Evoloh bets hydrogen needs cheaper electrolyzer manufacturing, raises a $20M Series A

Evoloh designs and plans to manufacture alkaline electrolyzers, the equipment that splits water into hydrogen.

Hydrogen won't scale without cheaper manufacturing; electrolyzer stacks will become a commodity, so the winner is whoever can make them cheapest.

$20M Series A led by Engine Ventures.

Jimmy Rojas studied hydrogen and energy systems as a Stanford graduate student, then screened deals at Baruch Future Ventures, where he joked that he passed on every hydrogen deal because he found issues in each, so he started his own.

Evoloh sourced the cheapest readily available power supplies, pumps and heat exchangers and uses roll-to-roll printing borrowed from battery manufacturing. The first factory is expected by the end of 2025 and at full capacity could make 3.75 GW of electrolyzers a year, against about 11 GW of global manufacturing capacity in 2022 per the IEA. The Series A funds process refinement, large pilots and paying customers.

Rojas saw cost and logistics problems with electrolyzers across every hydrogen company he reviewed

Membrane development is an arms race where 'someone will always have a better one'

Alkaline electrolysis avoids expensive exotic metals such as platinum

Roll-to-roll printing already works in battery manufacturing, cutting cost at scale

In a young equipment market, competing on manufacturing cost rather than a novel material can be a more defensible bet if the product is likely to commoditise.

As of 26 March 2024 Evoloh had raised its Series A and had no commercial factory yet; the 3.75 GW figure is a stated target, and customers were still to be signed.