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

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

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

Emissions Reduction Alberta (ERA) is an organization focused on advancing innovative technologies to lower greenhouse gas emissions. Supported by provincial funding, ERA backs projects across sectors such as energy, agriculture, and industry, aiming to help Alberta meet its environmental and economic objectives. By mitigating risks in technology development, ERA facilitates partnerships between industry, government, and academia to promote cleaner, more sustainable solutions. Since its founding, ERA has played a key role in reducing emissions while fostering economic growth and competitiveness in Alberta.

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

Ottawa gives funding boost to B.C.’s Ekona Power to make clean hydrogen

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.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.Funding and financialsIn <a href="https://sp-edge.com/updates/29353">May 2024</a>, Ekona received USD 1 million in funding from Alberta Innovates, which will be used to test its methane pyrolysis reactor. Prior to this, in 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.

<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

ANALYST_QUICK_TAKE

<div>
 Ekona Power, a Canadian producer of low-carbon hydrogen, has secured USD 1 million in funding from Alberta Innovates, a corporation initiated and backed by the Government of Alberta to endorse innovation. This takes the total funding of the company to USD 69 million.
 The company plans to use the funding to conduct trials on its methane pyrolysis reactor.
</div> Analyst QuickTake: 
 The company’s last funding round was in <a href="https: 
//sp-edge.com/updates/8220"> February 2022 </a> , when it received a strategic investment of CAD 79 million (~USD 62 million) led by Baker Hughes. The company intended to use the funds to support the commercialization of its methane-pyrolysis technology to produce turquoise hydrogen. More recently, in <a href="https: 
//sp-edge.com/updates/25158"> January 2024 </a> , Ekona reported that the company had tested its xCaliber methane pyrolysis reactor against its 2023 performance targets successfully and has been producing hydrogen at its Burnaby facility for months. The company now plans to expand its Burnaby facility to accommodate a 200-kilogram-hydrogen-per-day plant in 2024 and intends to deploy a one-tonne-per-day hydrogen plant in the same year, followed by its operational testing in 2025 and commercialization in 2026.

Ekona Power

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