Australia’s Hysata’s world-leading hydrogen electrolyser technology has been supported by global investors as the organisation closes its oversubscribed Series A funding round of AUD$42.5 million.
Virescent Ventures led the funding round on behalf of the Clean Energy Finance Corporation (CEFC) (Aus), with participation from Kiko Ventures (UK), IP Group Australia, Vestas Ventures (Denmark), Hostplus (Aus) and BlueScope (via its ventures arm BlueScopeX TM ) (Aus).
Assembling such a high-profile and high-impact list of investors underlines the significance of the transformation that Hysata is bringing to the green hydrogen industry. The Hysata electrolyser operates at 95% system efficiency (41.5 kWh/kg), delivering a giant leap in performance and cost over incumbent technologies, which typically operate at 75% or less. This high efficiency, coupled with the simple approach to mass manufacturing and low supply chain risk puts the company on a path to delivering the world’s lowest cost green hydrogen.
Funding from the Series A round will be used to grow the Hysata team and develop a pilot manufacturing facility.
Over the last 12-18 months, Hysata has been interacting globally with dozens of major customers. The impact our efficiency and system simplicity delivers to customers’ project economics truly moves the needle. We look forward to continuing to work with our shareholders and customers to bring this much needed technology to market as soon as possible.
Paul Barrett, CEO of Hysata, said, “Our mission is to redefine the economics of green hydrogen production through our innovative proprietary electrolyser technology. The support of this international syndicate of clean energy practitioners and investors validates our core technology and our approach to scaling and mass manufacture.”
The CEFC invested $10 million into the Series A funding round, building on its initial $750,000 investment in the early commercial development of Hysata’s research.
Ian Learmonth, CEO of CEFC, said, “The CEFC has a strong focus on hydrogen-related investments through both our Innovation and Advancing Hydrogen Funds and we are delighted to see Hysata continue to advance hydrogen to help meet future energy needs and reduce emissions in more sectors of the Australian economy.”
Blair Pritchard, Virescent Ventures Partner, said, “Hysata continues to make rapid progress and we are pleased to support such an innovative company with an outstanding team. The continued growth of Hysata is an important pointer to the enormous potential of hydrogen to our net zero future.”
Robert Trezona, Kiko Ventures’ Founding Partner, said, “The company has redefined the core cell architecture for alkaline electrolysis, producing a practical and scalable solution with game-changing efficiency. Hysata has the potential to be a globally significant company in the hydrogen economy and we look forward to supporting its growth, especially here in Europe.”
Michael Molinari, IP Group Australia’s Managing Director, said, “We’re proud to have supported the company from before inception at the University of Wollongong to now redefining the economics of green hydrogen with their electrolyser that is set to scale.”
Todd O’Neill, CEO of Vestas Ventures, said, “Nurturing disruptive renewable technologies is central to our investment strategy and we look forward to following Hysata’s success over the coming years.”
BlueScopeXTM’s General Partner, Michael Quinn, said, “BlueScopeXTM is pleased to be investing in Australian technologies coming out of our local communities, with Hysata being born in the Illawarra.”