Founders Advises H2scan in Series E Financing Round

BIRMINGHAM, AL (January 23, 2020) – Founders is pleased to announce that H2scan Corp. (H2scan) has closed $10.5 million in a series E financing round from Energy Growth Momentum (EGM), a UK-based private equity group.  H2scan raised an additional $3 million in venture debt from El Dorado Investment Company, a Phoenix venture company owned by Pinnacle West.  H2scan is a leading provider of hydrogen sensing technologies for utilities and industrial end markets.  The investment by EGM will enable H2scan to accelerate production of the Company’s revolutionary Gen 5 technology, a first of its kind low-cost ASIC-based hydrogen sensor.  H2scan was exclusively advised on the financing by principals of Founders Advisors.

Founded in 2002, H2scan developed a reputation for providing the most accurate and affordable hydrogen leak detection and process gas monitoring solutions for industrial markets. H2scan is now the market’s leading provider of hydrogen sensors, known for operating under high temperatures and requiring no maintenance or calibration.  H2scan’s new Gen 5 sensor packages this technology in a smaller and less costly unit, opening a range of new monitoring possibilities.  The first use case for the sensor is real time on-line monitoring of hydrogen levels in distribution transformers.

“Founders provided first-class service to me and H2scan throughout the process. The Founders team demonstrated a deep level of commitment to us through a long process of finding the right partner that met our criteria,” said Dennis Reid, CEO of H2scan. “They possessed a deep understanding of our Company, industry, and market, which was a valuable resource while marketing the company. We are grateful for their assistance in this momentous step for H2scan.”

“When we were introduced to Dennis and the rest of the H2Scan team, it was clear that they were a sophisticated group who had invested in a disruptive hydrogen gas sensing technology and built a Company for long-term success,” said Gene Bazemore, Managing Director at Founders Advisors.  “H2Scan is getting two great partners with a proven track record in Energy Growth Momentum and El Dorado Ventures. We look forward to seeing the heights that this partnership will achieve in the new hydrogen economy in IIoT applications such as on-line transformer monitoring and multi-gas detection.”

About Founders Advisors
Founders is a merger, acquisition, & strategic advisory firm serving middle-market companies. Founders focuses on helping companies across technology, business services, consumer, energy, healthcare, and industrial industries. Founders’ skilled professionals, proven expertise, and process-based solutions help companies access growth capital, make acquisitions, and/or prepare for and execute liquidity events to achieve specific financial goals. In order to provide securities-related services discussed herein, certain principals of Founders Advisors, LLC are licensed with Founders M&A Advisory, LLC, member FINRA and SIPC. Founders M&A Advisory, LLC is a wholly-owned subsidiary of Founders Advisors, LLC. Founders Advisors, LLC does not provide investment advice.  For more information, please visit

About H2scan Corporation
H2scan was founded in 2002, and has its headquarters, sales, production and marketing staff in Valencia, California. The Company provides the most accurate, tolerant and affordable hydrogen leak detection and process gas monitoring solutions for industrial markets. H2scan enables the accurate monitoring and control functions for a wide range of applications, including control systems, safety monitoring and alarm systems. H2scan also provides portable, handheld configurations for easy leak detection and monitoring. H2scan supplies its hydrogen process analyzer and hydrogen leak detectors to utility, petrochemical, refinery, and gas line companies, nuclear power plants, fuel cell, petroleum and other industrial organizations through distribution, or long- term supply agreements. H2scan helps its customers meet safety, regulatory and process control requirements while doing critical hydrogen monitoring. H2scan’s customer base includes some of the largest manufacturing enterprises in the world including ABB, Siemens, GE Energy, Qualitrol, DOD, ExxonMobil, Shell, Chevron, NASA, Proctor & Gamble and more.

H2scan now holds 27 patents on its core technology, software and electronics and its products are sold in over 60 countries worldwide. For more information, please visit

About Energy Growth Momentum
Energy Growth Momentum backs talented management in the energy sector with its capital, operational expertise and network – supporting entrepreneurs through the next phase of growth. Energy Growth Momentum invests $10 to $15 million in equipment & digital solutions that improve the operational and carbon performance of energy assets. For more information, please visit

About El Dorado Investment Company
El Dorado Investment Company is a corporate venture company that invests in development stage and rapid expansion phase opportunities that complement the core electricity generating, distributing and marketing businesses of our parent company, Pinnacle West Capital Corp. (NYSE: PNW).  They provide their partners both with capital to fuel their expansion and added value by sharing strategic guidance and facilitating new opportunities for growth. Their target markets are energy intelligence, generation efficiency, advanced materials, clean fuel technologies, demand-response applications, renewable energy/RES Compliance, and utility infrastructure. For more information, please visit