Australian hydrogen tech company Hysata has raised over $40 million in funding, attracting backing from major institutional players including CEFC, Hostplus and Bluescope. Hysata is seeking to commercialise a breakthrough made at the University of Wollongong which CEO Paul Barrett describes as “brand new category of electrolyser” with 95% system efficiency.
Based in the Illawarra on the New South Wales south coast, hydrogen technology company Hysata has closed its Series A funding round oversubscribed at $42.5 million.
The company launched in 2021 claiming its capillary-fed electrolysis technology will deliver a “giant leap” in performance and cost compared to incumbent technologies, promising to deliver hydrogen for less than $2 per kilogram by the ‘mid 2020s.’
This promise is based on the efficiency of its system, which Hysata says operates at 95%, a massive step up from the current hydrogen electrolyser efficiencies which generally sit at 75% or less.
The promise has attracted a host of big investors, including Danish wind turbine maker Vestas Ventures, the UK’s Kiko Ventures, Australia’s largest steelmaker Bluescope and superannuation fund Hostplus. Australia’s Clean Energy Finance Corporation (CEFC) furthered its previous $750,000 investment, contributing $10 million to the Series A funding round.
Alongside its capillary-fed electrolysis, Hysata is also promising easy equipment production, telling pv magazine Australia previously that it believes it can reach gigawatt scale hydrogen production by the middle of the decade thanks to its simple and mass manufacturable design.
The successful funding round, the company said, will help it grow its Illawarra-based team and set it on its path to gigawatt scale manufacturing.
Kiko Ventures’ Founding Partner, Robert Trezona, described Hysata’s technology as “game changing”.
“Having assessed scores of electrolyser 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,” Trezona said.
“Over the last 12-18 months, Hysata has been interacting with dozens of major customers globally,” Hysata CEO Paul Barrett added. “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.”
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