Today, the world’s first Hydrogen-as-a-Service provider for commercial fleets, Hydra Energy, announced the scale-up of its green hydrogen fuelling infrastructure and hydrogen-diesel conversion kits. The company will mainly focus this upgrade on its North American fleet customers, helping them reduce both tailpipe emissions and fuel costs.
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Worth noting, Hydra Energy will leverage a $12m investment from Just Business in the company. Accordingly, this funding will help Hydra Energy support the efforts and expand beyond pilots to deliver hydrogen-powered trucking.
Moreover, the funding will help further the development of Hydra’s initial waste hydrogen capture plant in British Columbia, Canada. Therefore, the investment will equally help upgrade the company’s fueling infrastructure and conversion kits at the BC facility.
Reception in Hydra Energy and Just Business
In this sense, Badr Abduljawad, Co-Founder and Chief Innovation Officer of Hydra commented, “Hydrogen is no longer a fuel of the future. Therefore, this funding brings Hydra closer to having 65 trucks on today’s roads. Thus, we are closer to deliver significant fuel and emissions savings to our early users.”
Moreover, “I co-founded Hydra to make low carbon hydrogen adoption scalable through a business model that’s affordable for fleets to implement,” added Abduljawad. Hence, “we are grateful to our new investor, Just Business, for supporting us in expanding this vision throughout North America.”
On the other hand, David Batstone, Senior Managing Partner and co-founder of Just Business, said, “One of the most important industries to be decarbonized is transportation. Thus, we have full confidence in Hydra’s innovative technology and business model, which is why we invested in an early-stage company.”
Besides, “we believe that improving this traditionally diesel-heavy industry harnesses the potential of clean fuel now. Also, it will help pave the world for the hydrogen revolution in the future.”
Therefore, scaling up this hydrogen infrastructure is actually “the best opportunity we see for commercial fleets. Particularly, to reduce emissions in the near term significantly,” continued Batstone. Furthermore, “these fleets can reap the economic and environmental benefits in the transportation sector today.”
A Low-risk and Cost-efficient solution for Truck Fleet Users
Concurrently, Hydra offers truck fleets and commodity haulers Hydrogen-as-a-Service (HaaS). Essentially, this solution includes hydrogen-diesel and dual-injection conversion kits. Also green hydrogen fuel at a fixed discount 5% lower than their existing diesel costs with no up-front investment.
With transportation currently responsible for the fastest growth in CO2 emissions and trucking being one of the fastest-growing sectors; Hydra Energy aims to create an economical, low-risk, scalable solution. Therefore, the company achieves it by using existing trucks and resources to decarbonize the trucking industry.