The initiative was launched under a new stream of Natural Resources Canada’s (NRCan) Energy Innovation Program and in partnership with BDC and Breakthrough Energy, a group of high-net-worth investors established in 2015 by Bill Gates to address climate change. The initiative is intended to advance a sustainable clean energy future through tech.

Breakthrough Energy Solutions Canada

Evok Innovations is a clean technology & energy transition fund leveraging the strengths of a world-class team of technologists, company builders, and climate investors.

Evok Innovations

NRC is the Government of Canada's leading resource for research, development and technology-based innovation. NRC comprises some 20 institutes and national programs, spanning a wide variety of disciplines and offering a broad array of services.

National Research Council Canada

Natural Resources Canada is a company of resources and information about the protection of natural land and water.

Natural Resources Canada

Baker Hughes is an energy technology company that provides solutions for energy and industrial customers worldwide. Built on a century of experience and conducting business in over 120 countries, our innovative technologies and services are taking energy forward – making it safer, cleaner and more efficient for people and the planet.

Baker Hughes

Emissions Reduction Alberta (ERA) is a non profit organisation that invests in environmental and cleantech companies

Emissions Reduction Alberta (ERA)

Natural Gas Innovation Fund supports the funding of clean-tech innovation in the natural gas value chain. Created by the Canadian Gas Association, NGIF seeks to fill a technology development gap in the sector and invest in innovation enabling natural gas solutions for current and emerging challenges facing Canada’s energy system.  NGIF was founded in 2016 and is based in Ottawa, Canada.

Natural Gas Innovation Fund

BC-ICE is the primary granting agency for GHG-reducing clean technologies for British Columbia.

British Columbia Innovative Clean Energy Fund

Pacific Economic Development Canada is the regional development agency focused on British Columbia’s evolving economy.

Pacific Economic Development Canada

Mitsui & Co is a general trading company. Mitsui & Co's business area covers energy, machinery, chemicals, food, textile, logistics, finance, and more.  They will contribute to address diverse industrial needs, through procurement, supply and sales of iron and steel products and investment to processing and distribution businesses in Japan and abroad.  Through business development, investment and trading of mineral, metal resources and metals, they reinforce a stable supply of the resources and materials necessary for both industry and society. They are also active in metal recycling and other initiatives to develop industrial solutions to environmental issues.  They contribute to creating better lives through the long-term, reliable supply of social infrastructure such as electricity, gas, water,railways and other logistics infrastructure. They provide sales, financing, lease, transportation and logistics, and project investment in a wide range of machineries, including large-scale plants, marine resource development facilities,ships, and aerospace, motor vehicles, construction/mining machinery and industrial machinery.  Their chemicals business encompasses trade and investment in a range of industries, from upstream chemicals such as basic chemicals, fertilizer resources, through to downstream chemicals such as functional materials, electronics materials,fertilizers,aguricultural chemicals and specialty chemicals. They are also pursuing new initiatives such as green chemicals.  Through upstream development, logistics and trading of energy resources such as oil, natural gas/LNG ,coal and uranium, they contribute to the stable supply of energy vital to both industry and society. As part of efforts to achieve a low-carbon society, they are also actively involved in next-generation energy and environemental businesses.   Adapting to changes in consumption and lifestyles while meeting consumers’ diverse needs, they provide value-added products and services, develop businesses and make investments in the fields of food resources, food products, retail support business, medical and healthcare, fashion, forestry plantation resources, real estate-related business.  Through their ICT, Finance and Logistics business, they work on a diverse range of projects aimed at developing innovative business and expanding their business field. At the same time, they aim to strengthen their company-wide earnings base by pursuing strategic projects and new opportunities and providing specialized functions that contribute to the whole Mitsui & Co. group.  Trading in various commodities led by overseas trading subisidiaries of offices located in the Americas area. Trading in various commodites led by overseas trading subsidiaries or offices located in Europe, the Middle East and Africa area. Trading in various commodities led by overseas trading subsidiaries of offices located in the Asia Pacific area.

Mitsui & Co

Continental AG is an automotive supplier. Continental develops intelligent technologies, products and services for transporting people and their goods.

