Verne’s cryo-compressed hydrogen storage tech scores backing from big name investors

Verne’s cryo-compressed hydrogen storage tech scores backing from big name investors

April 23, 2024 0 By Tami Hood

A strategic fundraise is the boost Verne needs to accelerate its H2 technology development.

Verne’s innovative hydrogen storage technology has received new funding from Trucks Venture Capital, Collaborative Fund, Amazon’s Climate Pledge Fund, United Airlines Ventures Sustainable Flight Fund, and Newlab. This latest investment (in addition to grant funding) brings the leading developer of high-density H2 storage systems’ total funding to $15.5 million. The funding will help Verne speed up development of its CcH2 (cryo-compressed hydrogen) tech.

Verne is dedicated to overcoming the H2 heavy-duty transport challenge.

Verne is developing its CcH2 technology for on-board hydrogen storage for heavy-duty vehicles. Since it was first established in 2020, the company has been committed to solving the challenge heavy-duty transportation fleets face transitioning from diesel to costly zero-emission tech.

Verne’s high-density H2 storage allows heavy-duty transport vehicles to reach the range and payload equal to that of diesel. The company’s cryo-compressed hydrogen tech cools and compresses hydrogen to attain the maximum hydrogen density at 73 g/L internal density. This is reportedly a 33 percent improvement over liquid H2 and an 87 percent improvement over traditional 700 bar compressed gas H2.

The boosted density results in better range and payload. In short, the company’s tech allows semi-trucks the ability to achieve range that’s equivalent to diesel over 900 miles, with no extra weight added to the system.

Hydrogen storage tech that could be exactly what the heavy-duty transport industry needs.

Heavy-duty transport vehicles like semi-trucks and cargo handling equipment are essential to keep the economy running. However, these vehicles also happen to guzzle down fossil fuel and are among the world’s worst polluters. Verne is dedicated to delivering zero-emission solutions without requiring these industries to “make costly performance trade-offs,” said Verne Co-founder & CEO Ted McKlveen.

Hydrogen Storage - H2 Truck - Test button on keyboard

The company completed the first testing of its CcH2 storage system on-board a vehicle last year. This was part of its participation in Breakthrough Energy Fellows program. This successful testing validated the performance of the technology and all sub-systems. It also confirmed that relative to the standard 700 bar compressed gas hydrogen storage method, Verne’s tech had improved H2 density.

Bringing on new strategic investors, and strengthening our partnership with existing investors, will help us accelerate our path to market and decarbonize this critical industry,” McKlveen said.

H2 tech with the power to clean up the industry.

hydrogen news ebookVerne’s investors are big supporters of its hydrogen storage solutions, with Jeffrey Schox, General Partner at Trucks Venture Capital commenting that the tech “will have a direct positive impact” on commercial land and air vehicles. Schox added that for large vehicles, high-density H2 is a “powerful solution”, aligning with Trucks Venture Capital’s mission of supporting transportation solutions that arise from the “most aggressive climate-positive ideas”.

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