KIYATEC Announces Investment from Seae Ventures and Names Co-founder and Managing Partner Jason Robart to its Board of Directors
01 May, 2021
– Universal Hydrogen announced its $20.5M Series A financing round.
– The round was led by Playground Global with the investor syndicate comprising Fortescue Future Industries, Coatue, Global Founders Capital, Plug Power, Airbus Ventures, JetBlue Technology Ventures, Toyota AI Ventures, Sojitz Corporation, and Future Shape.
– The company is building a fuel distribution network that connects hydrogen production directly to the airplane using modular capsules that are transported using the existing freight network, avoiding the need for costly new pipelines, storage facilities, and fuel trucks.
– First commercial flights are planned no later than 2025, with operating costs equivalent to those of conventional hydrocarbon-burning airplanes and decreasing rapidly thereafter.