Australia’s green hydrogen firm Hysata raises $29.5 mln
Australian green hydrogen company Hysata has closed its Series A funding round with A$42.5 million ($29.4 mln).
On 2 August, Hysata informed that its hydrogen electrolyser technology is supported by global investors, as it closes its oversubscribed Series A funding round of $42.5 million AUD.
Virescent Ventures led the funding round on behalf of the Clean Energy Finance Corporation (CEFC), with participation from Kiko Ventures, IP Group Australia, Vestas Ventures, Hostplus, and BlueScope.
The Hysata electrolyser operates at 95 per cent system efficiency (41.5 kWh/kg), while the typical operation is at 75 per cent or less. The company says that this high efficiency, coupled with the simple approach to mass manufacturing and low supply chain risk puts it 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.
“Green hydrogen is a vital energy vector on the world’s path to net zero, critical to decarbonising 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.
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. CEFC CEO Ian Learmonth said that backing a company like Hysata and its cutting-edge electrolyser technology is vital in helping to grow Australia’s clean technology ecosystem.
“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,” Learmonth said.
Kiko Ventures’ founding partner Robert Trezona said Hysata has real potential to become a major global clean technology player.
In addition, BlueScopeXTM’s general partner Michael Quinn agreed that Hysata’s technology could play a significant role in the development of commercially viable hydrogen production.
“Our industry requires smart, affordable technologies like Hysata’s to help progress the broader goal of decarbonisation, and we are excited to be supporting them on their path to commercialisation,” he said.