As per ESG Today, the financing round was led by bp Ventures, but also included participation from Clean Energy Ventures and Mitsubishi Heavy Industries. Milwaukee-based Advanced Ionics was founded back in 2017 and it offers solutions which can enable large-scale production of green hydrogen, one of the fuels of the future in the eyes of some experts.

Green hydrogen is an important fuel for any industry, from energy and transport to heavy, hard-to-abate sectors.

As electricity accounts for 70% of the cost associated with the production of green hydrogen, Advanced Ionics developed its own water vapor electrolyzer technology called Symbion, which reduces electricity requirements and thus, the cost of manufacturing hydrogen. Company officials argue that by using this technology, the cost of green hydrogen generation could be brought to below one USD per kilogram.

Chad Mason, CEO of Advanced Ionics, said that "the results we’ve achieved in our testing along with early customer interest have indicated that we are an ideal technology provider for industrial customers looking to augment, expand or replace their existing hydrogen production facilities with green hydrogen."

British energy company bp, parent of bp Ventures, also stated that besides the investment in Advanced Ionics' technology, the two companies also aim to work together in order to implement it at a larger-scale.