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Solhyd, a spin-off of the Belgian research university KU Leuven that makes solar panels producing renewable hydrogen, has attracted up to EUR 6 million (USD 6.46m) in seed capital to further optimise the basic of its technology and deploy it in pilot applications.
Solhyd’s technology aims at generating renewable hydrogen without the need for a power grid or liquid water and without the use of rare materials. Its panels produce hydrogen by converting water vapour from the air into hydrogen gas with the use of sunlight.
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The idea for the technology was launched in 2011 by two bioscience engineers. The company is currently testing prototypes at its site and in pilot projects, according to its website. The firm has a team of seven people and plans to hire more staff to accelerate work.
As for the seed round, a consortium of investors has committed to pouring the amount into the company over the next few years with an initial EUR 2 million already provided. The group includes the family office of brick manufacturer Vandersanden — Vansan Investments, entrepreneur Luc Thijs, Keiretsu Ventures and Televi’s co-CEO Lieven Danneels in addition to the university’s own Gemma Frisius seed capital fund.
The fundraising coincided with Solhyd’ spin-off from KU Leuven to house the intellectual property, knowledge and patents related to the core technology that was developed at the university.
(EUR 1 = USD 1.078)
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