Continental

TransAlta Corporation engages in the production and sale of electric energy. The company is a non regulated electricity generation and energy marketing company with an aggregate net ownership interest of 7,976 megawatts (MW) of generating capacity operating in facilities having approximately 9,697 MW of aggregate generating capacity. The company also has facilities under construction with a net ownership interest of 456 MW, of an aggregate generating capacity of 681 MW. It focuses on generating electricity in Canada, the United States and Australia through its diversified portfolio of facilities fuelled by coal, gas, hydroelectric, wind and geothermal resources. The company, in Canada, holds a net ownership interest of 5,661 MW of electrical generating capacity in thermal, gas-fired, wind-powered and hydroelectric facilities, including 4,937 MW in Western Canada, 628 MW in Ontario and 96 MW in New Brunswick. In the United States, the company's principal facilities include a 1,376 MW thermal facility and a 248 MW gas-fired facility, both located in Centralia, Washington, which supply electricity to the Pacific northwest. The company also holds a 50 per cent interest in CE Generation, LLC (CE Generation), through which it has an aggregate net ownership interest of approximately 385 MW of generating capacity in geothermal facilities in California and gas-fired facilities in Texas, Arizona and New York. In addition, the company also has 6 MW of electrical generating capacity through hydroelectric facilities located in Washington and Hawaii. In Australia, the company has 300 MW of net electrical generating capacity from gas-fired generation facilities. Segments The company is organized into two segments: Generation and Commercial Operations and Development. The Generation group is responsible for constructing, operating and maintaining electricity generation facilities. The Commercial Operations and Development group is responsible for managing the sale of production, purchasing natural gas, transmission capacity and market risks associated with the company's generation assets and for non asset backed trading activities. Significant Events On October 14, 2009, Capital Power Corporation is partnering with TransAlta Corp. and Alstom Canada Inc. to develop what would be one of the Carbon Capture and Storage (CCS) projects, Project Pioneer (Pioneer). Competition The company's main competitor is Ontario Power Generation Inc. History TransAlta Corporation was founded in 1911.

TransAlta

ConocoPhillips is an oil and gas exploration and production company in the energy industry that promotes safety, health, and environmental safety. The company's technical capability, asset quality and scale, and financial strength are unmatched among independent upstream companies and uniquely position them to compete anywhere. ConocoPhillips is committed to the efficient and effective exploration and production of oil and natural gas. Producing oil and natural gas and getting them to market takes ingenuity, technology, and investment. Its innovative, collaborative efforts yield products that improve quality of life globally while producing economic benefits with far-reaching influence.

ConocoPhillips

BDC Capital has been recognized locally and nationally as a leader and innovator in business lending and capital investment. Many of New England’s leading financial institutions invest in BDC to help promising companies expand. Over 60 years, we have invested more than $1 billion in thousands of companies in New England.

BDC Capital Corporation

BDC Capital Cleantech Practice helps clients meet the often capital-intensive needs of scaling and accelerating growth. It offers equity and flexible financing to cleantech firms with a commercially validated IP-protected technology demonstrating a positive environmental impact. Also, it provides market traction with significant potential for revenue growth and commercial contracts and the ambition to scale beyond $100 million in annual revenue.

BDC Capital Cleantech Practice

Severstal Ventures

Ekona Power

Ekona is using methane from feedstock to produce clean hydrogen and electrical power.

Ekona Power is a Canadian company producing clean hydrogen and electrical power using natural gas (methane) feedstock. The company’s pulsed-methane pyrolysis (PMP) system combines a patent-pending pulse methane pyrolysis reactor with a direct carbon fuel cell to convert natural gas into hydrogen (or hydrogen-based electricity) and solid carbon, eliminating carbon emissions in the process. The company’s target market includes industrial hydrogen and natural gas decarbonization industries. The company plans to deploy a one-tonne-per-day hydrogen plant in 2024, followed by its operational testing in 2025 and commercialization in 2026.

