Omni Conversion Technologies

Omni Conversion Technologies converts solid energetic material into syngas to produce fuels, chemicals, and electricity.

Omni Conversion Technologies (previously Plasco Energy Group) is a Canadian waste-to-energy company that converts waste into syngas to produce fuels, chemicals, and electricity. The company uses feedstock such as household garbage, plastics, building materials, and food waste.

Reinforcing recycling, rerouting refuse, and reducing wasteflows

Waste Recovery & Management Tech

Omni Conversion Technologies (previously Plasco Energy Group) is a Canadian waste-to-energy company that converts waste into syngas to produce fuels, chemicals, and electricity. The company uses feedstocks such as household garbage, plastics, building materials, and food waste.

Moving industry forward with next-gen advancements in energy storage and transmission

Alternative Energy

Hydrogen Economy

Omni Conversion Technologies (previously Plasco Energy Group) is a Canadian waste-to-energy company that converts waste into syngas to produce fuels, chemicals, and electricity. The company uses feedstock such as household garbage, plastics, building materials, and food waste.In December 2020, the company <a href="https://omnict.com/news-post/plasco-conversion-technologies-inc-changes-name-to-omni-conversion-technologies-inc/">launched</a> a waste-to-clean fuels conversion system named Omni200. It uses Omni’s patented thermo-chemical technology that carries out partial oxidation and plasma polishing to break the molecule bonds of waste material to generate syngas. The Omni200 process then refines the gaseous output by removing tar, sulfur, and other compounds to keep catalytic reactors in industrial processes running. The OmniSyngas derived from this process are transformed into clean fuels including hydrogen, methanol, renewable diesel, sustainable aviation fuel, and renewable natural gas.In addition, Omni Metals enables heavy metals, glass, and plastics to be vitrified into OmniRock, an aggregate material that can be used for construction activities.Omni’s first commercial plant was launched in April 2021 to process non-recyclable municipal solid waste into hydrogen products. Starting in Q4 2023, the company expects to produce 5,000 tonnes of negative carbon hydrogen per annum through recycling 200 tonnes of waste daily. Key customers and partnershipsIn October 2022, Omni partnered with <a href="https://omnict.com/wp-content/uploads/2023/08/OMNI-CT-and-ABB-to-collaborate-on-innovative-waste-to-fuel-technology.pdf">ABB</a> to integrate the latter’s automation and electrical technology into its waste refining system to improve its operational efficiency. In February 2023, Omni partnered with <a href="https://omnict.com/news-post/cst-new-madrid-awards-omni-with-contract-in-support-of-first-commercial-waste-to-renewables-chemicals-production-facility/">CST New Madrid</a>, a subsidiary of Circular SynTech, to provide its Omni200 technology for Circular SynTech’s first commercial-scale waste-to-renewable-chemicals facility based in Missouri, US. In <a href="https://omnict.com/news-post/cst-new-madrid-awards-omni-additional-contracts-in-support-of-commercial-waste-to-renewables-chemicals-production-facility/">June 2023</a>, Omni provided a further three Omni200 units to be used in this facility.In <a href="https://omnict.com/news-post/omni-to-support-zaragoza-spain-in-becoming-the-first-zero-waste-city/">March 2023</a>, Omni was contracted to build an Omni200 plant to enable the city of Zaragoza, Spain, to recover non-recyclable waste in the form of methanol and clean hydrogen. Funding and financialsIn April 2021, the company received USD 35 million for its first sales agreement with the <a href="https://omnict.com/news-post/omni-ct-sells-first-omni200-hydrogen-unit/">Larsen and Lam Climate Initiative</a> to commercialize Omni’s technology in California, US.

Based in the UK, SEaB Energy provides clients with a waste to energy technology. The company sells two products called Flexibuster and Muckbuster that convert waste into energy. Flexibuster converts organic waste, while Muckbuster is designed to convert slurry waste. These are anaerobic digestion units which are containerized and can be easily bought and installed by any entity to get the required power Flexibusters are suitable for small and medium sized entities that produce between 500kg and 2,500kg of organic waste per day. As of June 2021, the company operates and manufactures its products in England, Portugal, and the USA.According to the company, one cubic meter of waste creates one household unit of electricity. The company helps customers by collecting a sample of their feedstock and estimates how much power its products can deliver by converting the particular type of feedstock. The company reports that its clients include fortune 50 companies, hospitals, non-profit organizations, property developers, and hypermarkets.Funding and financialsIn <a href="https://seabenergy.com/axon-partners-enagas-emprende-investment/">September 2022,</a> SEaB Energy raised an undisclosed investment led by Axon Partners Group to expand its solutions in Europe, Latin America and the US.

