May 11, 2022
Noble Gas Systems Inc. (“Noble Gas”), a developer and manufacturer of innovative, conformable high-pressure hydrogen gas storage tanks, announced it has raised $3.5 million in Series A funding. The round was led by AP Ventures, a significant investor in breakthrough hydrogen technologies. The funding will support commercialization of Noble Gas’ 350 bar (5,000 psi) hydrogen storage systems and to accelerate the development of the company’s 700 bar (10,000 psi) technology.
“This is an incredible milestone in our journey to bring our high-pressure, lightweight and conformable hydrogen storage and delivery system to the market,” said Chris Kondogiani, CEO, Noble Gas Systems. “We are ecstatic to have the support of the experienced AP Ventures team and to join an impressive portfolio of companies advancing hydrogen technologies.”
The Noble Gas high-pressure, lightweight storage and delivery system can accommodate the most common compressed gases, including hydrogen, natural gas, air, oxygen, and nitrogen. It features a tank comprised of a polymer liner, woven reinforcement and protective outer shell. A safer alternative to other options, the system currently is being tested and demonstrated at 350-bar working pressures and has a leak-before-burst failure mode to eliminate the opportunity for a catastrophic, instantaneous release of high-pressure gas.
The gas storage system can be fabricated in a variety of shapes and sizes to be easily integrated into unique and existing product configurations. In addition to the transportation industry, it has applications in defense, aviation, marine and industrial gas industries.
“Noble Gas’ technology will solve some of the key challenges around onboard storage for mobility applications; it will enable the adoption of hydrogen technologies across multiple sectors such as commercial vehicles and aviation. We are delighted to support Noble Gas for this important step of their development,” said Andrew Hinkly, Managing Partner, AP Ventures.
AP Ventures is headquartered in London and manages venture capital funds with a global mandate to invest in pioneering new technologies and businesses which aim to solve global challenges such as renewable energy integration, resource scarcity and a growing population. AP Ventures has been investing in the hydrogen industry since 2013 and is recognized as a leading venture capital fund across this value chain. AP Ventures manages $395 million of assets on behalf of 12 LPs and presently has a portfolio of 19 technology companies across the hydrogen value chain. AP Ventures is led by Andrew Hinkly (Managing Partner) and Kevin Eggers (Partner).