Hydrogen technology startup Celadyne announced today that it has raised $4.5 million in seed capital, with proceeds supporting the company's solutions aimed at enabling industrial and transportation decarbonization.
Founded in 2018 by Gary Ong, Chicago-based Celadyne provides hydrogen solutions to the energy industry, working with fuel cell and utility companies to provide materials and technologies to convert hydrogen into usable energy for use through cells. compact fuel tanks for heavy-duty use. industries such as road transport, maritime transport, rail and industrial applications. The company's solutions make the use and production of hydrogen more efficient by replacing the proton exchange membrane, a key component in fuel cells and electrolyzers. According to the company, the technology allows for more durable fuel cells, allowing them to be used as an environmentally friendly alternative to diesel engines, and more compact and efficient electrolysers, allowing the production of low-cost green hydrogen as fuel. .
Celadyne said the new capital will be used to grow its team, with engineers coming from Siemens Energy, Argonne National Lab, US Navy, Micron Technologies, Hyzon Motors and Northwestern University, to support the continued development of the company's materials technology, creating better fuel cells and expanding their use in electrolysis across a growing list of customers. The company added that it expects to double its customer base this year and open up more green energy applications in hard-to-abate industries.
Celadyne Founder and CEO Gary Ong said:
“At Celadyne, our mission is simple: unlock the true potential of hydrogen. This new funding will accelerate our product to market as we aim to decarbonize industries such as transport and manufacturing by offering a cost-effective route to green hydrogen production. Our goal is to embrace these industries, helping them to contribute positively to the planet.”
The seed funding round was led by sustainable mobility-focused venture capitalist Maniv and early-stage mobility and supply chain investor Dynamo Ventures, and included participation from EPS Ventures.
Jake Wieseneck, director at Maniv, said:
“Like many decarbonized energy solutions, the widespread adoption of hydrogen faces a clear chicken-or-egg problem. Celadyne is solving both sides of the problem, creating high-value hydrogen use cases while reducing the cost of hydrogen to fuel growth. As believers in mobility innovation’s ability to catalyze generational change, we are proud to support companies like Celadyne who are enabling a more sustainable future by creating new building blocks for the movement of people and goods.”