SeAb Energy

RoadRunner Recycling helps predict recycling plans for businesses (such as hotels, mills, warehouses) by using algorithms and Artificial Intelligence (AI). While helping them recycle their waste, the company also offers scheduled and one-off waste pickup services for businesses in the US.The company claims that the usage of its services has on average allowed a 16% saving in waste and recycling expenditures for customers and increased diversion from landfills by threefold.The company operates a shared-savings business model, where it generates revenue based on the level of the customer’s savings. As of October 2022, the company has diverted over 300,000 tons of material from disposal across 12,000 accounts, saving customers nearly USD 50 million on waste and recycling services.In October 2022, RoadRunner acquired Compology, the world's largest waste and recycling smart metering technology company.Key customers and partnershipsRoadRunner Recycling partnered with Avery Dennison (a label and packaging materials company) in September 2020 to launch a scalable matrix recycling program to help Avery’s <a href="https://www.packagingtechtoday.com/news-headlines/avery-dennison-launches-matrix-recycling-program-with-roadrunner-recycling/label-tape/">label</a> converters achieve their zero-waste-to-landfill goals. Some of the company’s key customers are Boxer Property, Forman Mills, and the PM Hotel Group.&nbsp;Funding and financials&nbsp;In its latest funding round in <a href="https://sp-edge.com/updates/14646">November 2022</a>, the company raised USD 20 million funding in its extended Series D round led by Fifth Wall. The funds were expected to support growth of the company's core business, expansion of enterprise offerings, and strengthening the investments in technology, thus improving sustainability in the real estate sector.

RoadRunner Recycling

<div>
 
 AMP (
 <a href="https://sp-edge.com/updates/26429">
 formerly
 </a>
 AMP Robotics) uses robots and AI to sort waste by type. Following the company&rsquo;s rebranding, it shifted focus from supplying sorting robots to building automated, facility-scale recycling solutions that incorporate AI and robotics. The company&rsquo;s AMP One-integrated sorting facility combines a number of AMP&rsquo;s modular solutions to deliver a material recovery facility (MRF) that requires no manual sorting. The facilities are able to autonomously sort multiple waste streams, including municipal solid waste, MRF residue, and mixed plastic waste into bales of materials.
 
 
 The modular solutions that make up AMP One include
 
 
 AMP Vision: 
 An AI-powered machine vision system capable of identifying over 50 categories of materials present in waste streams. The company claims it uses the world&rsquo;s largest real-world dataset for materials with over 75 billion data points.&nbsp;
 
 
 AMP Jet and Microjet: 
 An AI-based sorting system that leverages AMP Vision to identify materials and separates these two material streams simultaneously using two rows of 50 air nozzles. The system also uses AI to track the path of sorted materials and adjust jets. AMP Jet is claimed to be able to recover over 90% of target materials without human intervention. The Microjet is a compact version that can be mounted on the side of a conveyor belt.
 
 
 AMP Delta: 
 A robotic sortation system that uses AMP Vision to mechanically sort waste streams, reaching pick rates of over 80 items per mimute. Also available in Tandem (120 items per minute) and Compact (65 items per minute) variants.
 
 
 AMP Vac:
 A belt-mounted vacuum array that removes and collects thin film that can be used for pyrolysis applications. It is able to collect up to 120 picks per minute.
 
 
 AMP Insight and AMP SmartTons
 : A real-time reporting tool and system for tagging sorted bales, which can specify the exact composition and purity of the recovered material.
 
 
 The company reports that its plants are able to handle between 15 and 100+ kilotons of waste annually. AMP also has turnkey plants available, and claims it can deploy custom-built plants in as little as nine months. As of February 2024, the company has more than 230 deployments in more than 80 facilities and robotic systems in over 20 states in the US, and in Canada, Japan, and Europe.
 
