Peregrine Hydrogen Announces Successful $7.8 Million Financing Round
On September 22, 2023, Peregrine Hydrogen Inc., a Santa Cruz, California-based climate technology company pioneering a dual production method for green hydrogen and valuable chemicals, announced an oversubscribed $7.8 million seed financing round. Led by Bidra, the round also saw participation from Builders, Gates Frontier, Presidio Ventures, RiSC Capital, and Schox. The funding will be used to refine and scale up Peregrine's proprietary technology for green hydrogen production and expand into commodity chemical markets.
Hydrogen plays a crucial role in today's world as it is used to produce commodities that address the basic needs of human society, such as fertilizer, plastics, and other critical products. However, hydrogen is traditionally produced from fossil fuels which release almost a billion tons of CO2 each year further perpetuating the climate crisis. Clean hydrogen production has been pursued but it has always been expensive in comparison to traditional hydrogen.
Peregrine Hydrogen spun out of the climate technology incubator Orca Sciences in June 2023 and since its inception, the company has been focused on developing a novel electrolyzer technology that can produce clean hydrogen. The company made a major breakthrough in hydrogen production by developing a unique co-production technology that can deliver clean hydrogen alongside valuable industrial chemicals. This technology is a game-changer in the hydrogen production industry as it is not only clean but is also produced at a similar cost to the traditional steam methane reforming (SMR) method.
According to their press release, Peregrine will also use the funds to support technical development and hiring as they expand their technical team here in California with a focus on recruiting industry experts, high-energy chemical engineers, and process engineering specialists.
For more information about Peregrine Hydrogen Inc, visit their website at www.peregrinehydrogen.com or read the official press release below.
About Peregrine Hydrogen
Peregrine Hydrogen’s proprietary technology co-produces the world’s lowest cost clean hydrogen and valuable commodity chemicals. While at Orca Sciences, co-founders Matt Shaner, Stefan Omelchenko, Ian McKay, and Fridrik Larusson conceived the vision for producing cost-effective, clean hydrogen for hard to abate industries, by leveraging thermodynamically advantaged chemistries. Peregrine Hydrogen is backed by top investors – including Bidra, Builders, Gates Frontier, Presidio Ventures, RiSC Capital and Schox.