As per ESG Today, California-based EVOLOH manufactures high-performance electrolyzer stacks, which are critical components for the electrolyzers that produce hydrogen. Nautilus is the name of the company's platform, which uses liquid alkaline technology that minimizes cost and technical risks. To build the components, EVOLOH uses readily-available materials that don't strain the planet's resources, such as steel, plastic and aluminum.

Company officials say that the upcoming manufacturing facility will offer an 80% reduction in capital investment and footprint. Dr. Jimmy Rojas, founder and CEO of EVOLOH, said that "this round of funding positions EVOLOH to lead the electrolyzer manufacturing market by transforming electrolyzer stacks into affordable, efficient hardware commodities made with 100% local supply chains."

Engine Ventures led the 20 million USD financing round, which saw participation from the likes of NextEra Energy Resources and 3M Ventures.

Katie Rae, CEO and Managing Partner at Engine Ventures, added that "EVOLOH has a timely and massive opportunity to not only commercialize better and more affordable electrolyzers, but also introduce a faster and more sustainable electrolyzer manufacturing platform."