USA – Modern Electron, a Bothell WA-based sustainable heating and power technology company, raised $30M in Series B funding.
The round was led by At One Ventures, with participation from new investors Extantia, Starlight Ventures, Valo Ventures, and strategic investors IRONGREY and Wieland Group. As part of the financing, Tom Chi, founding partner at At One Ventures, will join Modern Electron’s board of directors.Led by Tony Pan, CEO, and and Max Mankin, CTO, Modern Electron provides sustainable heating and power technology that enables consumers of heat to save money, reduce carbon emissions, and increase resiliency during power outages. The technology decarbonizes buildings and industry further by producing hydrogen without CO2 emissions directly where it will be used. The company intends to use the funds to integrate its proprietary technologies into heating appliances with manufacturers of HVAC and energy systems. By converting wasted heat into bonus electricity, Modern Electron increases the efficiency of furnaces, boilers, and hot water heaters. This saves homeowners and building operators money, reduces CO2 emissions, and increases the resiliency of critical heat & electricity systems during power outages.The company will also leverage the investment to deploy hydrogen production pilots that demonstrate affordable decarbonization of gas heating without any new infrastructure. Modern Electron’s distributed hydrogen production technology addresses market demand for heating without CO2 emissions inside residential and commercial buildings, as well as the industrial sector.04/02/2022
