London-based hydrogen fuel cell company Bramble Energy raised £35 million (~$47 million) in a Series B funding round led by HydrogenOne Capital Growth.
Other existing institutional investors, BGF, IP Group, Parkwalk Advisors, and the UCL Technology Fund, joined the round.
The funds will be used to expand the product line and implement hydrogen fuel cell stacks. The additional funding is expected to help Bramble extend its team to over 100 employees and provide a springboard for deploying zero-emission projects commercially. Bramble will deploy its disruptive fuel cell stack technology in various strategic commercial applications to enable decarbonization across various industries.
Current hydrogen fuel cell technologies are limited because of cost, inflexibility, manufacturing complexity, and scaling issues. Using its patent-protected, printed circuit board (PCB) fuel cell design, Bramble Energy tries to unravel the challenges of using hydrogen fuel cells, such as reducing cost and complexity in manufacturing hydrogen fuel cells.
“There is no bigger challenge that humanity faces than the climate crisis and our team’s core purpose are to help the world achieve net-zero. Hydrogen fuel cells have long been viewed as a ‘future’ solution however, deployment of this clean energy technology has been hindered by complex manufacturing and the high costs associated with this,” said Bramble co-founder and CEO Dr. Tom Mason.
He added, “this is a hugely exciting time for Bramble Energy, with many eyes focused on the UK’s leadership role in the transition to a greener economy. The recent Series B funding round allows us to continue solving some of the greatest barriers to the adoption of fuel cells – through our ground-breaking manufacturing route, scale-up potential, and low-cost production.”
According to Mercom’s Q4 2021 and annual funding and M&A report for storage, grid, and efficiency, global VC funding (venture capital, private equity, and corporate venture capital) for battery storage, smart grid, and energy efficiency companies in 2021 was 290% higher with $10.1 billion compared to $2.6 billion raised in 2020.
Earlier this month, Soelect, a lithium battery component maker, raised $11 million in Series A financing. Lotte Ventures led the funding round through a fund sponsored by Lotte Chemical. GM Ventures and KTB Network also participated.