Modern Electron Raises $30M in Series B Funding to Decarbonize Building and Industrial Process Heating | Your money

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BOTHELL, Wash.–(BUSINESS WIRE)–February 3, 2022–

Today, Modern Electron announced an oversubscribed $30 million Series B funding round led by At One Ventures, with participation from new investors Extantia, Starlight Ventures, Valo Ventures, and strategic investors IRONGREY and Wieland Group.

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Modern Electron’s team is on track to double by 2023. (Photo: Business Wire)

All existing investors, including Bill Gates and MetaPlanet, continued their participation and expanded their investments in the funding round.

The Series B capital will be used to integrate Modern Electron’s proprietary technologies into heaters with leading manufacturers of HVAC and energy systems. By converting waste heat into additional electricity, Modern Electron increases the efficiency of furnaces, boilers and water heaters. This saves building owners and operators money, reduces CO 2 emissions and increases the resilience of critical heating and electrical systems during power outages.

Modern Electron will also leverage the investment to deploy hydrogen production pilots that demonstrate affordable decarbonization of gas heating without any new infrastructure. Modern Electron’s next-generation distributed hydrogen generation technology meets growing market demand for CO2-free heating indoors in residential and commercial buildings, as well as in the industrial sector.

Notably, Modern Electron’s distributed hydrogen generation can decarbonize applications where existing renewable electrification technologies struggle and proposed infrastructure solutions such as a “hydrogen grid” are years away and expensive. These include applications where complete electrification solutions are expensive to retrofit and cannot handle peak heat demand, as well as applications using high temperature heat beyond the capabilities of heat pumps. electricity, found in everything from steam for heating, cleaning and sterilizing, to process heating for the manufacture of metals, cement, chemicals and even food and paper.

As part of the funding, Tom Chi, founding partner of At One Ventures, will join Modern Electron’s board of directors. At One Ventures supports early-stage deep tech companies that catalyze a world where humanity is a net positive for nature. Modern Electron is a perfect example of thesis in action, using deep disruptive technologies with superior unit economics to decarbonize heating systems in buildings and the industrial sector.

“More than half of the energy we use is for heating, but most of our decarbonization efforts have been centered around electricity,” said Tom Chi, founding partner at At One Ventures. “We need breakthroughs to decarbonize thermal power and Modern Electron is transforming the landscape of the possible.”

“We work closely with leading brands in the heating industry to bring innovative technologies to market. And partners like At One Ventures and our new strategic investors are supporting the scale and commercial realization of our technology. They understand the landscape well, as well as the practical dimensions of bringing climate technology innovations to market,” said Tony Pan, co-founder and CEO of Modern Electron. “Additionally, having a global investor base in the US, Europe and Asia gives us access to multiple opportunities to make a huge dent in decarbonization, while saving money instead of charging a green premium.”

“Heat represents 50% of the final energy demand of our civilization. Even in homes, half of the energy used in the United States is for heating, the majority of which comes from gas. Until now, there has been no instant, low-cost solution to improving efficiency and reducing emissions from currently gas-dominated heating. This is especially true in cold climates, existing buildings and industrial process heating. Our technology extracts more energy and value from any fuel use, and we are paving the way for the future of hydrogen,” said Max Mankin, co-founder and CTO of Modern Electron. “We are excited to work closely with industry leaders to bring all of our innovative technologies to the heating market as we accelerate the transition to a cleaner energy future.”

About the modern electron

Modern Electron is a sustainable heating and electrical technology company founded in 2015. Modern Electron’s technology saves heat consumers money, reduces carbon emissions and increases resilience during power outages = blackout. The company’s next-generation technology further decarbonizes buildings and industry by producing CO2-free hydrogen directly where it will be used. Visit us at www.modernelectron.com

See the source version on businesswire.com: https://www.businesswire.com/news/home/20220203005375/en/

CONTACT: Media:

Tony Pan |[email protected]

KEYWORD: NORTH AMERICA USA IRELAND UK EUROPE WASHINGTON

KEYWORD INDUSTRY: OTHER INDUSTRIES CONSTRUCTION AND REAL ESTATE INDUSTRIAL INDUSTRY CHEMICALS/PLASTIC PRODUCTS MANUFACTURING CONSTRUCTION SYSTEMS ALTERNATIVE ENERGY ENERGY

SOURCE: Modern Electron

Copyright BusinessWire 2022.

PUBLISHED: 2/3/2022 1:10 PM/DISC: 2/3/2022 1:11 PM

http://www.businesswire.com/news/home/20220203005375/en


Copyright BusinessWire 2022.

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