The funds will be used to set up initial manufacturing operations in Chennai and develop prototype systems. The company, based in Tennessee, USA, has a subsidiary in Chennai.
“We will use the funding to set up tooling for manufacturing and purchase the necessary equipment to establish our assembly line to build fuel cells. We will also use some funds to develop working prototypes for various applications that we have,” said founder David DeVries.
The company aims to deploy its solutions to offer cost-effective backup power applications in the North American markets. Additionally, it aims to power fuel cell engines for three-wheeler transportation and four-wheeler delivery applications in India and other Asian markets.
"Hydrogen fuel cells have far fewer moving parts compared to internal combustion engines, making them simpler and easier to maintain. We see that as a nice solution for long-lasting vehicles,” he said.
“If hydrogen is used as a transportation solution, it has the potential to reduce pollution in larger cities. I believe that as we move forward in India, this will become increasingly important,” he added.
According to DeVeries, Transition VC's focus on emerging alternative energy solutions and extensive networks in India will help Protonas in its initial growth phase, enabling access to both Indian and international markets.
“We believe it’s an exciting time for India’s energy transition into hydrogen, and we are excited to be a part of this transformation,” he added.
Commenting on the investment, Raiyaan Shingati, cofounder and managing partner of Transition VC, said, “Hydrogen fuel cells have been a reality for a while, but what we’re really excited about is making cost-efficient hydrogen fuel cells a reality for multiple sectors, including mobility, energy storage and industrial applications by investing in Protonas and backing an industry veteran David DeVries.”
Disclaimer: The copyright of this article belongs to the original author. Reposting this article is solely for the purpose of information dissemination and does not constitute any investment advice. If there is any infringement, please contact us immediately. We will make corrections or deletions as necessary. Thank you.
