Power to Hydrogen Secures Strategic Investment from Mitsui O.S.K. Lines and Karpowership to Scale AEM Electrolyzer Manufacturing and Target Sustainable Maritime Fuels

Power to Hydrogen, a leading innovator in advanced electrolysis systems, is announcing a strategic investment from Mitsui O.S.K. Lines, through its corporate venture capital arm MOL Switch LLC, and Karpowership through its new technologies arm Kinetics, to complete an oversubscribed Series A round. This investment will enable the company to begin deploying commercial electrolysis systems and expand production capacity for its proprietary Anion Exchange Membrane (AEM) electrolyzer technology. Including this investment, the total oversubscribed Series A round secured over $20M in funding for Power to Hydrogen.

Mitsui O.S.K. Lines and Karpowership’s participation highlights the increasing demand for hydrogen, e-methanol, and green ammonia as zero-carbon shipping fuels and Power to Hydrogen’s commitment to providing accessible hydrogen solutions.

The investment will specifically support:

• Expanded Project Delivery Capabilities: Scaling up production and operations teams to meet the increasing demand for Power to Hydrogen’s electrolyzer systems.
• Global Market Expansion: Growing Power to Hydrogen’s reach and establishing a stronger presence in key markets where hydrogen is needed, such as sustainable fuel production.

Power to Hydrogen’s AEM electrolyzer technology is designed to produce hydrogen from behind the meter renewable electricity with lower-cost electrolyzers, which is a key area of focus for Mitsui O.S.K. Lines and Karpowership. Power to Hydrogen’s AEM electrolyzer technology offers high performance at a lower cost by using abundant materials. These advantages are critical to driving the cost of sustainable maritime fuels down, such as e- methanol and green ammonia.

This investment comes at a crucial time as the United Nations’ International Maritime Organization (IMO) is driving towards the adoption of measures to reduce international shipping emissions by 70-80% by 2040. The IMO is considering a maritime greenhouse gas (GHG) emissions pricing mechanism for international shipping. The key purpose of the mandatory GHG charge will be to reduce the cost gap between zero/near- zero GHG emission (ZNZ) fuels (such as e-methanol, ammonia, and hydrogen) and conventional marine fuels, to incentivize the accelerated uptake of green energy sources.

“This strategic investment from Mitsui O.S.K. Lines and Karpowership is a promising step towards producing lower emissions shipping fuels.,” said Paul Matter, Co-Founder and CEO at Power to Hydrogen. “With the increasing pressure to decarbonize shipping and the IMO’s initiatives to promote zero-emission fuels, we see a significant opportunity for green hydrogen, e-methanol, and green ammonia to become the dominant fuels of the future. Our electrolyzers offer a cost-effective and scalable solution to meet this growing demand.”

“We are pleased to invest in Power to Hydrogen as a strategic partner. Green hydrogen will play a key role in the energy transition and Power to Hydrogen’s innovative technologies contribute to making it more cost-competitive and scalable. MOL is committed to decarbonizing the maritime industry and advancing the clean energy supply chain. This partnership aligns with our vision for a sustainable future and strengthens our efforts in next-generation fuel adoption. We look forward to working together to drive innovation and accelerate the transition to clean energy” said Tomoaki Ichida, CEO at MOL Switch.

“We are thrilled to announce this strategic investment partnership, marking a critical milestone in our continued legacy of innovation as well as our ambition in new technologies and the future of our business and, eventually, for our planet. As one of the leading energy transition names with the largest Powership fleet in the world, we are committed to not only providing power solutions for today but also future-proofing tomorrow’s grids. We know that the need for reliable power increases every day and we are responsible to address that demand in the most sustainable ways possible. Taking our first venture capital investment into hydrogen electrolysis together with our long-standing partner MOL’s VC fund MOL Switch, also represents our commitments in “Partnerships for the Goals.” said Mehmet Katmer, General Manager of Karpowership’s new clean technology arm Kinetics.

Power to Hydrogen’s previously announced Series A funding round was led by Rev1 Ventures and strategic investor Worthington Enterprises, a designer and manufacturer of market-leading brands in building products, consumer products, and sustainable energy solutions. The round previously included Finindus, JERA, Asahi Kasei, American Electric Power, EDP Ventures, E.ON, ESB, FH Capital, and INP Capital.

About Power to Hydrogen

Power to Hydrogen is a designer and manufacturer of advanced electrolysis systems based in Columbus, Ohio. The company’s innovative AEM electrolyzer technology offers a low-cost, high-performance alternative to existing options for producing clean hydrogen. Power to Hydrogen’s systems are designed for easy installation and integration with renewable energy sources, enabling companies to produce “green” hydrogen efficiently. Power to Hydrogen’s mission is to accelerate the transition to a clean energy economy by providing reliable, cost-effective, and accessible hydrogen solutions.