Power to Hydrogen, a leader in clean hydrogen technology, has closed an oversubscribed Series A funding round exceeding $20 million, marking a significant step forward in the company’s mission to accelerate the global energy transition. The round is backed by strategic investments from two major players in the maritime industry: Mitsui O.S.K. Lines (MOL) and Karpowership.
The investments—channeled through MOL Switch LLC, the venture capital arm of Mitsui O.S.K. Lines, and Kinetics, Karpowership’s newly launched clean tech division—will accelerate the commercialization and deployment of Power to Hydrogen’s Anion Exchange Membrane (AEM) electrolyzer systems. These systems offer a low-cost, scalable solution for producing green hydrogen, making them ideally suited to meet the growing demand for clean fuels in the maritime sector.
“This strategic investment is a strong endorsement of our technology and mission,” said Paul Matter, Co-Founder and CEO of Power to Hydrogen. “As regulatory and market pressure mounts to decarbonize shipping, we see green hydrogen, e-methanol, and green ammonia playing a central role in the fuels of the future. Our electrolyzers provide the efficiency and affordability needed to enable that transition at scale.”
Targeting the Hard-to-Decarbonize Shipping Sector
Shipping is one of the most challenging sectors to decarbonize—and one of the most urgent. As the International Maritime Organization (IMO) pushes for zero-emission fuels, ports and shipowners are looking for viable alternatives to fossil fuels.
Power to Hydrogen’s patented AEM electrolyzers are designed for cost-effective hydrogen production in a variety of settings, including port-based installations, offshore platforms, or integrated directly with renewable energy sources. This flexibility and modular design make them well-suited to meet maritime energy demands in a sustainable way.
“Green hydrogen is critical to decarbonizing global transport and industry,” said Tomoaki Ichida, CEO of MOL Switch. “Power to Hydrogen’s unique technology offers a path to affordable, scalable hydrogen, and aligns with MOL’s strategy to lead the maritime industry toward a clean energy future.”
Mehmet Katmer, General Manager of Kinetics at Karpowership, added: “This investment reflects our commitment to future-proofing energy systems and developing sustainable solutions. Partnering with Power to Hydrogen and MOL Switch strengthens our shared goal of powering the world more responsibly, while driving innovation in next-generation fuels.”
Scaling for Impact
This strategic backing allows Power to Hydrogen to accelerate manufacturing, expand its global footprint, and advance partnerships in sectors where clean hydrogen is becoming a critical part of long-term decarbonization strategies.
With the maritime industry at the forefront of hydrogen adoption and a growing focus on port-based hydrogen ecosystems, Power to Hydrogen is well-positioned to play a pivotal role in enabling a cleaner, more resilient global energy supply chain.
