1s1 Energy closed out a $2.15 million seed round to deliver water electrolysis as the basis for an all-renewable hydrogen production plant in Portugal that doesn’t require any fossil-derived natural gas.
Lisbon-based 1s1 Energy‘s proposed hydrogen plant was sanctioned by the European Commission in July as one of 41 hydrogen tech projects being partially underwritten by public funds through the Hy2Tech important project of Common European Interest (IPCEI).
Hy2Tech has a maximum €5.4bn honey pot from its EU state underwriters but is also expected to create €8.8 billion in private-sector funding opportunities.
EU competition commissioner Margrethe Vestager, who through her state aid remit takes responsibility for crafting IPCEI awards, predicted in July the Hy2Tech programme would become an exemplar for “ambitious European cooperation”, coming in the wake of Russia weaponising natural gas exports.