 
 In May 2023, the company unveiled a complete line of 
 <a href="https://sp-edge.com/updates/18116">
 AI-powered automation solutions 
 </a>
 for materials recovery facilities (MRFs), including a new compact robotic sortation solution, AI-driven improvements in targeting and robotic gripping reliability, and integrated AI-powered facility solution.
 
 
 In November 2022, the company opened its new 84,000 sq ft facility in Louisville.
 
 
 Key customers and partnerships
 
 
 In September 2021, AMP installed its 
 <a href="https://ampsortation.com/articles/amp-robotics-installs-its-first-recycling-robots-in-the-united-kingdom-and-ireland-with-recyco">
 first AI-guided robotics
 </a>
 systems in the UK and Ireland with Recyco, a recycling and waste management business in Northern Ireland. In July 2023, the Kent County Department of Public Works (DPW) acquired three recycling robots from AMP Robotics. In March 2022, AMP extended its partnership with Evergreen, adding six robots in Riverside, California, and planned to add three more in Albany, New York, in addition to the existing six robots in Clyde. In June 2022, AMP expanded its partnership with its reportedly largest customer waste connections.
 
 
 Funding and financials
 
 
 In November 2022, the company raised USD 91 million in corporate equity in a 
 <a href="https://sp-edge.com/updates?industryIds=54">
 Series C
 </a>
 funding round led by Congruent Ventures and Wellington Management. In May 2023, the company also raised an undisclosed amount from 
 <a href="https://sp-edge.com/updates/18384">
 Microsoft&rsquo;s Climate Innovation 
 </a>
 Fund, bringing AMP&rsquo;s Series C round to a total of more than USD 99 million. The company intended to use the funds to retrofit existing recycling infrastructure with technology solutions, as well as develop new infrastructure using AI-powered automation.
 
</div>

Redwood Materials was founded by Tesla’s former CTO to focus on e-waste recycling for remanufacturing and reuse. The company uses a proprietary technology to recover elements including cobalt, lithium, nickel, manganese and graphite from old battery cells (from vehicles and consumer electronics), which can be re-used for battery production.The company announced its first energy storage system recycling project&nbsp; in <a href="https://sp-edge.com/updates/23461">November 2023</a> — dismantling and recycling a 4MWh stationary storage substation in Kauai, Hawaii. In <a href="https://www.recyclingtoday.com/news/redwood-materials-launches-pricing-tool-for-ev-batteries/">October 2023</a>, Redwood launched an online tool with advanced tracking and management systems for automotive dismantlers to value and sell recovered EV battery packs directly back to the company.&nbsp;In September 2023, Redwood Materials acquired <a href="https://sp-edge.com/updates/22008">Redux Recycling</a> to accelerate Redwood's expansion into Europe.Key customers and partnershipsThe company partnered with <a href="https://sp-edge.com/updates/5878">Ford </a>in September 2021 to build a closed-loop for battery recycling and create a domestic battery supply chain for EVs in the US. The company partnered with <a href="https://sp-edge.com/updates/11597">Volkswagen</a> Group (Audi’s parent company) in July 2022 and Lyft in <a href="https://sp-edge.com/updates/14863">November 2022</a>, to recycle batteries while expanding its presence in the US.In January 2023, the company partnered with <a href="https://sp-edge.com/updates/15516">Flite</a>, an Australian electric hydrofoil producer, to recycle end-of-life Flitecell e-foil batteries in the US. In April 2023, the company expanded its partnership with Volkswagen to launch a consumer recycling program for rechargeable devices and lithium-ion batteries. During the same period, the company partnered with e-bike manufacturer <a href="https://sp-edge.com/updates/18071">Rad Power Bikes</a> to launch an electric bike battery recycling program.In October 2023, the company partnered with <a href="https://sp-edge.com/updates/22440">Panasonic</a> to extracting high-purity nickel from end-of-life batteries and supplying it to Panasonic Energy, a subsidiary of Panasonic Holdings, by 2028. This partnership is preceded by the agreement to purchase cathode-active materials and copper foil for EV lithium-ion batteries in <a href="https://sp-edge.com/updates/14645">November 2022.</a>In November 2023, the company announced that it would supply cathode materials and copper coils for battery cells produced at Toyota’s North Carolina plant (due to go into production in 2025). This builds on Redwood’s initial partnership with <a href="https://sp-edge.com/updates/11217">Toyota</a> in June 2022, under which the company would refurbish/recycle batteries from hybrid vehicles.Funding and financialsIn August 2023, Redwood Materials raised more than USD 1 billion in a <a href="https://sp-edge.com/updates/21369">Series D funding</a> round to expand its capacity, grow the domestic battery supply chain, and enable its customers to purchase battery materials made in the US for the first time. In <a href="https://sp-edge.com/updates/16272">February 2023</a>, the Department of Energy (DOE) committed a USD 2 billion loan to Redwood Materials to construct and expand its battery recycling facility west of Reno, Nevada.