Hydrogen Economy

Ekona Power is a Canadian company producing clean hydrogen and electrical power using natural gas (methane) feedstock. The company’s pulsed-methane pyrolysis (PMP) system combines a patent-pending pulse methane pyrolysis reactor with a direct carbon fuel cell to convert natural gas into hydrogen (or hydrogen-based electricity) and solid carbon, eliminating carbon emissions in the process. The company’s target market includes industrial hydrogen and natural gas decarbonization industries. The company plans to deploy a one-tonne-per-day hydrogen plant in 2024, followed by its operational testing in 2025 and commercialization in 2026.In <a href="https://sp-edge.com/updates/25158">January 2024</a>, Ekona reported that it tested its xCaliber methane pyrolysis reactor against its 2023 performance targets successfully. Following the tests, Ekona intends to expand its Burnaby facility to accommodate a 200-kilogram-hydrogen-per-day plant in 2024.Funding and financialsIn February 2022, the company received a <a href="https://sp-edge.com/updates/8220">strategic investment</a> of CAD 79 million (USD 62 million) led by Baker Hughes to support the commercialization of its PMP technology platform.Key customers and partnershipsIn January 2024, oil and gas producer ARC Resources partnered with Ekona to conduct a field-based hydrogen pilot project. The pilot will evaluate the ability of Ekona’s xCaliber reactor technology to produce a consistent supply of clean hydrogen using ARC’s natural gas infrastructure, marking the technology’s first industrial deployment.

<div>
 
 Nikola Motor Company (Nikola), listed on NASDAQ since June 2020, develops battery-electric and hydrogen-electric powered heavy-duty trucks. Its semi-truck, &ldquo;Nikola Tre,&rdquo; and pickup truck, &ldquo;Nikola Badger,&rdquo; come in both hydrogen fuel-cell electric vehicle (FCEV) and battery-electric vehicle (BEV) versions. Its other semi-truck model, &ldquo;Nikola Two,&rdquo; is only configured as an FCEV. Bosch and PowerCell AB provide fuel-cells for Nikola&rsquo;s trucks.&nbsp;
 
 
 
 The Nikola Tre FCEV model, expected to be launched in 2023, is pitched towards medium and long-haul trucking (300 - 500 miles per day) and the Nikola Two FCEV, expected to be launched in H2 2024, is primarily pitched towards long-haul trucking. The company expects to start alpha testing of FCEV Nikola Tre in Q4 2022, followed by beta testing in Q4 2022, and production at its Arizona facility by 2023, with plans to enter the European market in 2024. Alpha tests of the FCEV Nikola Two model are expected to begin in Q4 2022, beta tests in Q4 2023, and production set to begin at the Arizona facility by 2024.
 
 
 
 
 
 Key customers and partnerships
 
 
 
 
 
 As of March 2020, Nikola had received more than 14,000 pre-orders for both its BEV and FCEV trucks lined up&mdash;translating to more than USD 10 billion in potential revenue. In May 2021, the company collaborated with Total Transportation, a California-based port trucking company, for vehicle trials and signed a letter of intent for 70 FCEV truck pre-orders by 2023. Nikola also collaborated with 
 <a href="https://sp-edge.com/updates/6036">
 PGT Trucking
 </a>
 , a provider of flatbed transportation services, to supply 100 FCEV trucks, 
 <a href="https://sp-edge.com/updates/7719">
 Covenant Logistics Group
 </a>
 , a transportation services provider, to supply 40 FCEV trucks by 2023, 
 <a href="https://sp-edge.com/updates/15372">
 Plug Power
 </a>
 , a fuel-cells systems provider, to supply 75 FCEV trucks starting from 2023 and 
 <a href="https://sp-edge.com/updates/18208">
 AJR Trucking
 </a>
 , a freight transportation provider, to supply 50 FCEV trucks by Q4 2023 and Q1 2024.&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 Class 8 Nikola Tre BEVs and Nikola Tre FCEVs. As of September 2021, the company had 116 dealer locations across Southeast, Midwest, and Northeast US regions, with RIG360 and Quinn Company being notable dealers.&nbsp; 
 
 
 
 The company also plans to build hydrogen refueling stations across North America and Europe. The company has yet to start production with funds allocated to build manufacturing facilities in Arizona and Germany with the latter being a joint venture with the Italian alternative fuel powered vehicle manufacturer, IVECO. Nikola has also signed a Memorandum of Understanding (MoU) with OPAL Fuels, a leading provider of renewable natural gas (RNG), and has partnered with TC Energy Corporation, a Canadian energy infrastructure company, to build and operate large-scale hydrogen hubs in North America.&nbsp;
 
 
 In September 2022, Nikola entered into a 
 <a href="https://sp-edge.com/updates/13113">
 joint venture
 </a>
 with E.ON, a German-based energy networks and infrastructure operator, to strengthen its hydrogen refuelling 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.&nbsp;In May 2023, Nikola via its hydrogen brand HYLA, entered into a definitive strategic partnership 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.&nbsp;
 
 
 In July 2023, Nikola partnered with 
 <a href="https://sp-edge.com/updates/20223">
 BayoTech
 </a>
 to strengthen its hydrogen refuelling and EV charging ecosystem. During the same month, 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.
 
