Delta, British Columbia – Hydra Energy has received $15 Million CAD from Just Business as funding for its mission to offer more clean fuel for vehicles.
The funding will allow Hydra Energy to expand beyond pilot projects and deliver more hydrogen-powered trucking. The money is expected to go towards further development of Hydra’s waste hydrogen capture plan in British Columbia, its fueling infrastructure, as well as conversion kits.
Hydra Energy is the worlds first Hydrogen-as-a-Service provider. The company offers green, clean hydrogen for a cheaper price to commercial fleets, as an alternative to using diesel gas. The clean energy allows for better truck performance, fuel efficiency, and greenhouse gas emission reduction.
The total funding received by the company is now up to $22 million CAD. Hydra Energy is able to replace about 40% of diesel in the nation with hydrogen alone. In perspective, the 7.1 billion litres of diesel they are eliminating is equal to removing the average emissions of 4 million cars in a year.
David Batstone, Senior Managing Partner and Co-Founder of Just Business, spoke on the trust he has in Hydra Energy’s business model. “We have full confidence in Hydra's innovative technology and business model, which is why we invested in an early stage company. We believe that improving this traditionally diesel-heavy industry harnesses the potential of clean fuel now and will help pave the world for the hydrogen revolution in the future.”
Co-Founder and Chief Innovation Officer of Hydra Energy Badr Abduljawad is honoured to receive the funding from Just Business and is excited to bring the future of energy closer to today. “I co-founded Hydra to make low carbon hydrogen adoption scalable through a business model that's affordable for fleets to implement. We are grateful to our new investor, Just Business, for supporting us in expanding this vision throughout North America."
Just Business, the non-profit venture dedicated towards making a positive impact in the world, has taken another step towards protecting the environment and reinforcing its mission of “bringing dignity to people and the planet.”