Alaska</a>, <a href="https://sp-edge.com/updates/12072">American Airlines</a>, <a href="https://sp-edge.com/updates/11837">The Red Sea Development Company</a> and <a href="https://sp-edge.com/updates/13428">Textron Aviation</a>.In October 2022, ZeroAvia <a href="https://sp-edge.com/updates/13663">acquired</a> <a href="https://sp-edge.com/companies/685851">HyPoint</a>, a provider of next-generation hydrogen fuel cells for air transportation. The acquisition was announced on the heels of ZeroAvia’s agreement with PowerCell, a Swedish developer of hydrogen fuel cell stacks and systems, to supply 5,000 low-temperature proton exchange membrane (LTPEM) fuel cell stacks with deliveries beginning in 2024, following a memorandum of understanding (MoU) signed between ZeroAvia and PowerCell in <a href="https://sp-edge.com/updates/11675">July 2022</a>. In May 2023, the company announced that it was exploring the establishment of a hydrogen production and refueling facility at the Birmingham Airport (BHX). In <a href="https://sp-edge.com/updates/21486">August 2023</a>, ZeroAvia partnered with the Abu Dhabi Future Energy Company (Masdar) to explore the production and supply of hydrogen at key locations. In <a href="https://sp-edge.com/updates/24444">November 2023</a>, ZeroAvia partnered with Ecojet to convert upto 70 of their aircraft to hydrogen-electric power using ZeroAvia's technologies. During the same <a href="https://sp-edge.com/updates/24076">month</a>, the company partnered with Japan Airlines and JAL Engineering to explore the development of hydrogen-electric engines to operate on regional routes.In <a href="https://sp-edge.com/updates/25441">January 2024</a>, ZeroAvia partnered with ScottishPower to provide a low-carbon hydrogen supply at key airport locations. In the same <a href="https://sp-edge.com/updates/25828">month</a>, the company signed a MoU with Verne to explore opportunities for the use of cryo-compressed hydrogen (CcH2) on board aircraft and for CcH2 refueling from gaseous hydrogen (GH2) and liquid hydrogen (LH2) sources. In <a href="https://sp-edge.com/updates/26466">February 2024</a>, ZeroAiva partnered with flyv to explore the use of ZeroAvia’s hydrogen-electric engines in flyv's operations. That same <a href="https://sp-edge.com/updates/27217">month</a>, the company partnered with the UK Civil Aviation Authority as part of the Hydrogen Challenge Sandbox to increase regulatory readiness, reduce risk of failure, and improve collaboration in the deployment of hydrogen propulsion technologies and fuels. in <a href="https://sp-edge.com/updates/29295">April 2024</a>, ZeroAvia partnered with FEAM Aero to explore how FEAM Aero’s 50+ locations can provide maintenance, repair, and operations services for companies using ZeroAvia’s technology.Funding and FinancialsZeroAvia’s most recent funding was in <a href="https://sp-edge.com/updates/25830">January 2024</a>, when the company secured USD 3.25 million from the California Energy Commission's Gas R&amp;D Program to develop a first-of-its-kind mobile liquid hydrogen (LH2) fueling truck for heavy-duty applications.Previously, in <a href="https://sp-edge.com/updates/24443">November 2023</a>, the company raised USD 116 million in a Series C funding round co-led by Airbus, Barclays Sustainable Impact Capital, and NEOM Investment Fund (NIF). The company intended to use the funds toward the certification of its first engines and further R&amp;D to improve its propulsion technology for larger aircraft. In <a href="https://sp-edge.com/updates/23314">September 2023</a>, ZeroAvia completed an undisclosed funding round that was led by Airbus, Barclays Sustainable Impact Capital, and NEOM. The company intended to use the funds to advance the certification of its first hydrogen-electric engine, the “ZA600.” In <a href="https://sp-edge.com/updates/11735">July 2022</a>, ZeroAvia raised USD 30 million in the second tranche of its Series B funding round led by existing investor International Airlines Group (IAG).

