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H2scan's new Gen 5 technology is the first of its kind small-size; low-cost ASIC-based hydrogen measuring sensor that delivers high accuracy operates in high temperature and requires zero maintenance or calibration
FREMONT, CA: H2scan, a leading provider of proven, proprietary hydrogen sensors and technologies for utilities and industrial markets, raised USD 13.5 million in a Series E funding round led by UK-based private equity group Energy Growth Momentum. The company also raised an additional USD 3 million in venture debt from El Dorado Investment Company, an Arizona venture company owned by Pinnacle West Capital Corporation. The newly built capital will be used to accelerate the production of the company's revolutionary Gen 5 technology.
H2scan's new Gen 5 technology is the first of its kind small-size; low-cost ASIC-based hydrogen measuring sensor that delivers high accuracy operates in high temperature and requires zero maintenance or calibration. One of the primary uses of the platform is real-time, on-line monitoring of hydrogen levels in distribution transformers.
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"Our products contribute to either the safety or efficiency of utility power transformers, refineries, and petrochemical facilities. Already, H2scan offers the greatest specification on the market along with environmental conditioning to adapt our monitoring solution to a wider range of applications," said Dennis Reid, President, CEO, and Founder of H2scan. "This solution just improves with our Gen 5 technology, which is smaller and less costly and has opened up new markets such as distribution transformer monitoring. This funding, besides the development of the ASM, will help us grow our market share and add new products using the Gen 5 platform. Just as importantly, I'm looking forward to the industry expertise that Energy Growth Momentum and El Dorado will bring to the company," he added.
The Gen 5 Systems will cost up to 80 percent less and is three times smaller than existing hydrogen monitoring systems, opening the door to monitoring the 13 million-plus transformers under streets, in neighborhoods, industrial sites, wind, and solar farms and trains. These funds will also be used to build a proprietary automated sensor manufacturing (ASM) capability that meaningfully expands the manufacturing capacity of H2scan products at the company's production facility in Valencia.
"H2scan is perfectly aligned with what we look for in an investment as the company improves the performance of energy assets and can benefit from our operational expertise as it brings its new technology to market," said John Wilson, Partner, Energy Growth Momentum LLP. "I look forward to working with management in realizing the significant opportunity in real-time and remote hydrogen monitoring."
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