| Modern Hydrology announced $32.8M in funding as it pivots from heat-to-electricity technology to hydrogen fuel production. The startup now focuses on developing methane pyrolysis reactors that
convert natural gas from fossil fuels or biogas to hydrogen. - The
company was founded as Modern Electron in 2015 in Intellectual
Ventures, a Bellevue, Wash.-based innovation hub backed by Bill Gates.
- Modern
is running pilot projects with Oregon utility NW Natural and another
undisclosed utility company, in which the startup will deliver demo
reactors by Q3.
- The round, which gets Modern passed the $100M
total raised, was led by NextEra Energy, with participation from Gates
Frontier and Starlight, among others.
- The company plans to be ready for commercialization by 2024 or early 2025.
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