Hydra Energy is scaling its green hydrogen fuelling infrastructure and hydrogen-diesel conversion kits to help North American fleets reduce both tailpipe emissions and fuel costs.
The company today (May 27) said it had received a $12m investment from Just Business to support the efforts and expand beyond pilots to deliver hydrogen-powered trucking.
Specifically, the funding will help further development of Hydra’s initial waste hydrogen capture plant in British Columbia, its fuelling infrastructure and conversion kits – all of which will support the growth of a hydrogen mobility market.
Commenting on the company’s plans, Badr Abduljawad, Co-Founder and Chief Innovation Officer of Hydra, said, “Hydrogen is no longer a fuel of the future. This funding brings Hydra closer to having 65 trucks on today’s roads that deliver significant fuel and emissions savings to our early users.
“I co-founded Hydra to make low carbon hydrogen adoption scalable through a business model that’s affordable for fleets to implement. We are grateful to our new investor, Just Business, for supporting us in expanding this vision throughout North America.”
Hydra’s offers truck fleets and commodity haulers Hydrogen-as-a-Service (HaaS), including hydrogen-diesel, dual-injection conversion kits and green hydrogen fuel at fixed discount 5% lower than their existing diesel costs with no up-front investment.
With transportation currently responsible for the fastest growth in CO2 emissions accounting for 24% of global greenhouse gas emissions, trucking being one of the fastest growing sectors, and zero-emission semi-truck advancements slow to commercialise, Hydra aims to create an economical, low-risk, scalable solution using existing trucks and resources to decarbonise the trucking industry.
Supporting the company to do this, David Batstone, Senior Managing Partner and co-founder of Just Business, said, “One of the most important industries to be decarbonised is transportation. We have full confidence in Hydra’s innovative technology and business model, which is why we invested in an early-stage company.
“We believe that improving this traditionally diesel-heavy industry harnesses the potential of clean fuel now and will help pave the world for the hydrogen revolution in the future.
“It’s the best opportunity we see for commercial fleets to significantly reduce emissions in the near term, without sacrificing any of their truck’s performance or payloads. At the same time, these fleets can reap the economic and environmental benefits in the transportation sector today.”