Jolt has developed cutting-edge technology that will boost the production of green hydrogen, bringing greater efficiency to the process and reducing costs. The Catalan startup has secured €6 million in a Series A funding round led by Climentum Capital, Ship2B Ventures through BSocial Impact Fund, supported by the EIF, Banco Sabadell and AXIS – as well as Axon Partners Group and two Catalan family funds, which join the initial investor NET.
Green hydrogen, a vital component in the transition to sustainable energy, currently faces significant cost challenges, with unit prices up to four times higher than those of fossil fuels. The consumption and cost targets for green hydrogen worldwide are unattainable with existing electrode technologies, necessitating innovation and breakthrough solutions.
The company, founded by Leon Rizzi, Alberto Bucci, Arturo Vilavella and ICREA professor Julio Lloret-Fillol, has emerged from the Institut Català d’Investigació Química (ICIQ) and boasts technological advances that promise to tip the balance of green hydrogen.
It’s team emphasizes that the success or failure of the green hydrogen sector hinges on advancements in electrochemistry, not just engineering. With its patented catalytic coating technology, Jolt is revolutionizing electrode production, enabling a more cost- and energy-efficient industrial process.
Their latest Alkaline and AEM electrodes demonstrate an unprecedented level of energy efficiency and exceptional durability of over 10 years, outperforming all existing commercial electrodes currently available.
Jolt’s CEO Leon Rizzi emphasises “Electrodes serve as the beating heart of all electrolysers and fuel cells. The evolution of electrodes plays a pivotal role in determining the triumph of the Green Hydrogen industry, much like the revolutionary impact of microchip innovation in the Personal Computing era.”
The funding will enable Jolt to establish its first electrode production plant in Barcelona, Spain, scheduled to commence operations in early 2024, along with a state-of-the-art laboratory.
“Jolt helps to push down the cost of green hydrogen production and facilitate its mass adoption. We are proud to support a disruptive local technology with the potential to decarbonize the energy and transportation sectors.” Marc Sabás, Investment Director at Ship2B Ventures.
Several follow-on coating plants are planned for 2024-25, each low-CAPEX line located in or adjacent to Jolt’s own customers’ manufacturing plants, with the capability to produce an incredible 400,000 square meters of electrodes per year. Current production methods are energy-intensive and complex, resulting in long waiting lists of over a year. Currently, alkaline and AEM activated electrodes account for an average of up to 22% of the total production cost of an electrolyzer (26% for PEM electrolysis). Jolt aims to reduce this cost to 8% initially, and subsequently to below 5%, enabling rapid scaling in the use of water electrolysis.
The market response to Jolt’s groundbreaking electrodes has been truly remarkable, with numerous customers already signing contracts to gain access to Jolt’s cutting-edge technology.
HyDep, a well-known Italian company with decades of experience in designing advanced stacks and electrolysers, confirms the significance of its partnership with Jolt. Mario Dragoni, the CEO, states,“Aligning with Jolt ́s groundbreaking coating solution equates to investing in the very essence of the green hydrogen revolution. The activated electrodes that Hydep has been testing have boosted durability and efficiency, at much-reduced costs and with a significant increase in productivity compared to traditional electrode coating solutions.”