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Hydra Energy

Hydrogen Economy
Product stageSegments
Seed
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Low-carbon Hydrogen, Next-gen Hydrogen Distribution, Hydrogen Vehicles
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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.

Hydrogen Economy

Hydrogen Economy

Key stats
Featured companies
66
Total funding (USD)
9.5 Bn
Total addressable market (USD)
128.7 Bn
Key competitors
 
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Company profile
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Recent Updates

Geographic expansion
Sep 21, 2022
Hydra Energy to deploy its first hydrogen refueling station
Hydrogen Economy
Partnerships
Jul 21, 2022
Hydra Energy and First Truck Center partner to provide hydrogen conversion service
Hydrogen Economy
Product updates
Partnerships
Jul 13, 2022
Hydra Energy delivers VEXSL’s first hydrogen-converted armored vehicle
Hydrogen Economy
Partnerships
Apr 27, 2022
Hydra Energy partners with EIA for airside hydrogen-diesel fleet
Hydrogen Economy
Partnerships
Apr 22, 2022
Hydra Energy signs up its second heavy-duty fleet customer
Hydrogen Economy
Product updates
Oct 20, 2021
Hydra Energy delivers its first hydrogen-converted heavy-duty truck
Hydrogen Economy

Company Brief


HQ location:
1610 Derwent Way #15 Delta BC CAN
Founded year:
2012
Employees:
11-50
Total Funding:
USD 12.7 million
Last Funding
USD 12.4 million, May 2021

Funding


Investors


No investor data is available

Funding data are powered by Crunchbase
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