 
 Nikola also acquired battery supplier Romeo Power to accelerate its battery pack production in August 2022; but started liquidating its assets in July 2023 due to increased costs of battery production.
 
 
 
 
 
 
 Funding and financials
 
 
 
 
 
 In June 2020, Nikola was listed in NASDAQ through a special purpose acquisition company (SPAC) deal, valuing the company at USD 3.3 billion. As of June 2021, the company has been generating revenue via small scale solar installation projects. The company reported revenue of USD 95,000 and a net loss of USD 384.3 million in 2020. In 
 <a href="https://sp-edge.com/updates/10072">
 May 2022
 </a>
 , Nikola received a USD 200 million investment from Antara Capital LP through a sale of convertible senior notes to scale truck production and tooling setup, accelerate the development of hydrogen infrastructure, 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 use in meeting its working capital needs and for other general purposes. Following this in&nbsp;
 <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 refueling stations across Southern California.
 
</div>

Nikola Motor Company

<div>
 
 Heliogen is a next-generation electricity startup that uses an array of computer-controlled mirrors (heliostats) to collect and concentrate sunlight to generate 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 the production of cement, lime, and steel, etc. 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;
 
 
 
 
 As of February 2022, the company announced plans to deploy a 
 <a href="https://sp-edge.com/updates/8393">
 facility
 </a>
 producing 20,000 tons of hydrogen per year in Arizona. 
 Heliogen has also 
 <a href="https://sp-edge.com/updates/6782">
 partnered with Bloom Energy
 </a>
 to launch a demonstration facility to produce green hydrogen in California.&nbsp;In August 2022, the company also partnered with 
 <a href="https://sp-edge.com/updates/12179">
 Dimensional Energy
 </a>
 , to produce SAF from concentrated sunlight and green hydrogen.&nbsp;
 
 
 
 
 
 
 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>
 funding from Woodside, 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. In December 2021, Heliogen was listed on 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.
 
</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.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.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>
 
 UK-based ITM Power designs and manufactures hydrogen energy solutions based on water electrolysis for energy storage, clean fuel production, and industrial use. Its product portfolio includes proton exchange membrane (PEM) electrolyzer containers varying from 600 kilowatts to 100 megawatts, namely, &ldquo;HGas1SP,&rdquo; &ldquo;HGas2SP,&rdquo; &ldquo;HGas3SP,&rdquo; and &ldquo;HGasXMW.&rdquo; The company operates a one gigawatt per annum PEM electrolyzer manufacturing facility in Messemer Park, Sheffield, UK. A second facility is being deployed next to this and is expected to be operational by the end of 2023.
 
 
 
 
 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. The construction of the facility started in mid-2019, and the company expects to start operations in late 2021. In October 2021, REFHYNE II was launched to build a 100-megawatt (MW) electrolyzer at Shell&rsquo;s Energy and Chemicals Park in Rheinland, Germany with commercialization scheduled 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, named HyDeploy, is funded by Ofgem and led by Cadent and Northern Gas Networks. ITM Power&rsquo;s main customers include Shell and Linde.
 
 
 
 
 In addition to providing electrolyzers, the company owns and operates hydrogen refueling stations across the UK via its wholly-owned subsidiary ITM Motive. As of June 2021, the company operated nine hydrogen refueling stations, with plans to expand to 12 stations by Q3 2021. 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 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) for the SINEWAVE project, from the German government 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, reaching a manufacturing capacity of five gigawatts per annum by 2024. &nbsp;The London Stock Exchange-listed company reported revenue of GBP 4.3 million (USD 6 million) and a net loss of GBP 26.7 million (USD 37 million) for the year ended April 2021. 
 
</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

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

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

Ekona Power

Hydrogen Economy

Key stats

Recent Updates

Ekona Power announces internal performance milestones

Ekona Power secures CAD 79 million in Baker Hughes-led investment

Company Brief

Funding

Investors

About EDGE

Contact Us

Resources

Area of Focus

Technology Research Made Effortless