Redwood Materials

SmarterX (formerly Smarter Sorting) uses machine learning, algorithms, and a cloud-based platform to scan, identify, categorize, and sort chemical-containing products. This helps retailers and their suppliers get rid of unwanted chemicals, which Smarter Sorting will pick up to recycle instead of having them incinerated. The company also introduced a new regulatory platform in 2020 by partnering with a major retailer, to help retailers to ship and sell lithium-ion (li-ion) batteries sustainably, by providing them adequate support on regulatory requirements around li-ion battery products. The company provides its services in the USA and Canada.The company charges businesses a subscription fee per month based on the number of items they register for the sorting assessment.&nbsp;As of <a href="https://sp-edge.com/updates/12053">August 2022</a>, the company had secured over 1,600 consumer brands and partnerships with 24 national supermarkets and retailers, including Costco, Wegmans, and Albertsons Companies. They claim their technology can classify 2 million consumer products across 3,500+ data points and 150 million chemical compounds.Funding and financialsIn August 2022, the company raised USD 7 million in a <a href="https://sp-edge.com/updates/12053">funding round</a> led by Regeneration VC. This is an extension of the company’s previous funding round in <a href="https://sp-edge.com/updates/9315">March 2022</a>.

SmarterX

Startups offering platforms or software solutions incorporating technologies such as sensors, robotics, and AI to monitor and improve the waste collection process using several methods: identifying optimal waste collection time, connecting businesses and individuals with haulers, optimizing trash pickup routes, and increasing transparency in waste management throughout the production process.

Startups that separate waste by type, either by using robotics or analytics (AI, machine learning), to help streamline the recycling process.

Startups that develop recycling technologies or provide solutions such as AI-based online platforms or algorithm-based predictive solutions to primarily support businesses in their in-house recycling efforts.

Startups developing recycling technologies, including the pyrolysis process or a recycled propylene technology, to convert plastic waste into products such as pure propylene, recycled plastic, crude oil, and furniture.

Startups developing recycling technologies such as polymer recycling, flexible hydrothermal processing, etc., to recycle textile waste into products that include carbon neutral fiber or transform the waste into new products with greater value through upcycling technologies.

Startups developing recycling technologies such as lithium-ion battery recycling processes or a Magnet-to-Magnetä recycling process to convert electronic waste into products that include recycled batteries and cathode materials.

Startups developing recycling technologies to separate materials made by combining two or more materials with different properties (composite materials) and recycle them into secondary use raw materials such as aluminum, plastic, leather, and cardboard.

Startups using proprietary technologies to recycle waste (besides plastic, textile, and electronic waste) into harmless waste materials or into materials that can be used to make household goods, furniture, and construction material.

Startups using recycling technologies such as anaerobic digestion or a chemical process to convert waste into energy.

Reuses and recycles waste to keep them out of landfills

Solutions that aim to keep waste out of landfills

Provides sensor-based automated processes for waste management

Develops waste collection systems such as sensored bins, monitored waste collection, and on-demand waste collection

