Decarbonization and hydrogen solution company Celadyne has raised $4.5 million in seed investment funding. The round was co-led by Maniv and Dynamo Ventures, with major participation from EPS Ventures.
Celadyne was founded by Gary Ong, who has a Ph.D. in Materials Science and Engineering from the University of California–Berkeley. He got his start at Sputnik ATX VC’s Accelerator and as a fellow at the Chain Reactions Innovations program at Argonne National Laboratory. The company collaborates with fuel cell and utility firms, offering efficient hydrogen solutions to heavy-duty industries including energy, manufacturing and transportation. Celadyne’s advanced technologies effectively convert hydrogen to usable energy through compact, easy-to-use fuel cells that seamlessly integrate.
“At Celadyne, our mission is simple: unlocking the true potential of hydrogen,” says Ong, who is also Celadyne’s CEO. “This new funding will accelerate our product in the market as we aim to decarbonize industries like transportation and manufacturing, offering a cost-effective route for green hydrogen production. Our goal is to embrace these industries, helping them contribute positively to the planet.”
Specifically, Celadyne’s materials and technologies replace the proton exchange membrane to create fuel cells that are more durable, and electrolyzers that are more compact and efficient. This newfound durability allows fuel cells to be used as an environmentally friendlier alternative to diesel engines and makes electrolyzers that produce low-cost green hydrogen as fuel.
“Like many decarbonized energy solutions, widespread hydrogen adoption faces a clear ‘chicken or egg’ problem,” says Jake Wieseneck, principal at Maniv. “Celadyne is solving both sides of the problem by creating high-value hydrogen use cases while simultaneously reducing hydrogen’s cost to fuel growth. As believers in mobility innovation’s ability to catalyze generational change, we’re proud to back companies like Celadyne that are enabling a more sustainable future by creating new building blocks for the movement of people and goods.”
This latest funding will expand upon capital from Shell Ventures, Sputnik ATX VC, the Third Derivative Accelerator and Sandy Spring Climate Partners. Celadyne has been publicly and financially supported for its hydrogen applications through grants from the U.S. Department of Energy, National Science Foundation, ARPA-E and Department of Defense–AFWERX. These entities, along with Celadyne’s customers, believe that advanced materials hold the key to unlocking the full potential of hydrogen.
The capital will be used to expand the team’s growth with engineers coming from Siemens Energy, Argonne National Lab, the U.S. Navy, Micron Technologies, Hyzon Motors and Northwestern University. The team will support the ongoing development of Celadyne’s materials technology, to create even better fuel cells and expand its usage in electrolysis among its clients across the U.S.
By year-end 2024, Celadyne expects to double its customer base.
