- Australian hydrogen start-up Hysata secures $172 million in oversubscribed Series B funding round
- Hysata’s alkaline electrolyser technology boasts 95% efficiency, outperforming incumbent technologies by 20%
- The funding round attracts global energy and funds management giants, including bp and Templewater
- Hysata aims to target hard-to-abate industries such as steel, chemicals, and heavy transport
- The funding will be used to expand production capacity and further develop technology towards gigawatt scale manufacturing
Australian Electrolyser Start-up Attracts Global Backing
In a significant development for the Australian clean tech industry, the hydrogen start-up Hysata has secured substantial financial backing from global energy and funds management giants. The company recently concluded a successful Series B funding round, which was oversubscribed and garnered a staggering $A172 million. This achievement marks a milestone as the largest clean tech Series B fundraising in the history of Australia.
Hysata, based in Wollongong, made headlines last August with the inauguration of its new headquarters and “giga-factory.” The company prides itself on developing what it claims to be the most efficient electrolyser technology globally. The electrolyser technology requires only 41.5 kilowatt hours for every kilo of green hydrogen, boasting a remarkable 95% efficiency rate. This efficiency places Hysata a significant 20% ahead of existing technologies in the field.
The success of the recent funding round is particularly noteworthy given the challenges faced by established players in the electrolyser market, such as Plug Power and Bloom Energy. The investment round, led by industry heavyweights like bp and Templewater, signifies a significant vote of confidence in Hysata’s innovative approach to green hydrogen production.
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Hysata’s Impact on Green Hydrogen Landscape
Hysata’s CEO, Paul Barrett, emphasized the game-changing impact the company is making in the green hydrogen sector. The substantial financial backing from a globally renowned syndicate of investors underscores the confidence in Hysata’s potential to revolutionize the industry. Barrett stated, “This funding round… demonstrates the game-changing impact Hysata is having on the green hydrogen landscape.”
The company’s origins trace back to the University of Wollongong, and its primary focus lies in addressing the emissions-intensive industries that are challenging to decarbonize, such as steel, chemicals, and heavy transport. With the recent funding infusion, including a $20 million commitment from the Australian Renewable Energy Agency, Hysata is well-positioned to scale up its operations and technology development.
Expansion Plans and Technological Advancements
The significant investment secured by Hysata will be directed towards expanding production capacity at its Wollongong facility and advancing its technology to achieve gigawatt-scale manufacturing capabilities. Gareth Burns, VP of bp Ventures, highlighted the potential synergies between Hysata’s advanced alkaline electrolyser technology and bp’s ambitions to lead in low-carbon hydrogen production. The technology not only promises energy savings but also addresses cost challenges in green hydrogen production.
Alfred Wong of Templewater expressed the company’s attraction to Hysata’s high-efficiency electrolyser technology. With plans to increase its workforce from 75 to over 200 employees in the coming years, Hysata is gearing up for rapid growth and large-scale manufacturing. The company’s vision of manufacturing at multi-gigawatt scale underscores its commitment to driving significant impact in the green hydrogen market.
Global Partnerships and Future Outlook
The inclusion of major new investors like South Korea’s Posco, Shinhan Financial Group, and TelstraSuper further solidifies Hysata’s position as a key player in the burgeoning green hydrogen sector. The strategic partnerships and financial support from industry leaders not only validate the company’s technological advancements but also pave the way for future collaborations and market expansion.
As Hysata continues its trajectory towards becoming a global leader in green hydrogen production, its focus on innovation, efficiency, and scalability sets it apart in a rapidly evolving industry landscape. The company’s commitment to addressing the challenges of hard-to-abate industries with sustainable solutions underscores its potential to drive significant positive change in the transition to a low-carbon future.
Hysata’s recent fundraising success and global backing highlight the growing momentum behind innovative clean tech solutions. With a clear vision, strong industry partnerships, and cutting-edge technology, Hysata is poised to make a lasting impact on the green hydrogen sector, setting a new standard for efficiency and sustainability in electrolyser technology.
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