Celadyne Secures $4.5 Million to Accelerate Industrial Decarbonization with Durable Fuel Cells

Unlocking hydrogen for industrial decarbonization with quick-to-market materials for trucking and beyond

CHICAGO, Feb. 15, 2024 /PRNewswire/ -- Today Celadyne, the decarbonization and hydrogen solution company, announced that they have raised $4.5M in seed investment funding. The round was co-led by Maniv and Dynamo Ventures, with major participation from EPS Ventures.

Celadyne was founded by Gary Ong, with a Ph.D. in Materials Science and Engineering from the University of California, Berkeley. He got his start at Sputnik Accelerator, and as a fellow at the Chain Reactions Innovations program at Argonne National Laboratory. The company collaborates with fuel cell and utility firms, offering efficient hydrogen solutions to heavy-duty industries such as energy, manufacturing, and transportation. Celadyne's advanced technologies effectively convert hydrogen to usable energy through compact, easy-to-use fuel cells that seamlessly integrate.

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"At Celadyne, our mission is simple: unlocking the true potential of hydrogen," says Gary Ong, Ceo & Founder at Celadyne Technologies. "This new funding will accelerate our product in the market as we aim to decarbonize industries like transportation and manufacturing, offering a cost-effective route for green hydrogen production. Our goal is to embrace these industries, helping them contribute positively to the planet."

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.

"Like many decarbonized energy solutions, widespread hydrogen adoption faces a clear chicken or egg problem," says Jake Wieseneck, Principal at Maniv. "Celadyne is solving both sides of the problem, by creating high-value hydrogen use cases while simultaneously reducing hydrogen's cost to fuel growth. As believers in mobility innovation's ability to catalyze generational change, we're proud to back companies like Celadyne that are enabling a more sustainable future by creating new building blocks for the movement of people and goods."

This latest funding will expand upon capital from Shell Ventures, Sputnik ATX, the Third Derivative Accelerator, and Sandy Spring Climate Partners. Celadyne has been publicly and financially supported for their world-changing hydrogen applications through grants from the US Department of Energy, National Science Foundation, ARPA-E, and Department of Defense - AFWERX. These entities, along with Celadyne's customers, who are Tier 1 automotive leaders shaping the future of mobility worldwide, believe that advanced materials hold the key to unlock the full potential of ghydrogen.

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"At Dynamo, we believe in the importance of decarbonizing the supply chain," says Jon Bradford, Co-Founder & Managing Partner at Dynamo Ventures. "Celadyne is redefining how logistics can be decarbonized, with their deep expertise and granular understanding of the potential of hydrogen. This investment isn't just the next step – it's the future of energy and mobility as we know it. It's the beginning of a greener, more efficient industry, and planet."

"Eastern Pacific Shipping (EPS) believes in investing in the future of maritime and sustainability," says Gary Ong, Investment Manager at EPS Ventures. "While the shipping industry is vital in our modern world, it is also challenging to decarbonize. We're excited to support Celadyne's growth in creating green hydrogen solutions capable of completely transforming how we conduct these operations. Backing Celadyne means backing a cleaner future for the maritime industry."

This latest funding will expand upon previous capital from Shell Ventures, Sputnik ATX, and the Third Derivative Accelerator and Sandy Spring Climate Partners. 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. The team will support the ongoing development of Celadyne's materials technology, to create even better fuel cells and expand its usage in electrolysis across its growing list of clients across the US. By year end, Celadyne expects to double its customer base and these developments will open up a whole new world for green energy applications in industries that are historically some of the harshest on the environment.

About Celadyne Technologies

Celadyne is an American technology company that provides hydrogen solutions to the energy industry. Celadyne 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. To learn more, please visit https://www.celadynetech.com/.

SOURCE Celadyne Technologies