Evonik Industries has invested in the startup HPNow ApS through its venture capital unit and now holds a minority stake in the company, which is headquartered in Copenhagen (Denmark).
HPNow has developed a technology for producing hydrogen peroxide (H2O2) in a fully automatic system using water, air, and an electric current. The transaction took place in the context of a Series A round of financing. The parties have agreed not to disclose the amount of the investment.
Evonik will be represented by a seat on the company’s supervisory board.
The HPNow technology solution enables low concentration H2O2 production on demand, directly at the intended point of use, and using only electricity, water and air as feedstock. The system is based on a modular generator in which a proprietary electrocatalytic cell is used to produce hydrogen peroxide from water and oxygen in a single step.
HPNow’s technology will permit the use of hydrogen peroxide (H2O2) in applications where transport and storage issues have so far restricted the use of the material, for example in various areas of agriculture. HPNow plans to use the capital to further scale up and commercialize its technology.
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