AquaHydrex Welcomes AP Ventures and Aramco Ventures in a new funding round

25th January 2023

AquaHydrex Inc. ( the Colorado-based electrolyser company today announces a new capital raise for an undisclosed amount to accelerate the commercialisation of its fundamentally redesigned water electrolysis technology.

The round led by AP Ventures brought together Aramco Venturesand existing investor True North Venture Partners.

The AquaHydrex electrolysis technology is a clean-sheet redesign to create the ideal electrolysis platform for large-scale, energy-efficient production of green hydrogen. It was designed for minimizing the total project costs of hydrogen production at scale. The first-principles effort over a multi-year period and its analyses of existing electrolysis approaches led to the complete redesign of high-pressure alkaline water electrolysis architecture to create a novel patented system that is inherently efficient, responsive, inexpensive, and easy to deploy.


"The need for our fundamentally redesigned electrolysis solution is clearer than ever as the world transitions to being powered by clean electricity," said Steven Kloos, AquaHydrex 's CEO. "We couldn’t be more thrilled to add these top-tier, highly value-added investors to join True North in our quest to help the world achieve Net Zero."

“We have been deeply impressed by AquaHydrex’s clean sheet redesign and the quality of their management team. We are proud to have led this fundraising round and look forward to working together with the company and our co-investors to deliver scalable low-cost hydrogen production,” says Kevin Eggers, Founding Partner, AP Ventures.

About the investors

About AP Ventures

AP Ventures is headquartered in London and manages venture capital funds with a global mandate to invest in pioneering new technologies and businesses which aim to solve global challenges such as renewable energy integration, resource scarcity and a growing population. AP Ventures has been investing in the hydrogen industry since 2013 and is recognized as a leading venture capital fund across this value chain. AP Ventures manages $395 million of assets on behalf of 12 LPs and presently has a portfolio of over 20 technology companies across the hydrogen value chain. AP Ventures is led by Andrew Hinkly (Managing Partner) and Kevin Eggers (Founding Partner). More info at:

The AquaHydrex deal was led by investment team members James Diaz-Sokoloff and Yonatan Sher.

 About Aramco Ventures

Aramco Ventures is the corporate venturing subsidiary of Aramco, the world’s leading fully integrated energy and petrochemical enterprise. Headquartered in Dhahran with offices in North America, Europe and Asia, Aramco Ventures strategic venturing program invests globally in start-up and high growth companies with technologies of strategic importance to its parent, Aramco, primarily supporting the Company’s operational decarbonization, new lower-carbon fuels businesses, and digital transformation initiatives. Aramco Ventures also operates Prosperity7, the Company’s disruptive technologies investment program. More info at:

About True North Ventures Partners

True North Venture Partners makes long term commitments to its businesses through a perpetual holding company, which is capitalized in excess of $700 million. TNVP’s roots trace back to the founding and scale up of First Solar, Inc., one of the world’s leading alternative energy providers. TNVP leverages that foundational experience to build a portfolio of innovative technologies and businesses that will reshape core industries and help the world transition to a clean and sustainable future. More info at:

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