Even as the overall VC market slows during the second half of 2022, investments in climate tech – particularly technologies that could enable green hydrogen to help decarbonize heavy industry and other big emitters – continue to add up.
This week, Aurora Hydrogen, a pyrolysis startup in Edmonton, Alberta, disclosed $10m in Series A funding led by Energy Innovation Capital and including some well-known fossil fuels funds including Shell Ventures and Chevron Technology Ventures. Its pitch: the approach uses 80 per cent less electricity than electrolysis, another “clean” hydrogen approach. There are concerns, however, that the technology may enable more tar sands development.
Sydney, Australia-based electrolyser company Hysata announced an even larger early round of about $29.3m. Its backers hail primarily from Australia, led by Virescent Ventures, but also include Vestas Ventures, part of the Danish wind company.
Both companies plan to use their new funding for scaling up pilot facilities.