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Hysata raises over AU$40M in Series A funding

Hysata raises over AU$40M in Series A funding
Hysata Pty Ltd has closed on an oversubscribed Series A funding round that raised AU$42.5 million (photo courtesy Hysata).

Australia-based hydrogen electrolyzer technology start-up Hysata Pty Ltd has announced that it has closed on an oversubscribed Series A funding round that raised AU$42.5 million. Virescent Ventures led the funding round on behalf of the Clean Energy Finance Corporation (CEFC), with participation from Kiko Ventures (UK), IP Group Australia, Vestas Ventures (Denmark), Hostplus, and BlueScope via its ventures arm BlueScopeXTM.

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According to Hysata, assembling such a high-profile and high-impact list of investors underlines the significance of the transformation that the company is bringing to the green hydrogen industry.

Our mission is to redefine the economics of green hydrogen production through our innovative proprietary electrolyzer 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. Green hydrogen is a vital energy vector on the world’s path to net zero, critical to decarbonizing the hard-to-abate, yet vital, sectors of our economy such as steelmaking, heavy transport, and the chemical industry. The extensive end-use cases for green hydrogen translate to a greater than trillion-dollar market opportunity, said Paul Barrett, CEO of Hysata.

Fund a pilot manufacturing plant

Funding from the Series A round will be used to grow the Hysata team and develop a pilot manufacturing facility.

The Hysata electrolyzer operates at 95 percent system efficiency (41.5 kWh/kg), delivering a giant leap in performance and cost over incumbent technologies, which typically operate at 75 percent 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.

Over the last 12-18 months, Hysata has been interacting with dozens of major customers globally. 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 said.

Breakthrough technology

The CEFC invested AU$10 million into the Series A funding round, building on its initial AU$750 000 investment in the early commercial development of Hysata’s research.

CEFC CEO Ian Learmonth said that backing a company like Hysata and its cutting-edge electrolyzer technology is vital in helping to grow Australia’s clean technology ecosystem.

The CEFC is proud to continue our support for Hysata, which is set to be a major player in the global electrolyzer industry. Green hydrogen will be essential to addressing the hardest-to-abate sources of emissions, and we’re excited to see Australian ingenuity providing the technology solutions that will help this industry reach scale. 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, Ian Learmonth said.

The CEFC investment is via its specialist Clean Energy Innovation Fund, which is managed by Virescent Ventures.

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, said Blair Pritchard, Partner at Virescent Ventures.

Hysata has assembled a world-class team to bring their revolutionary capillary-fed electrolyzer to market. 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 electrolyzer that is set to scale, said Michael Molinari, Managing Director of IP Group Australia.

Kiko Ventures’ Founding Partner, Dr Robert Trezona, said Hysata has real potential to become a major global clean technology player.

Having assessed scores of electrolyzer technologies in my 20 years in cleantech, Hysata’s technology stands out as a true breakthrough. 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, Dr Robert Trezona said.

As the venture capital arm of the global leader in sustainable energy solutions, Vestas Ventures foresees great potential in combining wind power with electrolyzers for green hydrogen production. We are delighted to have been invited to invest in Hysata. Nurturing disruptive renewable technologies is central to our investment strategy and we look forward to following Hysata’s success over the coming years, said Todd O’Neill, Head of Vestas Ventures.

BlueScopeXTM’s General Partner, Michael Quinn, agreed that Hysata’s technology could play a significant role in the development of commercially viable hydrogen production.

BlueScopeXTM is pleased to be investing in Australian technologies coming out of our local communities, with Hysata being born in the Illawarra. Our industry requires smart, affordable technologies like Hysata’s to help progress the broader goal of decarbonization, and we are excited to be supporting them on their path to commercialization, Michael Quinn said.

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