Waste management platforms use AI/ML for analysis and real-time updates

IoT-enable devices and platforms to manage waste and improve recycling rates

Omni Conversion Technologies (previously Plasco Energy Group) is a Canadian waste-to-energy company that converts waste into syngas to produce fuels, chemicals, and electricity. The company uses feedstocks such as household garbage, plastics, building materials, and food waste.In December 2020, the company launched a waste-to-clean-fuels conversion system called the Omni200. It uses Omni’s patented thermo-chemical technology, which performs partial oxidation and plasma polishing to break the molecular bonds of the waste material to generate syngas. The Omni200 process then refines the gaseous output by removing tar, sulfur, and other compounds to keep catalytic reactors running in industrial processes. The resulting OmniSyngas is converted into clean fuels including hydrogen, methanol, renewable diesel, sustainable aviation fuel, and renewable natural gas.In addition, Omni Metals enables the vitrification of heavy metals, glass, and plastics into OmniRock, an aggregate material that can be used in construction.Omni’s first commercial plant was launched in April 2021 to process non-recyclable municipal solid waste into hydrogen products. Starting in Q4 2023, the company expects to produce 5,000 tons of carbon negative hydrogen per year by recycling 200 tons of waste per day.Key customers and partnershipsIn October 2022, Omni partnered with ABB to integrate its automation and electrical technology into its waste refining system to improve its operational efficiency. In February 2023, Omni partnered with CST New Madrid, a subsidiary of Circular SynTech, to provide its Omni200 technology for Circular SynTech’s first commercial-scale waste-to-renewable-chemicals facility based in Missouri, USA. In June 2023, Omni provided an additional three Omni200 units for use at this facility.In March 2023, Omni was contracted to build an Omni200 plant to enable the city of Zaragoza, Spain, to recover non-recyclable waste in the form of methanol and clean hydrogen.Funding and financialsIn April 2021, the company received USD 35 million for its first sales agreement with the Larsen and Lam Climate Initiative to commercialize Omni’s technology in California, USA.

Canada-based Carbon Engineering (CE) specializes in Direct Air Capture (DAC) and air-to-fuel (ATF) technologies. ATF technology turns atmospheric carbon dioxide (CO2) DAC facilities into low-carbon fuels. The company’s pilot DAC plant in British Columbia captures one ton of CO2 per day. As of March 2024, CE is working with 1PointFive to commercialize its air-to-fuel processes.Key customers and partnershipsCE has partnered with Oxy Low Carbon Ventures (the venture capital arm of the oil and gas company Occidental Petroleum) to build its first commercial DAC facility in Texas Permian Basin. The proposed facility will capture one million tons of CO2 per year. The construction of the plant is to be completed by 2024. CE has also begun engineering at its <a href="https://sp-edge.com/updates/14178">second DAC facility</a> in Kleberg County, Texas to capture 30 million tons of CO2 per year. The site is expected to begin operations by late 2024. CE also has a partnership with Storegga Geotechnologies to deploy its DAC technology in the UK. In <a href="https://sp-edge.com/updates/10949">June 2022</a>, CE extended its collaboration with 1PointFive to deploy DAC projects globally.CE allows customers to pre-purchase carbon removal quantities from its future projects. In March 2021, Shopify became CE’s first customer, having reserved 10,000 tons of carbon removals. CE has also partnered with BeZero (a British climate asset and liability management company) for a joint retail offering that allows customers to purchase carbon removals through BeZero’s website. In November 2021, CE also signed up BMO Financial Group, a Canadian financial service provider, as a new customer and plans to deliver 1,000 tons of carbon removal units.CE estimates the net cost of its DAC technology to be around USD 94–232 per ton. The net cost of capture from its proposed one-megaton commercial plant is expected to be “little less than USD 200 per ton”. The company has also reported that its net cost of capture needs to fall below USD 150 per ton for the technology to make commercial sense.In October 2021, Carbon Engineering also partnered with Huron Clean Energy (Canada), The Upper Nicola Band (Canada), and Oxy Low Carbon Ventures to develop a large-scale commercial ATF facility in British Columbia. The facility is expected to begin operations in 2026. In November 2021, the company partnered with Air Canada to explore sustainable aviation fuel (SAF) opportunities.Funding and financialsCarbon Engineering's most recent funding event was in<a href="https://sp-edge.com/updates/14763"> November 2022</a> when it raised an undisclosed amount from aviation leaders, Airbus and Air Canada, to support the development of its DAC technology. Prior to this in March 2019, Carbon Engineering raised USD 68 million from Chevron, Occidental Petroleum, and BHP. The company also received a USD 25 million grant from the Canadian government in June 2019. The cash helped speed up development and go-to-market activities for Carbon Engineering’s DAC technology.In <a href="https://sp-edge.com/updates/21044">August 2023</a>, Occidental Petroleum announced a definitive purchase agreement to acquire Carbon Engineering for USD 1.1 billion in cash. The deal was closed in <a href="https://www.blg.com/en/about-us/deals-and-suits/2023/11/occidental-petroleum-completes-us1-1-billion-acquisition-of-carbon-engineering-ltd#:~:text=On%20November%203%2C%202023%2C%20Occidental,equity%20of%20Carbon%20Engineering%20Ltd.">November 2023</a>.

