EPFL spinoff secures $3.2 Million in seed funding for green hydrogen production

Hydrogen will replace fossil fuels in decarbonizing many industrial sectors, like transportation, energy storage, green fertilizers and steel process in the near future. Based on ten years of research at EPFL in the laboratory of Prof. Xile Hu, NovaMea is developing technologies, services and products for the storage and conversion of energy. Founded in 2023, the company is working on its patented anion exchange membrane (AEM) water electrolysers, one of the world’s most advanced technologies for the production of low-cost, green hydrogen. With a pipeline for four different classes of electrolyzers, each with a large market size, NovaMea has recently successfully completed the first commercial contract with an early adopter, receiving positive feedback.  

The capital increase from its seed funding round, will be instrumental in advancing the company's research and development efforts, accelerating product development, and scaling its operations. Moreover, the company aims to expedite the commercialization of its novel technologies and pioneer in the field of sustainable energy solutions. The round was led by U.S.-based venture capital firm Lightspeed Venture Partners, a global venture capital firm that focuses on accelerating disruptive innovations and trends in the technology and healthcare sectors. The firm has over $10 billion in committed capital.  

"We are excited to announce the successful closing of our Seed funding round," said Dr. Xile Hu, Chairman of the Board and Co-founder of NovaMea. "This investment not only validates the strength of our technology but also provides us with the resources needed to further advance our mission of enabling the green hydrogen revolution." 
 
NovaMea’s core team comprises four employees – Prof. Dr. Xile Hu, Co-Founder & Chairman, Dr. Xingyu Wu, CEO, Lou Denisart, Chief Operating Officer, and Dr. Alexander P. Muroyama, Chief Engineer.   

(Press release / SR) 

Image: ©NovaMea