Lithium-ion battery electric vehicles (EVs) have become the preferred choice in modern transportation, celebrated for zero emissions and efficiency. However, they struggle with challenges like lengthy charging times, limited range, and environmental concerns from battery disposal. As a result, Hydrogen Fuel Cell Vehicles (HFCVs) are gaining attention as a viable alternative, offering quicker refueling, extended range, and water as their only emission.
However, despite its advantages, the hydrogen vehicle has challenges, and most importantly, critics like Elon Musk, who recently slammed it on X.
Still, companies like Toyota see this technology with a positive outlook. It is ready to promote its fuel cell vehicle, Mirai, at the Paris Olympics. Further, startups are also working on hydrogen-powered vehicles to make them a better alternative.
This article examines five early-stage hydrogen fuel cell vehicle startups developing more sustainable transportation options.
These growth-stage startups have promising market potential and game-changing technology. They are ideal options for partnerships, collaborations, or acquisitions.
Stay ahead of your competitors by knowing the latest trends and advancements made by companies in the hydrogen sector.
Downloaded the report on Green Hydrogen startups by filling out the form below:
1. Xie Hydrogen New Energy Offering Small Cell Fuel Systems and Drones
| Founding Year | 2022 |
| Headquarters | Shanghai, China |
| Total Funding Amount | Publicly Not Disclosed |
| Last Funding Round/Amount | Seed |
| Website | http://www.shhits.com.cn/ |
Xie Hydrogen New Energy is addressing the need for cleaner and more efficient energy sources in various applications, including transportation and power supply.
The startup has developed several small fuel cell systems, such as the Kirin HITS series, designed for hydrogen-powered two-wheelers, electric motorcycles, yachts, and drones.
These products feature specifications like peak powers ranging from 2600W to 350W, high hydrogen utilization rates of 97%, material utilization rates of 80%, and power generation system efficiencies of 55%, with specific powers of 1000W/kg. Their designs ensure low-temperature starts at -10°C and quick start times of 5 to 10 seconds, catering to the demands of different vehicles and power needs.
Xie Hydrogen New Energy also offers a hydrogen drone with a peak power of 2600W and a battery weight of 2700g. It operates within a voltage range of 45-50V and a current range of 45-55A.
The drone can operate at temperatures as low as -10℃, with high hydrogen (97%) and material (80%) utilization rates while maintaining a power generation efficiency of 55%.
Xie Hydrogen New Energy’s drone utilizes hydrogen fuel cell technology, allowing for longer flight times and reduced environmental impact compared to conventional battery-powered drones. The drone’s high specific power and efficient energy use make it ideal for extended and demanding operations like photovoltaic cleaning and power infrastructure inspection.
Xie Hydrogen raised its last funding from a seed round led by Guangdong Guoli Sci & Tech on Oct 24, 2023.
Its strong and seasoned founding team unites small fuel cell experts from the Dalian Institute of Chemical Physics and Chinese Academy of Sciences, digital experts, and enterprise management experts from Tsinghua University.
2. PharosMarine Optimizing Sea Transport with Hydrogen Fuel Cell Outboard Motors
| Founding Year | 2021 |
| Headquarters | Kyongsang-bukto, South Korea |
| Total Funding Amount | Publicly Not Disclosed |
| Last Funding Round/Amount | Seed |
| Website | https://pharosmarine.kr/ |
Traditional marine propulsion systems pose challenges, such as water and air pollution caused by internal combustion engines in marine vessels. Pharosmarine is working towards creating a sustainable marine energy ecosystem, focusing on developing hydrogen fuel cell outboard motors to establish a completely pollution-free ship propulsion system.
The startup has developed hydrogen fuel cell outboard motor products and peripheral parts optimized for the marine environment. This includes a hydrogen-electric plug-in hybrid (FC-PHEV) system, which allows for the optimal design of hydrogen tanks and battery capacity tailored to each ship’s usage environment.
Pharosmarine has also developed a rim-driven electric propulsion system that offers a more compact and efficient alternative to traditional propeller systems. It claims over 20% higher performance and efficiency than existing products.
PharosMarine’s technology provides system optimization and an eco-friendly approach. Its hydrogen fuel cell outboard motors and rim-driven thrusters minimize environmental impact, providing higher output and performance while reducing noise and vibration.
CEO Seulkie Lee is the leader behind the success of this startup. He holds an M.Sc in Sustainable Energy Technologies from the University of Warwick. He has experience as a research intern with the United Nations Industrial Development Organization (ITPO Korea). Lee also worked as a Project Control Engineer and engineering consultant roles.
PharosMarine’s last funding was from a seed round on Jul 3, 2023.
Intrigued by these innovative startups?
Subscribe for more information on hydrogen industry startups solving the core challenges.
3. Hyrex Changing Maritime with Hydrogen-Electric Propulsion and Boats
| Founding Year | 2020 |
| Headquarters | Vestfold, Norway |
| Total Funding Amount | Publicly Not Disclosed |
| Last Funding Round/Amount | Seed |
| Website | https://www.hyrex.no/ |
In the maritime sector, boats ranging from 25 to 60 feet have significant environmental impact and face efficiency challenges. The industry is under increasing pressure to reduce climate gas emissions and remove fossil fuel dependency.
Conventional marine propulsion systems also produce significant emissions. Boats in this category often consume large quantities of fossil fuels, leading to substantial emissions along coastlines.
