A Vancouver clean-tech company that developed lower cost ion- exchange membranes for electrolysers has raised another $27 million in Series A follow-on financing.
In January 2022, Ionomr Innovations Inc. landed $19 million in Series A financing, with Shell Ventures and Chevron Technology Ventures as lead investors.
Today, Ionomr announced it has raised another US$20 million ($27 million) in Series A follow-on financing.
Investors in this latest round of financing include NGIF Cleantech Ventures, Pallasite Ventures, Shell Ventures, Chevron Technology Ventures, Finindus, N.V. Bekaert, Asahi Kasei, Samsung Ventures and SAIC Capital.
The funding will allow Ionomr to further scale up its ion-exchange membranes and polymers, which will be used in electrolysers that make hydrogen from water and electricity.
As BIV reported in 2022, Ionomr developed an anion exchange membrane (AEM) that eliminates the need for the iridium and platinum typically used in proton exchange membranes for the production of green hydrogen. The polymer material Ionomr developed for PEM and AEM membranes are considered to be more efficient.
Because of the expected demand for iridium in electrolysers, iridium prices skyrocketed in 2021, from US$1,660 per ounce to more than US$6,000 per ounce, and currently sits at about US$5,000 per ounce. Platinum is currently priced at around US$900 per ounce. Ionomr’s AEM technology eliminates the need for these costly metals.
“We are delighted to receive the financial support of industry players that represent the full spectrum of the hydrogen ecosystem,” Ionomr CEO Bill Haberlin said in a news release of the latest follow-on funding.
“The participation of leaders across our industry underscores that Ionomr is delivering proven competitive advantages to our customers and their system users.”