3M announced it has invested $20 million in Evoloh through a Series A funding round to help Evoloh scale up the manufacturing of its electrolyzers, which it says will make green hydrogen more affordable and efficient.
“This round of funding positions EVOLOH to lead the electrolyzer manufacturing market by transforming electrolyzer stacks into affordable, efficient hardware commodities made with 100% local supply chains,” said Dr. Jimmy Rojas, Founder and CEO of Evoloh.
Electrolyzers utilize electricity to separate atoms in water, resulting in hydrogen. Hydrogen can be used as a clean fuel or chemical reactant to replace fossil fuels in traditionally difficult-to-decarbonize industries, such as steel production and aviation.
In manufacturing its electrolyzers, Evoloh uses core components that do not require precious metals or rare earth materials but instead are made from abundant materials such as steel, plastic, and aluminum. This difference allows for the creation of a lower-cost electrolyzer module with lower installation and maintenance costs.
This investment represents 3M’s ongoing commitment to materials science-based climate tech solutions and to supporting the development of the hydrogen economy.
“3M has the opportunity to leverage our long-standing expertise in high-volume membrane electrode assembly and shared Evoloh’s vision to make clean and affordable hydrogen available around the world,” said Mark Copman, SVP of 3M New Growth Ventures. “3M’s investment in Evoloh fits well with the work 3M is doing to help support the hydrogen economy and move the planet toward a clean energy transition.”
