MIT Startup Raises $3 Million to Advance Low Emission Hydrogen Energy
Thiozen Inc., a pioneer in low emission hydrogen technology, announced Sept. 8 that it has raised $3 million in Series Seed funding. The round was led by Eni Next, the venture investment vehicle of Eni S.p.A, with participation from Good Growth Capital and Mount Wilson Ventures. Thiozen is developing a unique solution that would dramatically reduce emissions in the energy industry. It generates hydrogen from a high-volume industrial waste stream and water, avoiding the large carbon footprint of traditional hydrogen production.
“Thiozen is a pragmatic response to greenhouse gas emissions for the energy industry, a sector that faces perhaps the most difficulty in their path to decarbonization,” said Ryan Gillis, CEO of Thiozen. “Commitments to reduce greenhouse gas emissions are just words until the technology that allows these reductions is brought to market. We are excited to be working with a high caliber group of investors that shares our vision of a low carbon world.”
Thiozen will use the funds raised to scale its technology to a commercial demonstration. Success will accelerate the energy transition by allowing large energy customers to turn a waste stream into valuable low emission hydrogen gas.
“We are very excited to partner with Thiozen, a company founded by high caliber scientists to develop and commercialize a promising technology to produce hydrogen from a waste stream with multiple applications along the entire energy supply chain. This investment reaffirms our commitment to support innovative solutions for clean hydrogen production,” said Gabriele Franceschini, chairman and CEO of Eni Next.
Thiozen was founded out of MIT in 2020 by CEO Dr. Ryan Gillis, COO Ajay Bawa and Board Member Prof. William Green. The startup company is commercializing its novel process to produce low cost and low emission hydrogen from hydrogen sulfide and water. The technology was first invented by Gillis and Green at MIT. Thiozen is based in Beverly, Massachusetts, at Northshore InnoVentures.
Eni, the parent company of Eni Next, is an energy company operating in 68 countries worldwide and employing about 30,000 people. The company operates in oil and gas exploration, development and production, refining and marketing, trading and shipping, chemical, renewable energies and innovative solutions in circular economy.
Tags: Eni Next, Hydrogen, renewable energy, Thiozen Inc.
Comments are closed here.