Sheffield, UK – Low Carbon Hydrogen (“H2”) generation technology developer, Suiso Limited (“Suiso” or the “Company”) is pleased to announce that it has raised £3m from NPIF – Mercia Equity Finance, which is managed by Mercia Ventures and part of the Northern Powerhouse Investment Fund, and Mercia’s EIS funds.
Suiso is developing a breakthrough patented microwave-driven methane pyrolysis process which generates low cost, low (or zero) carbon hydrogen on a distributed basis by decarbonising Natural/Bio Gas. A winner of the BEIS Low Carbon H2 Supply scheme, the Company plans to deliver shipping container sized Hydrogen generators, with a capacity to provide 1,000kg of H2 or more daily. A competitive benchmarking exercise, in the BEIS study, confirmed that Suiso will have the lowest cost of H2 in a number of key Hydrogen applications and lower Carbon emissions than grid powered electrolysis. By producing Hydrogen at the point of use, Suiso’s technology eliminates the expensive distribution costs incurred by large scale centralised H2 producers, one of the primary obstacles to the widespread adoption of Hydrogen. The Suiso H2 generation process, reduces CO2 emissions by 97%+ versus steam methane reforming, utilizes 80% less energy than electrolysis and has very low equipment capital costs making it one of the most affordable ways to generate Hydrogen where customers need it.
Stuart McKnight, CEO of Suiso, said: “Hydrogen is rapidly emerging as a sustainable way to decarbonise the economy, but cost, availability and other practical issues have held back its use. Our technology offers a way to overcome these and provide clean, low-cost power on site. For some organisations, Suiso’s on site hydrogen generation may be the only realistic ‘green’ option – for example, energy-intensive industrial applications such as large boilers or furnaces, heavy lifting gear or HGV and truck refuelling. This investment will help us move to the next stage on our journey to bring it to market.”
Ashwin Kumaraswamy, Investment Director with Mercia Ventures, added: “Suiso has found a way to decarbonise natural and biogas to produce ‘greener’ hydrogen than many current methods of production including grid powered electrolysis, and a zero-emission form of carbon black which is a valuable product in itself. This technology could make hydrogen a viable option for many businesses and drive rapid uptake. With growing global demand for clean energy, we are confident that Suiso will have many opportunities ahead.”
ABOUT SUISO
Suiso is developing low (or zero) Carbon Hydrogen generators for use on customer sites where low cost Hydrogen is required to decarbonise heating, transport and other industrial processes. Its generator systems decarbonise Natural/Bio Gas using a breakthrough patented microwave-driven methane pyrolysis process. The Company plans to deliver shipping container sized Hydrogen generators, with a capacity to provide 1,000kg of Hydrogen or more daily.
For further details, see www.suiso.co.uk or contact:
Stuart McKnight – CEO +44 (0)1143 216565 or via smcknight@suiso.co.uk
ABOUT MERCIA VENTURES
Mercia Ventures is a proactive venture capital investor focused on being the first-choice partner for growth. Mercia Ventures makes equity investments of up to £10million across all sectors, with specialisms in Software, Consumer, Healthcare and Deep Tech.
Mercia Ventures is part of Mercia Asset Management PLC and sits alongside its wider private equity, debt and proprietary balance sheet capital operations. The Group has 11 offices in the UK and Mercia Ventures’ national footprint and 48 strong investment team draws on their experiences as founders, PhD scientists, software engineers, corporate financiers and management consultants to help our partner companies successfully achieve their ambitions. Mercia Asset Management PLC currently has c.£1.4billion of assets under management and, since its IPO in December 2014, has a portfolio of over 400 start-ups from pre-seed to Series B. Mercia Asset Management PLC is quoted on AIM with the epic “MERC”.
