Energy Source & Distribution gets to know Paul Barrett, CEO of Australian green hydrogen trailblazer Hysata.
Paul, tell us a bit about yourself:
I was born and raised in Dublin, Ireland, and I have a PhD in Chemical Engineering from University College Dublin. My first job was working for a US company that developed tools and methodologies for chemical separation processes. This role took me all over the world, partnering with customers to develop solutions that would deliver real value to their processes, and gave me deep insights into the business side of technology development.
I’ve been involved in cleantech for more than a decade as both a practitioner (CTO of an electrolyser company) and as an investor. I am deeply passionate about decarbonisation and technology-based solutions that will help the transition to a net-zero global economy.
Related article: Green hydrogen firm Hysata raises over $40m funding
You joined Hysata as CEO just over 12 months ago; what has the experience been like and what are your goals for the business?
Hysata’s mission is to accelerate the world’s shift away from fossil fuels to green hydrogen by delivering the world’s most efficient, simple and reliable electrolyser. At the core of Hysata’s electrolyser is a truly innovative electrolysis cell—a brilliantly simple and elegant design that has a massive impact on the performance and manufacturability of the electrolyser system.
I’ve known the scientific founders of Hysata for some time and worked with them before our seed funding round to get the company off the ground. I believe that my technical background, understanding of market needs, and experience with the investment community complements the deep technical expertise in our team, and I was delighted to be invited to join the company as CEO.
I feel very fortunate to be working with such an exceptional team of engineering and commercial talent. I’m proud of the values driven culture we have built at Hysata and look forward to rapidly translating this world-leading electrolysis cell into a high-performance, modular, scalable and reliable turnkey system.
Having just raised Series A funding of over $42 million, the team must be feeling exceptionally optimistic. What does this capital raise mean for Hysata in the short and long term?
Hysata has assembled a high-profile set of investors with the skills, experience and market intelligence that will help the business get to scale as quickly as possible. This funding will help grow our world class team and support the design and build of Hysata’s first pilot manufacturing facility. We look forward to working with our shareholders and customers to deliver green hydrogen at a cost and scale that will enable the deep decarbonisation of the hard-to-abate industries.
We’re seeing continued growth in the green hydrogen market, which is exciting. What makes Hysata so promising to investors, in your opinion?
The calibre of high-impact partners Hysata has been able to attract speaks to the significance of the transformation that Hysata is bringing to the green hydrogen industry. Electrolysers are a key technology for the energy transition, with global demand for green hydrogen expected to grow to 500-800 million tonnes per annum by 2050 in a net-zero global economy. Hysata’s technology is based on a fundamental breakthrough in water electrolysis. Our Capillary Fed Electrolysis (CFE) cell produces green hydrogen through electrolysis at 98 per cent cell efficiency (40.4kWh per kg hydrogen), well under the International Renewable Energy Agency’s 2050 electrolyser efficiency target.
This ultra-high efficiency cell and a simplified balance of plant enabled by the CFE design, enables a 95 per cent system efficiency (41.5kWh per kg hydrogen), compared to about 75 per cent for existing commercial electrolysers. Hysata’s technology represents a true step-change in electrolyser performance and will redefine the economics of green hydrogen production. With the cost of electricity making up the bulk of the cost of green hydrogen, the profound impact on project economics by Hysata’s electrolyser has clearly resonated with customers and investors around the world. Our investors have also recognised that, in addition to the efficiency gain, Hysata’s core technology provides a cell architecture and approach to manufacturability that is easy to get to the scale needed for the industry.
How would you like to see green hydrogen technologies utilised in Australia’s rapid transition to renewables?
Electrolysers will be critical for decarbonising hard-to-abate sectors responsible for a large share of global emissions including steel, chemicals, industrial heating, and heavy transport (i.e. shipping, aviation, heavy road transport).
Electrolysers will also be instrumental in growing a new green hydrogen export industry. In the transition to net zero, we expect exports to account for the majority of green hydrogen produced in Australia. This is a major opportunity for Australia to shift from exporting fossil fuels to become a world leader in exporting renewable green hydrogen-based fuels.
What do we need to change in our approach to renewables, from a regulatory standpoint?
I see a really important role for government in creating and shaping the emerging green hydrogen industry. Internationally, other countries are rolling out comprehensive policies to support the establishment of a local green hydrogen industry to ensure green hydrogen projects get off the ground as soon as possible.
For example, the EU has announced an ambitious 20 million tonnes per annum green hydrogen target by 2030, supported by significant subsidies to incentivise industries to switch to green hydrogen by paying end-users a guaranteed amount for avoiding CO2 emissions. And in the US, President Biden has just signed into law the Inflation Reduction Act, including an up to $3 per kg tax credit for clean hydrogen production.
Related article: Australian company puts hydrogen under $2/kg in reach
These are exactly the kinds of policies required to accelerate the roll-out of green hydrogen in Australia. This will help companies like Hysata remain anchored in Australia, and ensure all Australians benefit from the social, economic, and environmental benefits of the emerging green hydrogen industry.
A global clean hydrogen race is on, and it will be Australia’s race to lose if we don’t back our ambitions with significant policy action and investment.
Are there any new or upcoming developments or projects Hysata has in the works that you can share with us?
We have been working with a European lab to independently validate our electrolyser performance and they will be publishing those results in the near future.
