H2scan Announces Successful $70 Million Capital Raise
Feb 22 2022
Company positioned to meet demand for hydrogen sensors that are critical to the safety of utilities and hydrogen economy
H2scan, a world leader in providing hydrogen sensors for electricity utilities and industrial markets, today announced it has closed a $70 million capital raise, securing growth capital to underpin the company’s rapid expansion.
H2scan’s innovative hydrogen sensing products, made in the USA, are used to improve electrical distribution reliability and are ideal for monitoring and measuring hydrogen concentration in fuel cells, hydrolyzers, hydrogen distribution pipelines to reduce carbon emissions. The sensors also serve in a wide variety of hydrogen economy applications.
The company’s sensors offer market leading accuracy and affordability with no consumable parts, and certain models being self-calibrating for up to 10 years. H2scan’s hydrogen sensors can transform customers’ ability to operate safely in a low carbon world.
H2scan will use the funds raised to expand manufacturing, expand its auto calibration capabilities, add additional sales offices around the world, and enhance H2scan’s marketing capability as well as funding further R&D for the next generation of disruptive and breakthrough products.
H2scan recently launched its revolutionary “Gen 5” technology. The Gen 5 is the first of its kind; a hydrogen sensor package based on H2scan’s application specific integrated circuit (ASIC) technology that makes it small enough and cost effective for utility transformer and safety and process applications.
The low-cost Gen-5 hydrogen safety and measuring sensor systems deliver high accuracy and reliability, operate in harsh environments, require zero maintenance and are self-calibrating, needing no intervention from customers when installed. The Gen 5 uses the same validated H2scan sensor that has been used in over 20,000 installations worldwide.
H2scan holds 27 patents on its core technology, software and electronics, and its products are sold in over 50 countries worldwide.
“This capital raise will take H2scan to the next level. We have already shown that our technology is transformational for sustainable growth with huge benefits to the environment and energy security,” said Dennis Reid, President, CEO and Founder of H2scan. “The support of LetterOne and GS Energy will help us drive further innovation in the market and expand the benefits of small, low-cost hydrogen sensors to new industries. H2scan will be launching over 20 new products over the next 30 months - creating a designated packaged product for nearly every application related to the hydrogen economy. We are delighted to be partnering with organizations with such a long-term, supportive ethos.”
“Dennis and the management team at H2scan have created a highly respected and innovative company with market leading technology and compelling growth potential,” said Tim Summers, Managing Partner of LetterOne New Energy. “This fits perfectly with LetterOne’s long term, sustainable investment strategy and we look forward to working with the H2scan team, providing products to enable customers to safely navigate the energy transition to a lower carbon mix, and to grow the business in this very dynamic marketplace.”
“We at GS Energy believe that H2scan’s high performing and user-friendly products will fill a gap in the technologies that are ushering in the hydrogen economy. Through this investment, GS Energy broadens its exposure to emerging hydrogen technologies and takes a step towards becoming one of the anchors in the Korean hydrogen ecosystem,” said Yongsoo Huh, CEO of GS Energy.
Guggenheim Securities, LLC, acted as exclusive financial advisor and placement agent to H2scan.
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