TLDR: Verne Closes Funding; Brings Total $15.5M
Key points:
- Verne, a developer of high-density hydrogen storage systems, raised additional funding, bringing the total to $15.5M.
- The funding round was led by Trucks Venture Capital and included participation from existing and new investors.
Verne, based in San Francisco, CA, focuses on developing cryo-compressed hydrogen technology for on-board storage in heavy-duty vehicles. Their platform aims to decarbonize transportation in various sectors such as trucking, aviation, and mining. CEO Ted McKlveen highlighted the importance of new strategic investors in accelerating their path to market and reducing carbon emissions in the industry.
Founded in 2020, Verne’s latest funding round included investments from Trucks Venture Capital, Collaborative Fund, Amazon’s Climate Pledge Fund, United Airlines Ventures Sustainable Flight Fund, and Newlab. The company plans to use the funds to advance the development of their hydrogen storage solutions and promote zero-emission operations in the transportation sector.
Other recent funding news in the industry includes SWTCH Energy securing $27.2M in Series B funding and GA Drilling announcing the first close of a $15M funding round. The push for sustainable energy solutions continues to drive investment in companies like Verne that are working towards decarbonization and reducing environmental impact.