Hyrex has developed innovative hydrogen-electric propulsion solutions to tackle these issues, such as the HyValve H2 system and the HYREX BOOST series (including HYREX BOOST 700 and HYREX BOOST 300).
The HYREX BOOST 700 and 300 are designed to provide substantial energy storage and power for different types of boats, reducing reliance on traditional fuels and improving the sustainability of maritime operations.
The startup solutions include hydrogen pressure, flow, safety regulators, exhaust separators, and advanced hydrogen electrical range extender systems.
What sets Hyrex’s technology apart from existing marine propulsion solutions is the integration of hydrogen fuel cells with advanced safety and efficiency features.
The startup also offers hydrogen-powered maritime vehicles like Hyrex 28 and Hyrex 36.
The Hyrex 28, powered by the HYREX BOOST 300 hydrogen electrical drivetrain system, integrates a 20kWh battery pack with a 300kWh hydrogen range extender to achieve an impressive cruising time of 20-25 hours at 10 knots.
The Hyrex 36 is a high-performance, fast patrol vessel characterized by its hydrogen hybrid propulsion system, which ensures efficient, zero-emission performance. Designed to be adaptable for Search and Rescue (SAR), Expedition (EX), and Passenger Transport (PT) uses, it meets the diverse demands of professional maritime operations.
Hyrex is led by CEO Eirik Malterud and Co-founder and CTO ØYVIND WETTELAND. Malterud has experience as CEO, CCO, and Vice President of other companies.
He holds an MBA in Business Administration from Heriot-Watt University. His educational background also includes an M.Sc. in Engineering with a major in Project Management from the Norwegian University of Science and Technology (NTNU).
The startup’s last seed funding round was on Dec 7, 2022.
Related Read: Hydrogen Electrolyzer Startups to Watch in 2024
4. OSTWALD Increasing Mobility with Hydrogen Fuel Cell Trucks
| Founding Year | 2018 |
| Headquarters | Sachsen, Germany. |
| Total Funding Amount | €8 Million |
| Last Funding Round/Amount | Seed/€8 Million |
| Website | https://www.ostwald.biz/ |
Urbanization and mobility are facing challenges of air pollution exacerbated by combustion engine vehicles. As cities grow, the demand for efficient and clean transportation solutions becomes imperative to mitigate environmental and health impacts.
OSTWALD has developed hydrogen fuel cell trucks with an electrical powertrain to address these urbanization needs.
This technology merges system and software engineering to create vehicles designed for the next generation of urban mobility. These trucks are powered by renewable hydrogen, offering a sustainable alternative to traditional fossil fuel-based vehicles.
OSTWALD’s technology stands out from existing solutions by prioritizing renewable hydrogen for sustainable and eco-friendly urban transportation. The fuel cell trucks promise a cleaner, quieter, and more energy-efficient future.
Christian Odoj is the co-founder and CTO of the company. He has experience as a team leader with industry giants like BMW Group. He holds a degree in mechanical engineering from the University of Sheffield and worked as a scientific assistant at the Technical University of Dresden.
OSTWALD raised €8 Million in its last seed funding round on Nov 1, 2020.
5. SWITCH Maritime Changing Sea with Its ‘Sea Change’ Hydrogen Powered Vessel
| Founding Year | 2017 |
| Headquarters | Wyoming, United States. |
| Total Funding Amount | $10 Million |
| Last Funding Round/Amount | Series A/$10 Million |
| Website | https://www.switchmaritime.com/ |
Conventional diesel-powered ferries cause environmental problems related to maritime transport, such as air and water pollution. These issues are critical in areas like the San Francisco Bay, where reducing road congestion and lowering greenhouse gas emissions are paramount.
SWITCH Maritime has developed the “Sea Change,” a 70-foot, 75-passenger ferry powered by hydrogen fuel cells and batteries to address these challenges.
This vessel features a 360kW PEM fuel cell system supplemented by 100kWh of lithium-ion batteries. It can store 240 kg of hydrogen at 250 bar pressure on its top deck to operate efficiently and sustainably.
The propulsion system designed by Zero Emission Industries, equipped with a Cummins Hydrogenics fuel cell, enables the ferry to achieve speeds of 22 knots, showcasing an advanced integration of hydrogen fuel cell technology in the maritime sector.
SWITCH Maritime LLC is developing two new zero-carbon passenger ferries. These are next-generation designs with a capacity of 150 passengers and 350 passengers featuring advanced hydrogen fuel cell and/or battery electric propulsion systems.
What distinguishes SWITCH Maritime’s technology is its innovative use of hydrogen fuel cells for marine propulsion, a relatively new application of this technology. The “Sea Change” represents North America’s first commercial hydrogen fuel cell, zero-emission e-ferry.
Co-founder and CEO Pace Ralli is leading this startup with an expert team and his experience as CEO, co-founder, and principal of multiple startups. He holds an MBA from The Tuck School of Business at Dartmouth.
SWITCH Maritime raised $10 million in its last Series A funding round led by Nexus Development Capital on Nov 16, 2023.
Partner with cutting-edge startups to tackle your industry’s toughest challenges and stay on top of the competition.
Learn how GreyB can help you discover similar ventures that perfectly fit your needs.
Authored By: Naveen Kumar, Marketing
Read Next: Hydrogen Energy Storage: An Innovation Trend Analysis