ZeroAvia

<div>
 
 Based in the UK, ITM Power designs and manufactures hydrogen energy solutions based on water electrolysis for energy storage, clean fuel production, and industrial applications. Its product portfolio includes proton exchange membrane (PEM) electrolyzer containers ranging from 600 kilowatts to 100 megawatts, namely, &ldquo;HGas1SP,&rdquo; &ldquo;HGas2SP,&rdquo; &ldquo;HGas3SP,&rdquo; and &ldquo;HGasXMW.&rdquo; In 
 <a href="https://sp-edge.com/updates/23997">
 November 2023
 </a>
 , the company launched its Hybrid Stack, which is designed for existing customers currently using earlier MEP generation products. The Hybrid Stack is designed to increase the efficiency of electrolyzer systems by nearly 10%.
 
 
 The company operates a one gigawatt per year PEM electrolyzer manufacturing facility at Bessemer Park, Sheffield, UK. A second facility has been established nearby and is expected to be operational by the end of 2024.&nbsp;
 
 
 In addition to providing electrolyzers, the company owns and operates hydrogen refueling stations across the UK through ITM Motive, a joint venture with Vitol Holdings, from March 2022. Under the terms of the agreement, ITM Power will supply up to 240 MW of electrolysis equipment to support Motive in the development and deployment of new green hydrogen refueling stations, while Vitol will supply up to 240 MW of green electricity to the new refueling stations. 
 
 
 In October 2023, ITM Power expanded its operations to the US and Germany to strengthen its global presence.
 
 
 Key customers and partnerships
 
 
 ITM Power has made several deployments of its technology. ITM Power&rsquo;s REFHYNE project, funded by the European Commission&rsquo;s Fuel Cells and Hydrogen Joint Undertaking (FCH JU), aims to build and operate a hydrogen electrolyzer at the Shell Rheinland refinery in Wesseling, Germany. In October 2021, REFHYNE II was launched to build a 100 MW electrolyzer at Shell&rsquo;s Energy and Chemicals Park in Rheinland, Germany, with commercialization planned for 2024. The company is also involved in an energy trial to assess the potential for blending hydrogen into the normal gas supply to reduce carbon dioxide emissions. This project, called HyDeploy, is funded by Ofgem and led by Cadent and Northern Gas Networks. ITM Power&rsquo;s key customers include Shell and Linde.
 
 
 In July 2023, ITM Power extended its collaboration with W. L. Gore &amp; Associates to deepen its understanding of the lifetime performance, durability mechanisms, and reliability of PEM water electrolysis..
 
 
 In November 2021, ITM Motive partnered with NanoSUN, a Singaporean hydrogen distribution developer, to provide mobile hydrogen refueling solutions in the UK. In July 2023, ITM Power partnered with 
 <a href="https://sp-edge.com/updates/20037">
 Mott Corporation
 </a>
 to improve the efficiency and performance of ITM&rsquo;s PEM electrolysis technology. In 
 <a href="https://sp-edge.com/updates/21168">
 August 2023
 </a>
 , the company partnered with FRIEM to jointly develop a standard power supply unit (PSU) design for ITM's 2 MW plug-and-play electrolysis container.
 
 
 Funding and financials
 
 
 In October 2022, ITM Power announced that the Western Australian government will invest ~AUD 225,000 (USD 146,000) to investigate the feasibility of manufacturing renewable hydrogen electrolyzers in the state. In May 2022, the company was 
 <a href="https://sp-edge.com/updates/10588">
 granted
 </a>
 GBP 9.3 million (USD 11.6 million) by the UK Department for Business Energy and Industrial Strategy (BEIS) for gigastack testing. In January 2022, ITM Power 
 <a href="https://sp-edge.com/updates/7720">
 received a grant
 </a>
 of EUR 1.95 million (USD 2.2 million) from the German government for the SINEWAVE project to support the production of PEM electrolysis systems. In October 2021, ITM Power raised 
 <a href="https://sp-edge.com/updates/6035">
 GBP 250 million
 </a>
 (USD 343 million) to build a second electrolyzer manufacturing facility in Sheffield and a new international factory, to reach an annual manufacturing capacity of five gigawatts by 2024. The London Stock Exchange-listed company reported revenue of GBP 5.6 million (USD 7.1 million) for the year ended April 2022. 
 