Carbon Engineering

TAE Technologies is a next-generation renewable energy company focusing on fusion technology. The company’s technology attempts to fuse hydrogen and boron to produce light to generate heat for power generation. TAE aims to connect the first hydrogen-boron fusion power plant to the grid in the 2030s and expects to demonstrate net energy on its next research reactor Copernicus around mid-decade.TAE Technologies has obtained more than 1,400 patents and launched several spin-off technologies in sectors such as electric mobility, power management, and life sciences. In <a href="https://sp-edge.com/updates/15971">January 2023</a>, formed a new subsidiary known as TAE Power Solutions. This subsidiary is developing a unique technology platform derived from fusion research to improve the reliability, efficiency, longevity, and affordability of electric-powered products, including EVs and renewable energy storage.Key customers and partnershipsIn <a href="https://sp-edge.com/updates/6255">October 2021</a>, TAE Technologies partnered with the National Institute for Fusion Science (NIFS), a Japanese research institute, to test hydrogen-boron (p-B11) fusion reactions. Furthermore, in <a href="https://sp-edge.com/updates/16848">March 2023</a>, TAW and NIFS carried out the world’s first hydrogen-boron fusion experiments in a magnetically confined fusion plasma.Since 2014, TAE Technologies has worked with Google to apply machine learning, data science, and advanced computations to jointly develop the Optometrist Algorithm to speed up experiments involving plasma, the core ingredient in a fusion reaction.Funding and financialsThe company’s most recent funding event was a <a href="https://sp-edge.com/updates/11710">July 2022</a> USD 250 million round led by Google. The company planned to use the funds to construct its research reactor “Copernicus.” Prior to this, in April 2021 TAE Technologies raised USD 280 million led by Google and New Enterprise Associates. Funds were expected to be used to further the company’s fusion experiments and to build a new reactor-scale facility.

TAE Technologies

Canada-based Enerkem converts waste into transportation fuels and chemicals. The company produces renewable methanol and ethanol from non-recyclable and compostable solid waste. Ethanol produced by Enerkem is used as a high octane oxygenate in gasoline to reduce its toxicity.Enerkem operated a pilot biofuel facility in Edmonton, Canada, which was capable of recycling upto 40,000 metric tons of waste, annually. As of January 2024, the facility has produced ~5 million liters of ethanol and methanol. As part of this project, Enerkem had a 25-year agreement with the city of Edmonton to recycle 100,000 dry metric tons of waste per year. In February 2024, the company reported plans to retire the facility and focus on the deployment and commercialization of its technology.Key customers and partnershipsEnerkem is developing a biofuel facility at Varennes (Canada) in partnership with Hydro-Quebec. The facility, which is set to come online in 2025, will couple Enerkem’s technology with a 90 MW proton exchange membrane (PEM) electrolyzer system to produce 125 million liters of biofuels and circular chemicals from 200,000 metric tons of waste per year.Enerkem is also developing a facility in Tarragona, Spain in partnership with Repsol to manufacture 290 million liters of methanol from non-recyclable waste and residual biomass per year. In <a href="https://sp-edge.com/updates/20773">July 2023</a>, Enerkem partnered with Dimeta to begin a feasibility study to examine the development of two large-scale projects to convert waste into renewable and recycled carbon dimethyl ether (DME). The projects are to be developed in Northwest Europe and in the Gulf Coast of the US, with each project expected to produce ~165,000 tons of DME annually from mixed residual waste.In <a href="https://sp-edge.com/updates/20774">August 2023</a>, Enerkem partnered with Technip Energies where the latter agreed to contribute its expertise in engineering, technology integration, and project delivery to support projects developed by Enerkem.Funding and financialsEnerkem’s <a href="https://sp-edge.com/updates/9646">most recent funding </a>event was an April 2022 CAD 255 million (USD 203 million) round led by Repsol. The funds were to be used to expand Enerkem’s geographical footprint in Europe and to scale up the deployments of its gasification technology.

