Bulgarian hydrogen production startup Hydrogenera closes €2M round

The Sofia-based startup that specializes in the research and development of technologies for hydrogen production Hydrogenera has closed a €2 million round, The Recursive informs. The investment was led by Karoll and joined by IMPETUS CAPITAL, MFG Invest, and some business angels. 

• Founded in 2016 by Dragomir Ivanov, Borislav Stefanov, and Angel Kasabov, Hydrogenera is the brand of Green Innovation Ltd. that develops the technological solutions to complete the entire chain — hydrogen production, compression, and storage feeding into a gas transmission network or transportation to charging stations.
• Hydrogenera claims that hydrogen can be the main part of the green transition as a solution to the world’s pressing climate problems and the urgent need for sustainable energy. The company is primarily focused on the Bulgarian market and maintains a B2B focus, targeting larger polluters from the food, construction, and other industries.

 “For the last two years, we have successfully implemented 82 projects in three different countries and integrated 56 hydrogen systems of different capacities in industrial enterprises and public buildings. Some of our electrolyzers (a system that uses electricity to break water into hydrogen and oxygen) have been operating for more than four years. Our vision is to demonstrate that hydrogen can be the main energy source as it is universal, has a zero carbon footprint, and can completely replace conventional fuels,”

Dragomir Ivanov, founder, and CEO of Hydrogenera says.

• The fresh investment was led by Karoll, a Bulgaria-based financial group offering the full spectrum of financial products and services in the field of investment banking, asset management, brokerage, insurance and assurance, land banking, and private equity.
• Bulgarian VC fund IMPETUS CAPITAL participated in the round. To date, in December 2022, it also joined the pre-seed round for the Germany-based digital finance platform Tapline, AIN.Capital reported. 
• Hydrogenera will spend the fresh funding to expand its production capacities, acquire new equipment, and attract more experts to its team.