Celadyne, a Chicago, IL-based decarbonization and hydrogen solution company, raised $4.5M in Seed funding.
The round was led by Maniv and Dynamo Ventures, with participation from EPS Ventures.
The capital will be used to expand on the team’s growth with engineers coming from Siemens Energy, Argonne National Lab, The US Navy, Micron Technologies, Hyzon Motors, and Northwestern University, and support the ongoing development of its materials technology.
Founded by Gary Ong, Celadyne provides hydrogen solutions to the energy industry. It works with fuel cell and utility companies to provide advanced technologies and materials that are capable of effectively converting hydrogen to usable energy. Its production and use of hydrogen is more efficiently used across heavy duty industries such as energy, manufacturing, and transportation. Specifically, Celadyne’s materials and technologies replace the proton exchange membrane to create fuel cells that are more durable, and electrolyzers that are more compact and efficient. This newfound durability allows fuel cells to be utilized as an environmentally-friendlier alternative to diesel engines, and makes electrolyzers that produce low cost green hydrogen as fuel.
By year end, Celadyne expects to double its customer base.
FinSMEs
15/02/2024