Tuesday, February 22, 2022

H2scan Gets $70M

Valencia-based hydrogen sensor manufacturer H2scan said this morning that it has raised $70M in a capital raise. The company said the funding came from UK-based LetterOne, and South Korea-based GS Energy. The company aid the funding will go towards expanding manufacturing, capabilities, and for additional sales offices and marketing, plus R&D. H2Scan says its sensors are used to used to improve electrical distribution reliability and are used for monitoring and measuring hydrogen concentration in fuel cells, hydrolyzers, hydrogen distribution pipelines. The company's President, CEO, and founder is Dennis Reid. The company was advied by Guggenheim Securities LLC in the deal.