</div>

ITM Power

Riversimple is a UK-based company developing hydrogen fuel cell cars for the European market. Its “Rasa” two-seater coupe has a range of 300 miles and can attain a top speed of 60 miles per hour. The company aims to begin commercial production of the coupe in 2024, and a light commercial vehicle in 2025, and a larger family car thereafter.Rasa cars are in trials with the public as of February 2024, with the vehicles being built at its R&amp;D facility in Abergavenny, Wales. The company also plans to deploy a 150,000 square foot facility in Aberdeen, in the <a href="https://sp-edge.com/updates/11736">north-east of Scotland</a>.The company intends to operate under a mobility-as-a-service business model, renting vehicles for a monthly fee rather than selling them outright. The company expects to have a fleet of roughly 180,000 hydrogen vehicles by 2032.Key customers and partnershipsIn May 2023, Riversimple was one of 15 partners to join a new project called REPOXYBLE, funded by Horizon Europe, to develop advanced materials for the manufacture of fuel-efficient and high-performance vehicles.In July 2022, Riversimple signed up <a href="https://sp-edge.com/updates/11465">Element 2</a> as its refueling infrastructure partner. In July 2021, the company partnered with DHL Supply Chain to establish a green supply chain to bring its vehicles to the UK market. In February 2021, the company collaborated with the German multinational conglomerate Siemens to prepare for mass production. Since July 2020, Riversimple has also partnered with the Swansea City Council to promote hydrogen for transportation. And since June 2016, the company has partnered with Monmouthshire County Council and the Office for Zero Emission Vehicles (OZEV) to test beta versions of Rasa vehicles.Funding and financialsIn March 2023, the company raised an undisclosed amount in an equity crowdfunding campaign. Previously, in July 2021, Riversimple raised GBP 1.5 million (USD 1.9 million), also in a crowdfunding campaign, and intended to use the funds to build vehicles for customer trials that began earlier that year.In October 2020, the company opened a funding round to raise GBP 150 million (USD 195 million) over the next three years to fund the construction of its first two plants.Key competitors: None comparable (Riversimple is the only startup that develops hydrogen fuel-cell cars)

Riversimple

Startups producing low-carbon hydrogen using fossil fuels (i.e. blue and turquoise hydrogen) and related technologies or materials.

Startups producing 100% clean hydrogen using water electrolysis (i.e. green hydrogen) or any other sustainable method as well as related technologies and materials.

Startups offering next-generation hydrogen distribution solutions such as solid and liquid-state hydrogen storage and alternative compression technologies for gaseous-state hydrogen storage. Also includes hydrogen fueling stations for mobility applications.

Startups developing hydrogen-powered vehicles and vehicle technologies including passenger, heavy-duty, and aerial vehicles.

Startups producing fuel cell systems for electricity generation using hydrogen and related technologies or materials.

Produces clean hydrogen using fuel cells, organic waste, and combustion with zero emissions

<div>
 
 Universal Hydrogen, a startup manufacturing hydrogen fuel tanks for aircraft, recently disclosed its plans to cease operations due to fiscal challenges.
 The company has been unsuccessful in securing further financial support or locating a suitable purchaser for its business, after depleting USD 100 million of its previously amassed funds.&nbsp;
 In March 2023, the company successfully completed a significant achievement by piloting a 40-passenger hydrogen-powered aircraft from Washington to California. However, it is now initiating the process of liquidation for its business.&nbsp;&nbsp;
 
</div>

Universal Hydrogen shuts down after failing to secure funding

Plug Power is expanding its partnership with Universal Hydrogen Co., focusing on the development of a fuel cell-based hydrogen powertrain for regional aircraft.

Plug Power Inc announced a new partnership with Universal Hydrogen to develop, build, and certify a commercially-viable hydrogen fuel cellbased propulsion system designed to power commercial regional aircraft. This initiative is part of Plug Power’s strategy to bring its proven hydrogen ProGen fuel cell technology to new markets through engaging leaders in industries such as commercial aviation and aerospace.

Universal Hydrogen

About EDGE

Contact Us

Resources

Area of Focus

Technology Research Made Effortless