H2Scan announced this week it had closed a $70 million capital raise that will allow the company to expand.
The Valencia provider of hydrogen sensors for electric utilities and industrial markets said on Tuesday that it had raised the money from LetterOne, an investment group in the United Kingdom, and GS Energy, a large South Korean energy company.
The company will use the money to expand its manufacturing facilities and auto calibration capabilities, add sales offices around the world and fund further research and development for the next generation of products, according to a release.
Dennis Reid, chief executive and founder of H2scan, said the money will help take the company to the next level.
“The support of LetterOne and GS Energy will help us drive further innovation in the market and expand the benefits of small, low-cost hydrogen sensors to new industries,” Reid said in a statement. “We are delighted to be partnering with organizations with such a long-term, supportive ethos.”
Yongsoo Huh, chief executive of GS Energy, said that his company believes H2Scan’s products will fill a gap in the technologies for the hydrogen economy.
“Through this investment, GS Energy broadens its exposure to emerging hydrogen technologies and takes a step towards becoming one of the anchors in the Korean hydrogen ecosystem,” Huh said in a statement.