H2Scan has closed $10.5m in a financing round from Energy Growth Momentum, a UK-based private equity group and $3m in venture debt from El Dorado Investment Company.
The California-based company will use its new capital to accelerate production of its Gen 5 technology, the first of its kind small-scale, low-cost ASIC-based hydrogen measuring sensor that delivers high accuracy, operates in high temperatures and requires zero maintenance or calibration.
H2Scan hopes to develop a new Gen 5 System that will cost up to 80% less and will be three times smaller than existing hydrogen monitoring systems.
A proportion of the funds will also be used to build a propriety automated sensor manufacturing (ASM) capability that expands the manufacturing capacity of H2Scan products at the company’s production facility in Valencia.
“Our products contribute to either the safety of efficiency of utility power transformers, refineries and petrochemical facilities,” said Dennis Reid, President, CEO and Founder of H2Scan.
“Already, H2Scan offers the greatest specification on the market along with environmental conditioning to adapt our monitoring solution to a wide range of applications.”
“This solution just improves with our Gen 5 technology, which is smaller and less costly, and has opened up new markets such as distributor transformer monitoring.”
“This funding, besides the development of the ASM, will help us to grow our market share, and add new products using the Gen 5 platform. Just as importantly, I’m looking forward to the industry expertise the Energy Growth Momentum and El Dorado will bring to the company.”