The proceeds will be used in part to further the development of SunHydrogen’s nanoparticle-based green hydrogen technology, and enable the company to invest in and co-develop other complementary technologies across the renewable hydrogen value chain.

While SunHydrogen’s most immediate internal goal is to develop a ‘production-quality prototype’, the new capital will help it accelerate renewable hydrogen technology and grow the hydrogen ecosystem. SunHydrogen’s patented Panel technology uses sunlight and any source of water to produce low-cost green hydrogen.

It will seek to make strategic investments by partnering with other early-stage companies to enable and assist them in reaching their own manufacturing stages.

This vision is illustrated by its recent $10m strategic investment in Norway-based TECO 2030, the developer of zero-emission technology for the maritime and heavy industry sectors.

Tim Young, SunHydrogen’s CEO, said the investment from GHS ushers in a new era of SunHydrogen as a technology company for the green hydrogen economy.

Last month SunHydrogen received the India Patent Office’s decision to grant its patent, ‘Multi-junction artificial photosynthetic cell with enhanced photovoltages’, which is currently active in the US, Australia, China and Europe.

GHS Investments is a privately held fund focused on small- and mid-cap companies.