Joi Scientific Inc., a clean energy company that produces hydrogen gas with no carbon emissions, announced the recent closing of its Series A Round funding. The company raised more than $5 million in the over-subscribed round.
The funds will be used to advance the product development and commercialization of its proprietary Hydrogen 2.0™ technology. Hydrogen 2.0 is the world’s first on-demand hydrogen production process based on the clean and cost-effective extraction of hydrogen from water at the point-of-use.
“Hydrogen has proven too costly and carbon-intensive to extract, and too expensive and cumbersome to safely transport and store. Until now, the production and use of hydrogen as a fuel have been neither practical nor very clean,” explained Traver Kennedy, Chairman and CEO of Joi Scientific. “Joi Scientific’s Hydrogen 2.0 technology is a new approach to make hydrogen a practical, clean and cost competitive energy source. It is no longer just an energy carrier.”
Lead investor in Joi Scientific is Silicon Valley veteran Dean S. Woodman, who opened Merrill Lynch’s first satellite investment banking office in San Francisco in 1965 and co-founded investment bank Robertson Colman Stephens and Woodman in 1978. More recently, he was a co-founder and seed round investor of his son’s sports camera company, GoPro, Inc. Woodman has been joined by a number of private capital sources in Joi Scientific’s multi-million, Series-A funding.