H2Store, Australian Hydrogen start-up, raises $3.5 million to boost sustainable energy
H2Store announced a $3.5 million partnership with Providence Asset Group to scale development of commercial hydrogen hydride energy storage systems. As an emerging renewable energy alternative, this deal represents an opportunity to become Australia’s leading Hydrogen storage, energy and transportation solution provider.
In collaboration with UNSW’s Professor Kondo-Francois Aguey-Zinsou and UNSW Merlin energy research group, H2Store have developed a unique storage system that allows for dense, cheap storage and transportation of hydrogen with an efficiency over 90%. “As the hydrogen technology develops, we will see a new cost-effective alternative to chemical batteries, remote electricity generation, household heating and increased range of hydrogen vehicles.” said Llewellyn Owens, CEO and Co-founder. “Over the next two years we will develop a range of storage options for individuals, households and energy providers, including a solar farm ‘battery’ system to provide grid stability across Australia”.
The Australian Renewable Energy Agency forecasts hydrogen could annual contribute $1.7 billion to the Australian economy by 2030, driven domestically and by demand for sustainable green hydrogen in Japan, South Korea, China and Europe.
The partnership with the Providence Asset Group provides unique access to world leading industry partners will support as manufacturing partners for design and scale of future production.
Dedicated to the “green city life” concept, the Providence Asset Group invest and develop clean and cost-effective renewable technologies. The $3.5 million investment in H2Store and continued collaboration with UNSW provides institutional support for continued investment, design and construction in renewable energy areas.