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.
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