Groningen and Eindhoven-based startup Avoxt has received an investment from Future Tech Ventures, NOM and the Brabant Startup Fund to accelerate the further development and scale-up of its revolutionary electrolyser technology.
With this innovation, hydrogen can be produced more efficiently, safely and affordably than ever, a crucial step in the global energy transition. On March 26, the investment was clinched in Groningen, at the offices of Future Tech Ventures. At an earlier stage, Avoxt already received a Rabo Innovation loan; in total, the startup secured more than 1 million euros.
Gamechanger in hydrogen production
The world faces a gigantic challenge: drastically reduce CO2 emissions and break its dependence on fossil fuels. Hydrogen plays a key role in this, but its production is often inefficient and expensive. Avoxt offers a solution with an innovative electrolyser that increases the efficiency of hydrogen production. Some time ago, Avoxt joined HighTechXL, the venture builder in Eindhoven that focuses on starting companies that want to develop socially relevant innovations and bring them to the market.
What makes this technology truly innovative is the fact that Avoxt is developing electrolysers without a membrane. One of Avoxt's founders, Ton Rademaker, explains: "Traditional electrolysers use a membrane to separate hydrogen and oxygen, but these are costly, prone to wear and tear and can cause malfunctions. Avoxt eliminates this weak link by producing the gases in separate locations within the system, eliminating risks such as leakage and explosions. This makes the technology not only safer, but also cheaper and scalable." In addition, it also requires much less maintenance, allowing for more running hours and a faster return on investment.
Scaling up
Future Tech Ventures (FTV) recognizes Avoxt's potential and is committed to taking this technology to the next stage. "Avoxt holds the key to radically improving hydrogen production," said investment manager Kyra Weaver. "The disruptive potential of this technology is attracting attention. However, this kind of deep-tech needs hefty investment to reach the commercial stage, which is why our mission is unambiguous: we support Avoxt in becoming 'investor ready' for the next round of investment. The mix in this team of youthful enthusiasm and experienced entrepreneurship is a great basis for an energetic cooperation!"
NOM is happy to join the investment in Avoxt. Investment manager Alexander Draaijer says: "Avoxt is working on a technology that could be a breakthrough in hydrogen electrolysis. NOM supports their journey to substantiate their proof of concepts, so that more investors are convinced to step in."
Gerard Spanbroek, Managing Director of BSF: Brabant Startup Fund was established to support startups in making the necessary steps in technology and proposition to attract international investors. Avoxt is interesting to us because it meets the SDGs and the technology promises to accelerate the energy transition. This is good for the Brabanders, the Dutch and global citizens"
"By 2030, 40 percent of all hydrogen used in the chemical industry must be green. That means there is an important market for electrolysers that keep production costs low, because that green hydrogen has to come. And that is where Avoxt wants to play an important role," concludes Ton Rademaker.
