Proton Technologies

Canada-based Proton Technologies has developed a patented technology that involves injecting large quantities of oxygen and carbon dioxide into late-stage or abandoned oil fields to generate clean hydrogen through chemical reactions. A downhole hydrogen filter is then used to allow pure hydrogen to come back to the surface, leaving carbon trapped underground. As of September 2023, the company has yet to commercialize its technology; it operates a test site in Kerrobert, Saskatchewan, Canada and is raising funds for an investment to scale production.

Proton Technologies claims that its technology can produce hydrogen at less than USD 0.65 per kilogram (kg) initially and dropping below USD 0.50 per kg once systems are optimized; in comparison, hydrogen generated using conventional processes (such as steam-methane reformation) costs around USD 2-USD 3 per kg.

Key customers and partnerships

In September 2021, Proton Technologies licenced its technology to UPC Hydrogen to produce low-carbon hydrogen in the Asia-Pacific region. In April 2022, the company expanded its agreement with Clear Hydrogen UK (CHUK), a British hydrogen producer, to produce 5,000 tons of hydrogen per day.

Funding and financials

In May 2021, Proton Technologies launched a crowdfunding campaign on Wayblaze to raise USD 500,000 in two rounds (USD 250,000 each). The proceeds were expected to be used to obtain hydrogen tube-trailers for storage and transportation, and to construct a loading terminal at the company’s test site. Prior to this, in January 2021, Proton Technologies raised USD 360,000 in a venture round.

Key competitors: None comparable (Proton Technologies is the only startup that generates low-carbon hydrogen at late-stage or abandoned oil wells)