Forbes

Verne Closes Strategic Fundraise

April 2024

Trucks Venture Capital, Collaborative Fund, Amazon’s Climate Pledge Fund, United Airlines Ventures Sustainable Flight Fund, Newlab and other strategic investors back Verne’s cryo-compressed hydrogen storage technology

San Francisco, CA, April 18, 2024 - Verne, a leading developer of high-density hydrogen storage systems, today announced a strategic fundraise led by Trucks Venture Capital, with participation from existing investors Collaborative Fund and Amazon’s Climate Pledge Fund, and new investors United Airlines Ventures Sustainable Flight Fund and Newlab. The new funding will enable Verne to accelerate development of their cryo-compressed hydrogen (CcH2) technology for on-board hydrogen storage for heavy-duty vehicles. The investment brings Verne’s total funding to $15.5M including grant funding.

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Related News

Verne achieves hydrogen storage milestone

January 2025

Verne demonstrated the world’s first cryo-compressed hydrogen Class 8 truck and refueling system, paving the way for CcH2 applications in trucking and hydrogen distribution

San Francisco, CA, January 22, 2025 — Verne successfully demonstrated the world’s first cryo-compressed hydrogen (CcH2) truck in Southern California in late 2024. During the testing, Verne drove the truck hundreds of miles and conducted multiple refueling events with Verne’s novel CcH2 filling equipment. The test validated the density and dormancy benefits of CcH2 and the reliability and durability of the system under real-world operating conditions. These test results confirm the advantages of CcH2 relative to existing hydrogen storage methods, preparing Verne to commercialize the technology in various markets, beginning with hydrogen distribution.

Verne’s breakthrough cryo-compressed hydrogen technology is the most efficient method of storing and distributing hydrogen. CcH2 enables 33% greater hydrogen storage density than liquid hydrogen and 87% greater density than traditional 700 bar compressed hydrogen. Additionally, CcH2 has lower densification costs and experiences less hydrogen boil-off losses relative to liquid hydrogen. Verne estimates that these improvements enable 40% cheaper hydrogen distribution costs relative to existing technologies.

During the demonstration in late 2024, Verne validated both the storage and fueling systems under relevant operating conditions, including operation of the truck on rugged off-road terrain. This is an important step towards commercialization of Verne’s CcH2 technology. Following this successful technical demonstration, Verne will conduct hydrogen distribution pilots with key customers before scaling up to full commercial hydrogen distribution operations.

One early market for hydrogen distribution is replacing diesel generators, delivering hydrogen to operate zero-emission hydrogen-to-power generators. Customers from a variety of sectors are seeking access to clean power and are not currently being served by the grid or by existing hydrogen distribution technologies. The efficiency and low-cost of CcH2 distribution make it feasible to deliver affordable clean energy anywhere without relying on interconnection to the grid. Verne has received interest from customers in construction, warehouses, ports, EV charging and remote events. Beyond commercializing the technology for CcH2 distribution, Verne will pursue onboard storage for Class 8 trucks and other heavy-duty vehicles.

“This demonstration is an important step forward for CcH2 and proves the strong technical foundation we’ve built at Verne,” said Ted McKlveen, Co-founder & CEO of Verne. “Across sectors, decarbonization efforts are being hindered by limited access to clean energy and zero-emission alternatives that meet operational standards. CcH2 can serve these customers and replace fossil fuels in some of the most demanding, most essential sectors of the economy.”

Since its founding in 2020, Verne has made rapid progress to develop and commercialize CcH2. In 2022, Verne initiated a project funded by ARPA-E to develop energy-efficient cryo-compression technology. In 2023, Verne demonstrated a world-record 29 kg storage tank at Lawrence Livermore National Laboratory, validating the CcH2 storage system in a stationary environment. Verne has also collaborated with key partners to develop the full technology ecosystem of CcH2, including coupling provider ARTA, cryopump provider Cryostar, refueling hose provider Lifeguard Technologies, and flow meter provider Rheonik. Building on this successful 2024 demonstration, which was supported by Alberta Innovates and Diesel Tech Industries, Verne will progress to pilots with these partners and leading commercial customers in 2025.


About Verne

Verne was founded in 2020 to decarbonize the most demanding sectors of the economy. Verne’s platform unlocks zero-emission operations in sectors including construction, warehouses, ports, EV charging and remote events. Verne is financially supported by leading commercial entities, including Trucks Venture Capital, Collaborative Fund, Amazon’s Climate Pledge Fund, NextEra Energy Resources, United Airlines Ventures Sustainable Flight Fund, Caterpillar VC, and Newlab. Verne is also supported by Breakthrough Energy Fellows, the Department of Energy’s ARPA-E, The U.S. Army, Alberta Innovates and other organizations. For more information, visit www.verneh2.com.

Company contact: contact@verneh2.com

Verne and Rheonik to develop cryo-compressed hydrogen mass flow meters for distribution and mobility

November 2024

The parties will develop mass flow meters to measure cryo-compressed hydrogen flow during distribution trailer filling and vehicle fueling

San Francisco, California & Odelzhausen, Germany, November 7th, 2024 — Verne and Rheonik announced a technical collaboration to develop mass flow meters for cryo-compressed hydrogen applications. Verne and Rheonik will collaborate to adapt the Rheonik Omega Coriolis mass meter to support the growing demand for cryo-compressed hydrogen in the distribution and mobility markets.

