H2scan, a Valencia-based maker of hydrogen sensors, has announced a $13.5 million capital raise from two financers.
One is Energy Growth Momentum, a UK-based private equity group, which invested $10.5 million. The other is El Dorado Investment Co., an Arizona venture capital firm owned by Pinnacle West Capital Corp., which committed $3 million in venture debt. Both have deep expertise in energy industries.
According to a press release from H2scan, the money will be used to accelerate production of the company’s “Gen 5” technology. Gen 5 is a small, low-cost, application-specific integrated circuit sensor that measures hydrogen. It is accurate, operates in high temperatures and requires minimal maintenance. Its primary use is to monitor hydrogen levels in distribution transformers.
The funding also will help H2scan increase its manufacturing capacity in its facility in Valencia.
“This funding … will help us grow our market share, and add new products using the Gen 5 platform,” said H2scan Chief Executive Dennis Reid in a statement.
Founders Advisors advised H2scan in the transaction.