Virescent Ventures has led a AUD42.5 million Series A funding round in Hysata, a specialist in hydrogen electrolyser technology, on behalf of the Clean Energy Finance Corporation (CEFC).
Kiko Ventures (UK), IP Group Australia, Vestas Ventures, Hostplus, and BlueScope, via its ventures arm BlueScopeX, also participated in the oversubscribed round.
Hysata’s 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.
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.
