Protonas, a startup specialising in low-cost PEM hydrogen fuel cell solutions, has raised a seed funding round of an undisclosed amount, led by Transition VC.
This investment marks a significant milestone for Protonas as it gears up to revolutionise the North American and Asian energy markets with its cutting-edge technology.
Headquartered in Tennessee, US, the company has a subsidiary in Chennai, India. It aims to deploy its solutions to provide cost-efficient backup power applications in the North American markets, as well as, to power fuel cell engines for 3-wheeler transportation and 4-wheeler delivery applications in India, and other Asian markets.
With this fresh infusion of capital, Protonas is set to establish initial manufacturing operations in Chennai and build prototype systems.
The startup was founded by David DeVries, a veteran of the fuel cell industry since 1996. Having guided the early-stage development of the world’s first commercially successful cathode air-cooled fuel cells, sold by ReliOn and Altergy Systems in the United States, DeVries has held executive roles across various geographies, including China, California, and Singapore. Being named on over 20 patents, he is poised to use his technical expertise and visionary leadership to propel Protonas to business excellence.
Speaking on the funding, David DeVries, Founder of Protonas, said, “We're pleased to welcome Transition VC as a key investor. With their focus on emerging alternative energy solutions and deep connections throughout India, it will greatly help Protonas in its early stages to grow and access not only the Indian markets but international markets as well. We believe it's an exciting time for India's energy transition into hydrogen, and we are excited to be a part of this transformation.”
Commenting on the investment, Raiyaan Shingati, Co-founder and Managing Partner of Transition VC, stated, “Hydrogen fuel cells have been a reality for a while, but what we’re really excited about is making cost efficient hydrogen fuel cells a reality for multiple sectors including mobility, energy storage and industrial applications by investing in Protonas and backing an industry veteran David DeVries.”
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