Founded by Ukrainian Pavlo Eremenko, Universal Hydrogen raised a $20.5 million Series A round led by Playground Global, with an investor syndicate including Fortescue Future Industries, Coatue, Global Founders Capital, Plug Power, Airbus Ventures, TOYOTA AI Ventures, Sojitz Corporation, JetBlue Technology Ventures, Future Shape. The company will use funds to grow its current 12-person team to around 40 and accelerate its technology development.
Universal Hydrogen is a Los Angeles-based startup aiming to develop hydrogen storage solutions and conversion kits for commercial aircraft.
The company’s first product will be lightweight modular capsules to transport “green hydrogen,” produced using renewable power to aircraft equipped with hydrogen fuel cells. The capsules will ultimately be available in different sizes for aircraft ranging from VTOL air taxis to long-distance, single-aisle planes.
via TechCrunch, mind.ua
Universal Hydrogen raises $20.5M Series A to help launch hydrogen aviation
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