Universal Hydrogen hopes to turn commercial aviation into a zero-emission industry. Here are the top line bullets you need to know.
Universal Hydrogen, which is developing modular lightweight hydrogen capsules for hydrogen-powered aircraft, has raised $20.5M in Series A funding. The round was led by Playground Global and joined by Airbus Ventures, Fortescue Future Industries, Coatue, among others.
HOW’S THE COMPANY PERFORMING?
- Los Angeles-based Universal Hydrogen, founded in 2020 by former Airbus CTO Paul Eremenko, aims to develop hydrogen conversion kits and fuel storage solutions for commercial flights. The company is transforming fuel distribution by making modular hydrogen capsules, which can be transported through existing freight networks, eliminating the use of fuel trucks, expensive pipelines, and storage units.
- Universal Hydrogen has partnered with Plug Power for its expertise in fuel cell stack technology and magniX to leverage its electric propulsion system in developing a retrofittable fuel cell to develop a hydrogen-electric aircraft.
Source: Universal Hydrogen
WHY DOES THE MARKET MATTER?
- The green hydrogen market is projected to grow at a CAGR of 14.1% to reach a value of $2.6B by 2028, according to Reports and Data.
- The growth is being fueled by technological advancements and government directives stemming from the rising emphasis on green energy. For example, the UK government invested $14.8B in a project that will leverage offshore wind to produce green hydrogen by 2030. Canada-based Air Liquide completed work on its hydrogen production unit in January 2021, which produces up to 8.2 tons of low-carbon hydrogen a day. Toshiba has also been active in building green hydrogen facilities, including a renewable hydrogen production plant in Fukushima that will help power hydrogen fuel cell systems as well as cars and buses.
