Invest in startups like Hywatts alongside Climate Capital here.
Founders: Alex Ivanenko, Sam Ruben
Motto/Mission: To create reliable, renewable and low-cost energy anywhere
Year Founded: 2023
Stage: Seed
Location: Berkeley, California, USA
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Climate Capital: What made you want to solve this problem?
Alex & Sam: HyWatts is addressing the skyrocketing energy demand from power-intensive industries like EV charging stations & data centers. These sectors face significant challenges due to the lack of the necessary energy infrastructure and capacity, leading to rising electricity costs and stifling growth. Our solution, the Power-Plant-in-a-Box™, combines on-site solar energy production with our breakthrough hydrogen-based energy conversion technology to deliver reliable, low-cost, zero-emission energy. This addresses a $500B market opportunity.
The motivation behind solving this problem stems from our founders' desire to make a significant impact on society by providing access to cheaper and more sustainable electricity, thereby improving the quality of life and accelerating the decarbonization of our economy.
Climate Capital: What are you building?
Alex & Sam: We are building a Power-Plant-in-a-Box™, which combines on-site solar energy production with our breakthrough hydrogen-based energy conversion technology to deliver reliable, low-cost, zero-emission energy. We are able to provide cost advantages through our team's deep experience in fuel cell technology and supply chain. This advantage will continue to increase as we bring our next generation HTPEM reversible fuel cell technology online.
We have already deployed our first pilot system to support level 2 EV charging. It has been operational at the Plug and Play Technology Center in Sunnyvale, CA generating revenue and with no issues as it approaches 100 hours of use.
Climate Capital: What is next?
Alex & Sam: Of our 6 LOIs (valued at over $11.3M in initial pilot projects and with significant potential follow on projects to set us up well to reach 100 system pre-orders by the end of 2026 and $100M in revenue by the end of 2027. We have already converted 2 of these LOIs into initial commercial contracts worth over $300k and are finalizing long-term power purchase agreements with those customers white actively progressing our other LOIs into paid contracts. This puts us on track to deploy our first commercial pilot this summer and our first commercial scale system in Summer 2026.
We have good traction with grants as well, having completed a Phase I SBIR grant for the Marine Corps in Spring 2024 and currently operating under a $200k award from the DOE to support our HTPEM Fuel Cell research including completion of our first HTPEM fuel cell prototype.
Climate Capital: What are the core elements of the culture you are building at your company?
Alex & Sam: HyWatts' culture is deeply rooted in sustainability, innovation, and a commitment to creating a positive impact on the world. The team is passionate about using technology to build a cleaner and more sustainable future. The founders are driven by a personal duty to drive change and make a meaningful impact through their work.
Climate Capital: What are the key challenges as you scale your company?
Alex & Sam:
Dispelling the myths about hydrogen
Overcoming engineering hurdles in developing the HTPEM Reversible Fuel Cell (which our team is uniquely well suited for)
Finding the right investors who share our vision and understand the nature of hardware innovation
Identifying more grant opportunities
Climate Capital: What have you learned that you want to share with other founders?
Alex & Sam: One of the key lessons we've learned is the importance of having the right investors. It's not just about securing funds, but also about finding investors who bring strategic value and believe in your mission and vision. These investors are partners for the long journey, not just check-writers. Additionally, understanding the regulatory environment and leveraging it as an opportunity is crucial. This insight comes from our experience working with various regulatory bodies and our dual focus on public administration and business.
Climate Capital: How can the broader climate community help you on your mission?
Alex & Sam:
Introductions to energy project financers/developers
Introductions to companies building charging infrastructure for zero-emission heavy duty trucks
Interested in introductions to Data Center companies, especially those involved in the powering of them
Introductions to other investors interested in what HyWatts is doing
Sharing of grant opportunities that HyWatts may be a fit for
If you want to learn more, visit www.hywatts.com!