• Funds will be used for scale up and market expansion of HPNow’s autonomous on-site hydrogen-peroxide generation technology solutions
• The round was led by sustainability-focused AP Ventures, together with existing shareholder Evonik Venture Capital
November 30th, 2020. Copenhagen, Denmark – HPNow, a leader in on-site, autonomous, clean hydrogen-peroxide generation technology solutions, announces the closing of a €5M financing round. The round was led by sustainability-focused, globally-mandated AP Ventures, together with the VC arm of Evonik Industries (NASDAQ:EVKIF), a global leader in bulk hydrogen peroxide.
Hydrogen peroxide is one of the world’s most widely used chemicals, with applications ranging from agriculture, municipal and industrial water and wastewater treatment, to healthcare and electronics. Today’s supply chain is greenhouse-gas and toxic-waste intensive, and involves the transport and handling of hazardous high-concentrate peroxide from centralized plants to millions of end users. Using only water and electricity as inputs, HPNow totally bypasses the present-day supply chain, enabling on-site, clean and autonomous production directly at the point of use. Following utilization, the hydrogen peroxide generated by HPNow’s systems breaks down to pure water and oxygen. The process emits no greenhouse gasses or other waste.
“The push towards a more sustainable, safer and carbon-neutral future, as well as towards reduced supply-chain dependence as a result of COVID19, is driving strong demand for our autonomous and clean hydrogen peroxide generation products”, says Ziv Gottesfeld, HPNow’s CEO. “Our products have already been commercially proven in the agriculture segment. The fresh funding and ongoing support from top-tier global investors will enable us to scale-up and expand our offerings towards new and exciting market segments, with chemical-input-free industrial and municipal water treatment next in line”.
“I am delighted to announce our investment into HPNow. The company’s autonomous, safe, low impact hydrogen peroxide production technology is an exciting example of the emerging ‘Power to X’ economy, which will be a critical lever in the global efforts towards decarbonization. I am impressed with the experience and enthusiasm of the HPNow management team and I look forward to joining the board and sharing AP Ventures’ expertise, experience and network to create further value for the Company”, says Kevin Eggers, Partner, AP Ventures.
"This patented technology offers the possibility of a demand-oriented and cost-efficient supply of hydrogen peroxide directly to the customer," said Michael Traexler, head of the Active Oxygens business line at Evonik. "This investment supports our strategy of offering our customers customized system solutions. In addition, the technology makes it possible to use H2O2 in areas where less environmentally friendly techniques have been used in the past."
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