Celadyne, a decarbonization and hydrogen solution company, has raised $4.5 million in seed funding. The investment round, co-led by Maniv and Dynamo Ventures, will help the company fuel product development.
Targeting heavy-duty industries such as energy, manufacturing and transportation, Celadyne collaborates with fuel cell and utility firms to offer a solution that converts hydrogen into usable energy. Its technology replaces the proton exchange membrane in fuel cells to make the cells more durable and hydrogen-producing electrolyzers more efficient. Ultimately, these solutions are more environmentally friendly than diesel engines.
The funding will help Celadyne accelerate its materials technology. The company will focus on creating better fuel cells and expanding the usage of electrolysis across its growing list of clients. Currently serving automotive businesses, Celadyne expects to double its customer base by the end of the year.