Enerkem

Commonwealth Fusion Systems (CFS) is an MIT spinoff that focuses on commercializing fusion energy using revolutionary high-temperature superconducting (HTS) magnets to build smaller and lower-cost tokamak fusion systems. The company aims to manufacture these magnets and is building ‘SPARC’, its net energy fusion machine with MIT’s Plasma Science and Fusion Center. Following this, CFS plans to build a fusion power plant named ARC.In February 2023, CFS opened its new 50-acre campus in Massachusetts, US. This will contain the company’s corporate headquarters, advanced manufacturing facility, and the SPARC facility.Key customers and partnershipsIn July 2022, CFS signed a five-year Collaboration Framework Agreement with the United Kingdom Atomic Energy Authority (UKAEA) to carry out a series of work projects to support the development of fusion energy. In March 2023, CFS signed a framework agreement with Eni to carry out a series of work projects to advance fusion energy.Funding and financialsIn August 2023, CFS was awarded three undisclosed grants by the US Department of Energy’s Innovation Network for Fusion Energy (INFUSE) program to fund research and development projects with the University of California at Berkeley, Princeton Plasma Physics Lab, and University of California at Los Angeles. In <a href="https://sp-edge.com/updates/19658">May 2023</a>, CFS was one of eight companies to receive a total of USD 46 million from the US Department of Energy’s Milestone-based Fusion Development Program to advance design, research and development for fusion power plants.In <a href="https://sp-edge.com/updates/7124">November 2021</a>, CFS raised USD 1.8 billion in a Series B funding round led by Tiger Global Management. The company planned to use the proceeds to build and operate SPARC and commence deployment of ARC.

Commonwealth Fusion Systems

General Fusion aims to develop utility-scale fusion power using Magnetized Target Fusion (MTF) technology. In December 2022, the company demonstrated plasma energy confinement times, plasma temperatures, and compression system performance that support its goal of meeting 100 million degrees Celsius in its MTF demonstration.&nbsp;In <a href="https://sp-edge.com/updates/22691">August 2023</a>, General Fusion announced a new MTF machine known as “Lawson Machine 26” (LM26). The company intends to use the machine to achieve fusion conditions of over 100 million degrees Celcius (180 million degrees Fahrenheit) by 2025, and progress toward scientific breakeven by 2026. The LM26 is designed to validate the company’s ability to symmetrically compress magnetized plasmas in a repeatable manner and achieve fusion conditions at scale. It integrates the company's existing operational plasma injector with a new lithium liner compression system.Construction of General Fusion’s demonstration at the United Kingdom Atomic Energy Authority’s (UKAEA) Culham Campus began in 2023 and is expected to be commissioned in 2026 and fully operational by early 2027.Key customers and partnershipsIn June 2021, General Fusion partnered with the UK Atomic Energy Authority (UKAEA) to build and operate a fusion demonstration plant (FDP) at UKAEA’s Culham Campus in Oxfordshire, UK. In July 2021, General Fusion partnered with Canadian Nuclear Laboratories, a nuclear technology laboratory managed by the Canadian National Energy Alliance, to develop tritium extraction technologies for fusion power.&nbsp;In February 2022, General Fusion, Bruce Power, and the Nuclear Innovation Institute partnered to accelerate the delivery of clean fusion power in Canada. In November 2022, the company partnered with Canadian Nuclear Laboratories again to carry out a series of joint projects to accelerate the deployment of commercial fusion power in Canada.In <a href="https://sp-edge.com/updates/22653">October 2023,</a> General Fusion partnered with Kyoto Fusioneering to advance critical systems for MTF commercialization, including the tritium fuel cycle, the liquid metal balance of the plant, and the power conversion cycle. During the same <a href="https://sp-edge.com/updates/23302">month</a>, General Fusion expanded its partnership with TRIUMF to design diagnostics that will advance the former’s technology and prove the performance of its MTF demonstration, LM26. In December 2023, the company partnered with the University of Lisbon to develop a key diagnostic for MTF technology.Funding and financials&nbsp;In March 2024, General Fusion and TRIUMF, Canada’s particle accelerator centre, received a USD 800,000 Natural Sciences and Engineering Research Council of Canada (NSERC) Alliance grant. The companies intended to use the funds to advance technology to develop an ultra-fast neutron spectrometer system to measure plasma temperatures at fusion conditions of over 100 million degrees Celsius.In <a href="https://sp-edge.com/updates/24966">December 2023</a>, General Fusion received CAD 5 million (~USD 3.7 million) from the Strategic Innovation Fund (SIF). The company planned to invest the funds in the research and development of the company’s MTF demonstration, LM26. The company’s latest funding round was in August 2023, when it raised USD 25 million in the first close of its Series F funding round. Participants of the round included existing investors, BDC Capital, and GIC, as well as new grant funding from the government of British Columbia.In November 2021, the company raised USD 130 million led by Temasek. Previously, in January 2021, General Fusion raised an undisclosed amount from Thistledown Capital, a venture capital firm established by Shopify founder Tobias Lütke.

