Modern Hydrogen, a clean tech startup based in Woodinville, Washington, has secured $25 million in new funding, bolstering its mission to revolutionize hydrogen production and carbon utilization. This latest investment round, which includes contributions from both existing and new investors, signifies growing confidence in the company’s innovative approach to generating clean hydrogen fuel and valuable carbon byproducts. The company plans to disclose further details about its strategic partnerships and expansion plans in the new year, focusing on leveraging existing gas infrastructure and advancing carbon capture and utilization technologies. This injection of capital will undoubtedly accelerate Modern Hydrogen’s growth trajectory and solidify its position in the burgeoning clean energy sector.
At the heart of Modern Hydrogen’s technology lies its methane pyrolysis reactor, a device engineered to decompose natural gas molecules into their constituent elements: hydrogen and solid carbon. This process, known as methane pyrolysis, offers a significant advantage over traditional hydrogen production methods, which often rely on steam reforming, a process that generates substantial carbon dioxide emissions. Modern Hydrogen’s reactor can utilize both fossil-based natural gas and biogas derived from renewable sources such as agricultural waste. This flexibility allows the company to cater to diverse market needs and contribute to a more sustainable energy landscape by reducing reliance on fossil fuels.
The hydrogen produced by Modern Hydrogen’s reactor is a versatile fuel with numerous applications. Its clean combustion, producing only water vapor as a byproduct, makes it an ideal energy source for power generation. Furthermore, hydrogen plays a crucial role in various industrial processes, including steel manufacturing, and is a key component in fuel cell technology, which offers a promising avenue for clean transportation. By producing clean hydrogen, Modern Hydrogen is not only addressing the growing demand for this vital energy carrier but also contributing to the decarbonization of these key sectors.
The solid carbon byproduct generated during the methane pyrolysis process is not simply waste; it’s a valuable resource with a wide range of industrial applications. One notable example is its use as a key ingredient in asphalt production. This innovative application showcases Modern Hydrogen’s commitment to a circular economy model, where waste streams are transformed into valuable products. By maximizing the utilization of both hydrogen and carbon, Modern Hydrogen is demonstrating the potential for a more sustainable and efficient approach to resource management. This demonstration was highlighted earlier this year when Bill Gates, an investor in the company, visited its headquarters and participated in filling a pothole with asphalt produced using Modern Hydrogen’s carbon byproduct.
Modern Hydrogen’s journey began in 2015 within the innovative ecosystem of Intellectual Ventures, an invention and incubation company founded by former Microsoft Chief Technology Officer Nathan Myhrvold, with backing from Bill Gates. Initially operating under the name Modern Electron, the company focused on developing devices to capture waste heat from home furnaces and water heaters and convert it into electricity. This initial focus on energy efficiency demonstrates the company’s long-standing commitment to sustainable energy solutions. The company’s evolution from waste heat recovery to clean hydrogen production reflects its adaptability and responsiveness to evolving market demands and technological advancements in the clean energy sector.
Led by CEO Tony Pan and CTO Max Mankin, Modern Hydrogen has achieved significant milestones in its relatively short history. With over $100 million raised to date, including this recent $25 million round following a $32.8 million round in May 2023, the company is well-positioned for continued growth and innovation. Employing approximately 80 people, Modern Hydrogen is a testament to the growing clean tech sector in the Pacific Northwest, ranking 193rd on the GeekWire 200, a list of the top privately held startups in the region. As the company moves forward, it aims to forge new strategic partnerships, expand into new markets, and further optimize the utilization of existing gas infrastructure to accelerate the adoption of clean hydrogen and carbon capture technologies. Modern Hydrogen’s innovative approach to clean energy production and resource utilization positions it as a key player in the global transition to a more sustainable future.
