Royal Vopak, Mitsubishi and Covestro helped the Erlangen–Nuremberg hydrogen storage technology spinout collect $19m in funding.
Hydrogenious LOHC Technologies, a Germany-based hydrogen storage tank developer spun out of University of Erlangen–Nuremberg, has attracted €17m ($19m) in a round led by fuel tank supplier Royal Vopak.
Manufacturing conglomerate Mitsubishi and speciality polymer and chemicals supplier Covestro both put up a share of the cash, as did hydrogen fuel-focused venture capital firm AP Ventures, which counts Mitsubishi as an investor.
Founded in 2013, Hydrogenious LOHC has devised a storage technology that enables liquid hydrogen to be safely stored and transported through conventional fuel delivery channels, for purposes such as refuelling and industrial distribution.
Whereas incumbent products utilise either liquefied or compressed hydrogen, Hydrogenious LOHC claims its approach stores hydrogen at ambient temperatures, and with a reduced risk of toxicity, combustibility or explosion.
The capital will help the spinout strengthen its international industrial base, with a view to bringing new projects to market.
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