Australian electrolyser company Hysata has closed its oversubscribed Series B investment round at AUD$172 million, led by investors bp Ventures and Templewater.
Hysata is developing new high-efficiency electrolysers that aim to produce green hydrogen at scale with higher energy efficiency and lower costs than alternative technologies. The company’s technology combines engineering and science in a unique capillary-fed alkaline electrolyser that uses less energy to convert water to hydrogen.
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The investment round—the largest Series B by an Australian cleantech—had strong backing from existing major strategic and financial investors IP Group Australia, Kiko Ventures (IP Group plc’s cleantech platform), Virescent Ventures on behalf of Clean Energy Finance Corporation, Hostplus, Vestas Ventures and BlueScopeX.
The company also welcomed new major strategic and financial investors POSCO Holdings, POSCO E&C, IMM Investment Hong Kong, Shinhan Financial Group, Twin Towers Ventures, Oman Investment Authority’s VC arm IDO and TelstraSuper.
Hysata will use the funding to expand production capacity at its iconic beachside manufacturing facility in Wollongong, New South Wales and further develop its technology as it focuses on reaching gigawatt scale manufacturing.
Hysata CEO Paul Barrett said, “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. With high-efficiency, intrinsically low capex and a mass-manufacturable design, Hysata aims to drive down the levelised cost of hydrogen.
“This funding round, backed by a world-class syndicate of investors, demonstrates the game changing impact Hysata is having on the green hydrogen landscape. It will strengthen our team and enhance our capabilities, as we propel towards widespread commercial availability.
“I am thrilled to have bp Ventures, Templewater and other new investors join ranks with our incredible existing shareholder base. Hysata’s technology is a breakthrough innovation because of its high efficiency and low installed costs. We look forward to working with our shareholders, customers and partners as we continue our scale up journey.”
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bp Ventures vice president Gareth Burns added, “We know that green hydrogen can play a big role in decarbonisation. This is the first advanced alkaline electrolyser technology that bp Ventures has invested in. It could provide optionality for our hydrogen business as bp aims to become a global leader in low carbon hydrogen production.
“Hysata’s technology could help save energy and reduce production costs, addressing two challenges of the green hydrogen market. We’re excited for Hysata’s next steps.”
