Green hydrogen firm Hysata raises over $40m funding

The Hysata team standing together on a beach
Image: Hysata

Australian green hydrogen company Hysata’s world-leading electrolyser technology has been supported by renowned global investors, as the organisation closes its oversubscribed Series A funding round of $42.5 million.

Virescent Ventures led the funding round on behalf of the Clean Energy Finance Corporation (CEFC) (Aus), with participation from Kiko Ventures (UK), IP Group Australia, Vestas Ventures (Denmark), Hostplus (Aus) and BlueScope (via its ventures arm BlueScopeX) (Aus).

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Assembling such a high-profile list of investors underlines the significance of the transformation that Hysata is bringing to the green hydrogen industry. The Hysata electrolyser operates at 95 per cent system efficiency (41.5kWh/kg), delivering a giant leap in performance and cost over incumbent technologies, which typically operate at 75 per cent 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.

“Our mission is to redefine the economics of green hydrogen production through our innovative proprietary electrolyser technology. The support of this international syndicate of clean energy practitioners and investors validates our core technology and our approach to scaling and mass manufacture,” Hysata CEO Paul Barrett said.

“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.

“Over the last 12-18 months, Hysata has been interacting with dozens of major customers globally. The impact our efficiency and system simplicity delivers to customers’ project economics truly moves the needle. We look forward to continuing to work with our shareholders and customers to bring this much needed technology to market as soon as possible.”

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The CEFC invested $10 million into the Series A funding round via its specialist Clean Energy Innovation Fund, which is managed by Virescent Ventures, building on its initial $750,000 investment in the early commercial development of Hysata’s research.

Virescent Ventures partner Blair Pritchard said, “Hysata continues to make rapid progress and we are pleased to support such an innovative company with an outstanding team. The continued growth of Hysata is an important pointer to the enormous potential of hydrogen to our net zero future.”