Green hydrogen firm H2U raises $11 million in Series A

H2U Technologies, a green hydrogen startup, has raised an $11 million Series A funding round led by Jericho Energy Ventures, Axios has learned.Why it matters: The company aims to avoid using rare and expensive platinum group metals, such as palladium, to produce hydrogen gas.The firm, headquartered in a new, 25,000-square-foot facility in Chatsworth, California, has developed low-cost electrolyzers it hopes will provide the means to produce green hydrogen at a lower cost than competitors.Its technology was developed largely at Caltech, using funding from Energy Department, said H2U Technologies president and CEO Brian McGough, in an interview.How it works: Green hydrogen is powered by renewable energy, and is viewed as a way to power ships and cars, or even use in power plants currently using natural gas.It is also viewed as a potentially key technology for storing energy, which…

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