Universal Hydrogen’s collapse has raised questions about the future of hydrogen storage startups. The top 10 hydrogen storage companies have secured significant VC funding. These companies are innovating in the field of hydrogen storage, which is essential for a sustainable future.
The dream of universal hydrogen collapses
Universal Hydrogen had raised about $100 million from investors including Playground Global and Toyota Ventures, aiming to revolutionize hydrogen-fueled flight, but the company was unable to secure further funding and was liquidated.
“Universal Hydrogen had a noble mission,” a Playground Global representative said.
Top VC-backed Hydrogen Storage Companies
FTXT Energy, Shanghai
Founded in 2019 by Great Wall Motor Company, FTXT Energy is involved in the hydrogen energy industry and develops hydrogen-fueled trucks and EVs.
Final valuation: $626.6 million (December 2021) VC raised: $218.3 million Investors: CS Capital, Virtue Capital
SHPT, Shanghai
SHPT, a spin-out from SAIC Motor, makes fuel cell systems and hydrogen storage products.
Final valuation: $637 million (September 2021) VC raised: $135.8 million Investors: Cathay Capital, China Chengtong Holdings
Hydrogenious LOHC, Germany
Hydrogenious uses liquid organic hydrogen carriers for safe transport of fuel cells.
Final valuation: $633.1 million (September 2021) VC raised: $81.6 million Investors: JERA Americas, Temasek
Povidien, France
Founded by former Airbus researchers, PowiDian focuses on solid-state hydrogen storage power plants.
Final valuation: $54.8 million (January 2023) VC raised: $31.5 million Investors: Xerys Invest, Bouygues Group
Steelhead Composites, USA
Since 2012, Steelhead Composites has been providing hydrogen storage to the aerospace, mobility and maritime sectors.
Final valuation: $58.8 million (October 2023) VC raised: $23.5 million Investors: Sandusky Ventures, Sutton Capital
Zhongke Qingneng (China)
The Zhengzhou-based company develops cryogenic liquefied hydrogen technology.
VC raised: $22.1 million Investors: CGN Capital Holding
HSL Technologies, France
HSL Technologies (formerly HySiLabs) manufactures hydrogen-based liquid carriers for cost-effective transportation.
Final valuation: $32.1 million (July 2023) VC raised: $21.3 million Investors: Equinor Ventures, Exolum
NanoSUN, UK
Founded in 2017, NanoSUN manufactures hydrogen distribution and mobile refueling equipment.
Final valuation: $52.9 million (December 2021) VC raised: $18.8 million Investors: HydrogenOne Capital Growth
Bayotec, USA
BayoTech provides a hydrogen hub with generators, transportation and storage solutions.
Last valuation: $34.5 million (April 2018) VC raised: $16.3 million Investors: Cultivation Capital
Related article: Amazon and Air Products begin testing Mercedes-Benz hydrogen fuel cell trucks
Intangible, UK
Immaterial, a University of Cambridge spin-out company, develops nanomaterials for gas storage and separation.
Final valuation: $40.8 million (September 2023) VC raised: $16 million Investors: SLB Ventures, Chevron Technology Ventures
Universal Hydrogen’s collapse may be a wake-up call for the hydrogen storage sector, whose future depends on adequate capital and continued innovation.
The importance of hydrogen storage cannot be overstated. As the world transitions to renewable energy, efficient hydrogen storage solutions are essential to reduce carbon emissions and achieve energy sustainability. Despite facing significant challenges, leading startups in the field are playing a pivotal role in driving the innovation needed for a cleaner, greener future. Their success is vital to the wider adoption of hydrogen as a reliable energy source.