 Hydrogen can enable decarbonization of up to 25% of U.S. energy-related emissions in some of the hardest-to-decarbonize sectors, including iron & steel production, chemicals manufacturing, off-road equipment and heavy-duty transportation. However, hydrogen adoption is currently hindered by expensive, inefficient hydrogen distribution and storage. Verne’s breakthrough cryo-compressed hydrogen technology enables low-cost hydrogen distribution by maximizing hydrogen density on delivery trailers and minimizing the cost of densifying the hydrogen. The improvements to hydrogen distribution will make the use of clean hydrogen economical for existing industrial users of hydrogen and will unlock new use cases of hydrogen, such as off-road equipment, and heavy-duty trucks. These growth sectors could more than double hydrogen distribution demand by 2030 and enable hydrogen to replace diesel in the most demanding sectors of the economy.

 Verne and Rheonik’s partnership aims to establish a reliable supply of proven flow metering to enable commercial CcH2 filling of hydrogen distribution trailers and heavy-duty vehicles. Rheonik is a leading developer of mass flow solutions for extreme applications with devices already being used in approximately 2,000 hydrogen filling stations, and in oil & gas, marine, petrochemical and many other applications.

Verne develops cryo-compressed hydrogen storage systems and densification equipment that converts gaseous hydrogen into CcH2 to fill distribution trailers and heavy-duty vehicles. Verne is focused on developing the full ecosystem of CcH2 suppliers. Previously, Verne announced a partnership with ARTA to develop nozzles and receptacles for CcH2 filling, a partnership with Cryostar to develop pumps for “future-proofed” hydrogen filling stations and a partnership with LifeGuard Technologies to develop flexible hoses for CcH2filling. This partnership with Rheonik is an important next step in enabling commercial use of CcH2 in hydrogen distribution and heavy-duty transportation.

 In 2023, Verne completed drive testing of a CcH2 storage system onboard a vehicle and demonstrated a world-record 29 kg storage tank at Lawrence Livermore National Laboratory, validating the high-densities of cryo-compressed hydrogen. Verne recently announced the completion of the world-first CcH2 Class 8 truck, with drive testing set to take place later this year. Verne is also working with leading hydrogen distributors and vehicle manufacturers to pilot the technology starting in 2025.

 “The hydrogen industry is in desperate need of an efficient hydrogen distribution method. Cryo-compressed hydrogen distribution will meet this critical industry need, and reliable mass flow meters will be critical for commercial roll-out of CcH2 filling stations for distribution trailers and vehicles,” said Bav Roy, Verne Co-founder & COO. “Rheonik’s decades of experience making high-quality mass flow meters makes them the perfect partner.”

“Accurate mass measurement of CcH2 in the distribution channel is an essential step in the implementation of CcH2 filling stations. The unique design of Rheonik's Omega Coriolis metering platform offers the perfect solution to the challenges of CcH2 measurement. In partnership with Verne, we will be able to specifically optimize our flow meters for this application,” said Maximilian Weber, Application Engineering Manager at Rheonik.

 

About Verne

Verne was founded in 2020 to develop high-density hydrogen storage solutions required for deep decarbonization. Verne’s platform unlocks zero-emission operations in sectors including industrial hydrogen use, off-road equipment, and heavy-duty transportation. Verne is financially supported by leading commercial entities, including Trucks Venture Capital, Collaborative Fund, Amazon’s Climate Pledge Fund, NextEra Energy Resources, United Airlines Ventures Sustainable Flight Fund, Caterpillar VC, and Newlab. Verne is also supported by Breakthrough Energy Fellows, the Department of Energy’s ARPA-E, The U.S. Army, Alberta Innovates and other agencies. For more information, visit www.verneh2.com.

 Company contact: contact@verneh2.com

 

 About Rheonik

Rheonik was founded in 1986 to develop a mass flow meter based on the new Coriolis measuring principle. Since returning to private ownership in 2014, the Rheonik Omega metering platform has been significantly updated and enhanced. Rheonik’s state-of-the-art product range has been met with great acceptance in the market and has opened many new business areas for the company.

Rheonik is recognized as the global leader in the supply of Coriolis flow meters for hydrogen metering applications. As a pioneer in hydrogen flow measurement, Rheonik is constantly developing technical innovations for new applications in this field. For more information, visit www.rheonik.com.

 Company contact:info@rheonik.com

Transport Topics

Verne’s Cryo-Compressed Hydrogen Tech Nears Pilot Phase

October 2024

Hydrogen Storage Startup Promises Diesel-Equivalent Range, Will Trial Dual-Fuel VNL 760 First

A 2019 Volvo VNL 760 will serve as the initial testing ground for an innovation its developer believes could increase the range and cut the cost of every hydrogen-fueled Class 8 tractor manufacturers envision building as part of the gradual decarbonization of the freight sector.

San Francisco-based Verne plans to offer truck makers — whether they are building dual-fuel, hydrogen internal combustion engine or hydrogen fuel cell electric models — the option of cryo-compressed hydrogen storage to achieve the same range as a diesel tractor.

The startup, founded in 2020, believes cryo-compressed hydrogen can offer a denser form of hydrogen storage that improves vehicle range and payload.


Read the full article from Keiron Greenhalgh: https://www.ttnews.com/articles/verne-nears-hydrogen-pilot