The global green hydrogen market size was estimated at $6.26 billion in 2023 and is expected to reach over $165.84 billion by 2033. Also, there is an increase in investments in hydrogen tech startups such as HysetCo, Crosstown H2R, and Clyde Hydrogen.
Now, an Australian green hydrogen tech startup Hysata has raised $111 million in a Series B funding round. bp Ventures and Templewater led the funding round in the company, which was supported by IP Group alongside other existing investors, including Clean Energy Finance Corporation, Hostplus, and Vestas Ventures. Hysata also welcomed new investors POSCO, Shinhan Bank, IMM Investment Group, Oman Investment Authority, Twin Towers Ventures, and TelstraSuper.
This includes $15 million from UK-listed IP Group. Following this, IP Group has an undiluted beneficial holding of 37.0% in Hysata, valued at £79 million.
The company will use the funding to advance product development and expand production capacity at its manufacturing facility in Wollongong, New South Wales, Australia as it focuses on reaching gigawatt-scale manufacturing.
First-of-its-kind electrolyser
Founded in 2021 by Dr. Paul Barrett, electrolysis expert Gerry Swiegers and renewables guru Tom Campey, Hysata has designed a new kind of electrolyser. It is used in an electrolysis cell used to split water into hydrogen and oxygen.
As per the company, it is 20% more efficient than existing technology and makes it faster, simpler, and more affordable to transition to renewables. It has the potential to transform sectors such as steel, chemicals, high-grade heat, and heavy transport with its product.
Hysata’s capillary-fed alkaline electrolyser technology promises to revolutionise green hydrogen production by using less energy and thereby, reducing operational costs.
Greg Smith, Chief Executive Officer of IP Group, said: “We’re delighted to see such continued strong support for Hysata and today’s announcement of major new strategic and financial investors strengthens Hysata’s leadership position. We have supported Hysata since before inception combining our local presence with expertise from our leading cleantech investment platform, Kiko Ventures. It’s a great example of what can be achieved by combining world-class research with global markets, partners and capital to build truly world-leading technology companies.”
“This is the first advanced alkaline electrolyser technology that BP Ventures has invested in,” said Gareth Burns, vice president of BP Ventures. “It could provide optionality for our hydrogen business as BP aims to become a global leader in low carbon hydrogen production.
“Our mission at Hysata is to accelerate the deep decarbonisation of hard-to-abate sectors such as steel, chemical manufacture, and heavy transport, by delivering the world’s most efficient, simple, and reliable electrolysers,” said Paul Barrett, Hysata’s chief executive. “With high-efficiency, intrinsically low capex and a mass-manufacturable design, Hysata aims to drive down the levelised cost of hydrogen.
