Hydra Energy

Canada-based Hydra Energy offers Hydrogen-as-a-Service for commercial fleets. The company sources hydrogen from chemical partners and then purifies and compresses it for distribution. The company converts semi-truck fleets to its proprietary hydrogen injection system in exchange for long-term, discounted fuel contracts. As of May 2021, the company had road-tested modified trucks on commercial routes, covering more than 124,000 miles.

Key customers and partnerships

In February 2021, Hydra Energy entered into a long-term partnership with Chemtrade, a provider of industrial chemicals and services, to capture, clean, and compress hydrogen at Chemtrade’s plant in British Columbia.

In October 2021, Hydra Energy delivered its first hydrogen-converted heavy-duty truck to Lodgewood Enterprises, a Canadian short and long-haul trucking company. In April 2022, Hydra Energy signed up Veteran Express Secure Logistics (VEXSL) to deliver a hydrogen-converted armored vehicle (first delivery in July 2022 ) and Edmonton International Airport (EIA) , to deliver an airside hydrogen-diesel fleet. The company provides hydrogen conversion kits to truck fleets at a fixed discount (at a 5% discount to diesel costs).

In July 2022, Hydra Energy partnered with First Truck Center, a Canadian vehicle dealer group owned by Freightliner and Western Star, for hydrogen maintenance services and hydrogen conversion training.

In March 2023, the company signed MoUs with eight local commercial truck fleets to convert their trucks with its proprietary technology. Once converted by installation partner First Truck Centre, the trucks will refuel at the hydrogen refueling station Hydra Energy is currently building in Prince George, which is expected to be operational in 2024.

Funding and financials

In May 2021, Hydra Energy raised CAD 15 million (USD 12 million) in a Series A funding round from Just Business to further develop its plant in British Columbia, fueling infrastructure, and conversion kits.