General Fusion

Companies that facilitate renewable energy generation through next-gen advances in conventional renewable energy technologies such as solar, wind, and hydro

Companies developing long-duration stationary energy storage technologies that are essential to match the intermittent supply of renewable sources with the inflexible demand for energy. Includes utility-scale, industrial, and residential stationary energy storage solutions

Companies that facilitate renewable energy generation through disruptive bioenergy technologies such as waste to energy (WTE) and advanced biofuels

Companies that facilitate renewable energy generation through disruptive technologies such as geothermal, fusion, wave, tidal, etc.

Provides next-gen renewable energy sources and energy storage for sustainable energy consumption

Omni Conversion Technologies (previously Plasco Energy Group) is a Canadian waste-to-energy company that converts waste into syngas to produce fuels, chemicals, and electricity. The company uses feedstocks such as household garbage, plastics, building materials, and food waste.In December 2020, the company <a href="https://omnict.com/news-post/plasco-conversion-technologies-inc-changes-name-to-omni-conversion-technologies-inc/">launched</a> a waste-to-clean-fuels conversion system called the Omni200. It uses Omni’s patented thermo-chemical technology, which performs partial oxidation and plasma polishing to break the molecular bonds of the waste material to generate syngas. The Omni200 process then refines the gaseous output by removing tar, sulfur, and other compounds to keep catalytic reactors running in industrial processes. The resulting OmniSyngas is converted into clean fuels including hydrogen, methanol, renewable diesel, sustainable aviation fuel, and renewable natural gas.In addition, Omni Metals enables the vitrification of heavy metals, glass, and plastics into OmniRock, an aggregate material that can be used in construction.Omni’s first commercial plant was launched in April 2021 to process non-recyclable municipal solid waste into hydrogen products. Starting in Q4 2023, the company expects to produce 5,000 tons of carbon negative hydrogen per year by recycling 200 tons of waste per day.Key customers and partnershipsIn October 2022, Omni partnered with <a href="https://omnict.com/wp-content/uploads/2023/08/OMNI-CT-and-ABB-to-collaborate-on-innovative-waste-to-fuel-technology.pdf">ABB</a> to integrate its automation and electrical technology into its waste refining system to improve its operational efficiency. In February 2023, Omni partnered with <a href="https://omnict.com/news-post/cst-new-madrid-awards-omni-with-contract-in-support-of-first-commercial-waste-to-renewables-chemicals-production-facility/">CST New Madrid</a>, a subsidiary of Circular SynTech, to provide its Omni200 technology for Circular SynTech’s first commercial-scale waste-to-renewable-chemicals facility based in Missouri, USA. In <a href="https://omnict.com/news-post/cst-new-madrid-awards-omni-additional-contracts-in-support-of-commercial-waste-to-renewables-chemicals-production-facility/">June 2023</a>, Omni provided an additional three Omni200 units for use at this facility.In <a href="https://omnict.com/news-post/omni-to-support-zaragoza-spain-in-becoming-the-first-zero-waste-city/">March 2023</a>, Omni was contracted to build an Omni200 plant to enable the city of Zaragoza, Spain, to recover non-recyclable waste in the form of methanol and clean hydrogen.Funding and financialsIn April 2021, the company received USD 35 million for its first sales agreement with the <a href="https://omnict.com/news-post/omni-ct-sells-first-omni200-hydrogen-unit/">Larsen and Lam Climate Initiative</a> to commercialize Omni’s technology in California, USA.

<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

Omni Conversion Technologies

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