Ecolectro, a NYC-based green hydrogen technology company, raised $10.5M in Series A funding.
The round was led by Toyota Ventures with participation from Starshot Capital, DNX Ventures, Energy Revolution Ventures, New Climate Ventures, Banco Popular Impact Fund, and Techstars, among others.
Led by CEO Dr. Rodríguez-Calero, Ecolectro has developed scalable electrolyzer technology to reduce production and maintenance costs, making green hydrogen more accessible across industries. In partnership with Liberty New York Gas, the company is already powering New York State’s first project to blend green hydrogen with natural gas for commercial heating.
The company intends to use the funds to accelerate the development and deployment of its Anion Exchange Membrane (AEM) commercial-class 250-500 kW and 1-5 MW electrolyzers, with prototypes set to begin testing with industry partners early next year and commercial availability expected by late 2025. These systems are especially relevant for hard-to-decarbonize industries such as chemical refining, transportation, steel, and aviation, providing a scalable and affordable path to reducing carbon emissions through true green hydrogen.
The proprietary AEM technology is currently demonstrating green hydrogen production at under $2.50/kg with over 70% efficiency.
FinSMEs
14/11/2024