(i) Protonas aims to deploy these low-cost solutions for several uses cases including backup power in North American markets and fuel cell engines for light-duty vehicles in Asian markets
(ii) With strategic plans for initial manufacturing in Chennai and a strong focus on the Indian market, Protonas is poised to play a pivotal role in India’s transition to hydrogen energy
Chennai, 19th July 2024: Protonas, a breakthrough startup specialising in low-cost PEM hydrogen fuel cell solutions, has raised a seed funding round of an undisclosed amount, led by Transition VC. This investment marks a significant milestone for Protonas as it gears up to revolutionise the North American and Asian energy markets with its cutting-edge technology.
With its novel PEM hydrogen fuel cell technology, Protonas has achieved significant cost-reduction breakthroughs, unlocking application and expansion prospects for new and existing markets, respectively. Headquartered in Tennessee, US, the company has a subsidiary in Chennai, India. It aims to deploy its solutions to provide cost-efficient backup power applications in the North American markets, as well as, to power fuel cell engines for 3-wheeler transportation and 4-wheeler delivery applications in India, and other Asian markets.
With this fresh infusion of capital, Protonas is set to establish initial manufacturing operations in Chennai and build prototype systems.
The startup was founded by David DeVries, a veteran of the fuel cell industry since 1996. Having guided the early-stage development of the world’s first commercially successful cathode air-cooled fuel cells, sold by ReliOn and Altergy Systems in the United States, DeVries has held executive roles across various geographies, including China, California, and Singapore. Being named on over 20 patents, he is poised to use his technical expertise and visionary leadership to propel Protonas to business excellence.
Speaking on the funding, David DeVries, Founder of Protonas, said, “We’re pleased to welcome Transition VC as a key investor. With their focus on emerging alternative energy solutions and deep connections throughout India, it will greatly help Protonas in its early stages to grow and access not only the Indian markets but international markets as well. We believe it’s an exciting time for India’s energy transition into hydrogen, and we are excited to be a part of this transformation.”
Transition VC’s investment aligns with its strategy of backing deep-tech energy transition solutions in the US that address significant needs in India and can be applied across various sectors in the country, at scale. Hydrogen fuel cells, known for their ability to convert chemical energy in hydrogen to electricity with pure water and useful heat as byproducts, offer pollution-free operation and over twice the efficiency of traditional combustion technologies. These attributes position hydrogen fuel cells as a crucial component in India’s energy transition narrative.
Commenting on the investment, Raiyaan Shingati, Co-founder & Managing Partner of Transition VC, stated, “Hydrogen fuel cells have been a reality for a while, but what we’re really excited about is making cost efficient hydrogen fuel cells a reality for multiple sectors including mobility, energy storage & industrial applications by investing in Protonas and backing an industry veteran David DeVries.”
Protonas aims to penetrate the North American market with its backup power systems, leveraging its advanced hydrogen fuel cell technology to deliver sustainable and efficient energy solutions. Additionally, it plans to collaborate with companies in the light-duty transportation and delivery sectors in India to develop carbon-neutral vehicles.
Protonas is a Tennessee, US-based startup with a subsidiary in Chennai, India, focused on developing low-cost PEM hydrogen fuel cell solutions. The company targets backup power applications in North America, as well as, development of carbon neutral vehicles for light duty transportation and delivery sectors in India and Asia. It is aiming to expand markets for hydrogen fuel cells through cost-reduction innovations.
Transition VC is India’s first Energy Transition-focused VC fund which was launched by marquee investors Raiyaan Shingati and Mohammed Shoeb Ali. The fund is on a mission to offset 40M tons of carbon emissions by investing in breakthrough tech while making extraordinary financial returns for its LPs.
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