Jaan Tallinn’s fund Metaplanet invested in US cleantech Modern Electron

Jaan Tallinn’s fund Metaplanet invested in US cleantech Modern Electron, which produces clean hydrogen. US renewable energy company NextEra Energy, Japanese manufacturing company Miura, and US investment firm National Grid Partners were leading the round. Existing investors, such as US venture capital fund Gates Frontier, South Korean fund Irongrey, and other funds, also, participated in the round. The amount of the deal estimates at $32,8M. With the deal, Modern Electron announced that it has changed its name to Modern Hydrogen.

Modern Electron enables cost-effective decarbonization of natural gas, on-site generation of clean hydrogen, and easy sequestration of solid carbon. Its technology allows it to stripe out the offending carbon atom from gas at the end of the pipeline before it has a chance to become CO2. 

The company will use investments to leverage the investment to scale up the capacity of its hydrogen production units. Besides, the company will expand its clean carbon material offerings and boost its global market presence via the partnership with Miura in Japan.

Modern Electron was founded in 2015 in Bothell (Washington state, US) by Tony Pan. Among the company's partners are utilities, biogas, industrial manufacturing, and C&I (commercial and industrial) heating equipment companies that rely on natural gas today and are looking for ways to reduce emissions quickly.

Metaplanet Holdings is an early-stage investment firm of Skype’s founder Jaan Tallinn. It has 163 companies in its venture investment portfolio.