HPNow, the pioneer in electrification of the hydrogen peroxide industry, announced the successful closing of a €14M round.
The equity round is led by The Export and Investment Fund of Denmark (EIFO) together with Novo Holdings. Other investors in the round include MatiTech – a sustainable water treatment solution provider in Sub Sahara, and existing investors Evonik Venture Capital and AP Ventures.
HPNow’s breakthrough electrochemical technology enables the safe and sustainable generation of a powerful green oxidant directly on site, using only water and electricity as inputs. The output solution breaks down to pure water and oxygen following use. HPNow is bringing to market a greener alternative to the conventional fossil-fuel based centralized production, transportation and handling of bulk hydrogen peroxide, offsetting as much as three tons of CO2eq per ton of hydrogen peroxide generated on site, compared to standard production techniques.
With applications across agriculture, process water, and the food and beverage sectors, HPNow’s solutions provide not only a sustainable alternative but an economically viable one, with strong payback as compared to traditional chemical-based water treatment. The company’s solutions can further be utilized towards the breakdown of hazardous micro-pollutants in drinking water originating from pharmaceuticals, cosmetics, and O&G industries.
Proceeds from this round of financing will primarily be used towards the scaling up of HPNow’s marketing, sales, technical support and production capacity, in order to address growing market demand.
“Danish Power-to-X pioneers like HPNow are leading the way to a more sustainable future. From agriculture to industry, their technology, originally developed at the Technical University of Denmark, represents a multi-billion euro market opportunity for safe, sustainable and affordable water treatment,” said Investment Director at EIFO, Jonas Bjaaland.
“For EIFO it is important to ensure that green capex intensive pioneers like HPNow can scale up and make their technology available for the world market. We do that by closing the funding gap with equity for now but will also at a later stage be able to provide debt and export credit in corporation with commercial banks. With this group of investors HPNow can take big steps towards achieving not only the world market goal but also the UN Sustainable Development Goals,” he added.
“Water is a vital resource for our planet and the people that inhabit it. With our investment we are striving to benefit people and the planet, so this endeavour into sustainable water treatment is a logical step for us. HPNow’s hydrogen peroxide generation technology contributes to the responsible use of one of the most precious resources we have, and we are very pleased to join the company on this journey,” Marcus Remmers, Partner at Bioindustrial Investments, Novo Holdings, added.
“This new investment round, led by top-tier investors EIFO and Novo Holdings, represents a strong endorsement of our technology and market offerings, and will enable us to take a major leap forward in our company’s development. With the strong backing of new and existing partners, our company is ready to take sustainable on-site peroxide generation to the next level,” said Ziv Gottesfeld, CEO at HPNow.
