Hydra Energy Raises $ 12 Million for Hydrogen Refueling Expansion
By Nick Carey
May 27 (Reuters) – Refueling startup Hydra Energy said on Thursday it had raised C $ 15 million ($ 12.4 million) to fund a hydrogen capture project and to convert diesel trucks to hydrogen.
The latest funding comes from Just Business, based in Emeryville, Calif., Which focuses on sustainable investments and brings Hydra’s total funding to C $ 22 million.
Hydrogen, which produces water when it burns, is seen as a potential alternative to long-haul trucking, the aviation industry and shipping, all of which are major users of fossil fuels. Hydrogen can be made from fossil fuels or from water through electrolysis, although this is an expensive process.
Hydra’s hydrogen capture test project is partnered with Chemtrade at a chemical plant in British Columbia. Rather than releasing residual hydrogen into the atmosphere, Hydra captures the gas for consumption by its fleet customers.
The converted trucks of the Delta, BC-based company have undergone road tests on trade routes spanning more than 200,000 kilometers (124,275 miles). Later this year, Hydra will begin offering its hydrogen conversion kits to truck fleets and supply hydrogen at a fixed discount rate 5% lower than their existing diesel costs.
($ 1 = 1.2088 Canadian dollars) (Report by Nick Carey edited by Bill Berkrot)