Verne has received investment from a strategic fundraiser led by Trucks Venture Capital to advance the development of its cryo-compressed (CcH2) hydrogen technology.
Trucks Venture Capital received participation from existing investors Collaborative Fund and Amazon’s Climate Pledge Fund, along with new investors United Airlines Ventures Sustainable Flight Fund and Newlab.
The investment will enable Verne to accelerate the development of CcH2 technology for on-board hydrogen storage for heavy-duty vehicles and brought the company’s total funding to $15.5m, including grant funding.
H2 View understands that Verne’s CcH2 technology stores hydrogen at a maximum density of 73 grams per litre (g/L), a 33% improvement over liquid hydrogen and an 87% improvement over 700 bar compressed gas hydrogen, maximising a vehicle range of over 1,200km.
Nick Ellis, a Principal at Amazon’s Climate Pledge Fund, claimed the company “views cryo-compression as a promising hydrogen storage solution.”
He added, “We believe cryo-compression can provide economic and operational advantages that will play an important role in the transition to zero-emission fleets.”
Jeffrey Schox, General Partner at Trucks Venture Capital, said, “Verne’s technology will have a direct positive impact on commercial vehicles on the road and in the air. High-density hydrogen is a powerful solution for large vehicles and aligns with our mission of backing the most aggressive climate-positive ideas for transportation.”
Speaking to H2 View recently, Roy said that by the end of 2024, Verne would have “demonstrated the first every cryo-compressed hydrogen truck, as well as a CcH2 mobile refueller that could be used for trucking and other applications in aviation.
Read more: H2 View introduces… Verne
“It will be a major step towards showing the technology maturity, that it’s ready for ‘primetime’ in trucking, and in aviation soon after.”
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