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BP PLC on Tuesday said venture capital arm, bp ventures, led a $12.5 million financing round for Advanced Ionics, a US-based developer of electrolysers for green hydrogen production. Other investors in the Series A round included Boston, Massachusetts-based investor Clean Energy Ventures, Japan’s Mitsubishi Heavy Industries Ltd, and GVP Climate. Milwaukee, Wisconsin-based Advance Ionics will use the cash to facilitate the initial deployment of its ’Symbion’ water vapour electrolyser technology for heavy industry. This uses less electricity to make hydrogen than other methods, lowering production costs. BP shares were down 0.9% at 477.50 pence in London early Thursday. Copyright 2023 Alliance News Ltd. All Rights Reserved.
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