Creating the future is always top-of-mind here at Toyota AI Ventures, so we’re excited to announce our investment in Universal Hydrogen, a Los Angeles, California-based company that has developed innovative technology to ease hydrogen distribution for carbon-free flight.
A future powered by hydrogen is thrilling to imagine. Toyota has been a proponent of hydrogen fuel cells for decades, having long understood its potential. While there are many uses for hydrogen fuel cells, industries have been slow to embrace it because hydrogen distribution has been challenging. Universal Hydrogen is addressing that challenge by offering a new approach targeted at the airline industry.
Universal Hydrogen was founded in 2020 by a team of aviation technology veterans, including Paul Eremenko (CEO), John-Paul Clarke (CTO), Jon Gordon (General Counsel), and Jason Chua (COO). This a dream team with extensive experience at Airbus, United Technologies, Google, and more. They’ve devised a smart, practical approach to hydrogen logistics that involves transporting hydrogen in modular capsules. These hydrogen capsules act as both (1) storage while en route over the existing freight network and (2) gas tank when loaded onto an aircraft. To accelerate adoption, they’ll offer hydrogen-electric powertrain conversion kits to retrofit existing regional planes.
The technology is exciting in itself, but the innovative approach to the hydrogen ecosystem won us over. It’s a smart business model that has worked well in other industries. Paul’s favorite analogy is to how Nespresso developed proprietary coffee pods. Universal Hydrogen is making the equivalent of the pods with its capsule technology, and solving the distribution and execution puzzle for airlines in a flexible and scalable way — making the path to adopting hydrogen fuel cells across aircraft classes clearer and much easier to follow. Of course, from Toyota’s perspective, we’d like to see this hydrogen ecosystem develop for more terrestrial applications, too.
We’re proud to participate in Universal Hydrogen’s $20.5 million Series A funding round, led by Playground Global, with participation from Fortescue Future Industries, Coatue, Plug Power, Airbus Ventures, JetBlue Technology Ventures, Sojitz Corporation, Global Founders Capital, and Future Shape. We look forward to supporting the Universal Hydrogen team as they scale and expand their operations.
Visit the Universal Hydrogen website or explore the Toyota AI Ventures portfolio page to learn more.