EVOLOH, a promising cleantech startup, has recently secured $20 million in funding. The company intends to use the funds to develop its solution for producing clean hydrogen more efficiently and cost-effectively. Based in California and founded in 2020, EVOLOH specializes in manufacturing high-performance electrolyzer stacks for hydrogen production. Their platform, Nautilus, employs liquid alkaline technology to reduce costs and technical risks by using common materials like steel, plastic, and aluminum instead of precious or rare earth materials.
With the new capital raised, EVOLOH plans to enhance its manufacturing capabilities and expand its Nautilus solution. Dr. Jimmy Rojas, the founder and CEO of EVOLOH, expressed his excitement about the funding round, stating that it positions the company as a leader in the electrolyzer manufacturing market. He emphasized their goal of making electrolyzer stacks affordable and efficient hardware commodities through 100% local supply chains.
The funding round was led by Engine Ventures, with additional investment from NextEra Energy Resources and 3M Ventures. Katie Rae, CEO and Managing Partner at Engine Ventures, praised EVOLOH’s opportunity to commercialize better and more affordable electrolyzers while introducing a faster and more sustainable manufacturing platform. She highlighted the impressive founding team and early partnership activities of EVOLOH as valuable additions to her portfolio of cleantech and advanced manufacturing companies.
EVOLOH’s success is not just due to its innovative technology but also its commitment to sustainability. The company aims to produce clean hydrogen that can be used for various purposes such as fuel cells for electric vehicles or industrial processes without contributing significantly to greenhouse gas emissions.
Overall, this funding round marks an exciting milestone for EvoLoH as it continues to push boundaries in the field of clean energy production while also addressing concerns about cost-effectiveness and accessibility.
In conclusion, EvoLoH’s successful fundraising efforts will enable them to continue developing their cutting-edge technology for producing clean hydrogen efficiently while reducing costs associated with traditional methods of manufacture. With their innovative approach towards sustainable energy production combined with their commitment towards affordability, EvoLoH is well on its way towards becoming a key player in the fast-growing hydrogen economy.
