Hysata has announced that it closed the largest Series B in Australian clean tech history at $111 million with strong backing from existing major strategic and financial global investors. And this is a significant milestone demonstrating global recognition of Hysata’s game-changing high-efficiency electrolyzer (41.5 kWh/kg incl BoP) with intrinsically low capex and a capital-efficient path to mass manufacturing. bp Ventures and Templewater each invested $10 million to co-lead the $111.3 million Series B round. There was also 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.
Hysata also welcomed new major strategic and financial investors POSCO Holdings, POSCO E&C, IMM Investment Hong Kong, Shinhan Financial Group Co., Twin Towers Ventures, Oman Investment Authority’s VC arm IDO and TelstraSuper.
What does Hysata do? Hysata is developing new high-efficiency electrolyzers to produce green hydrogen at scale with higher energy efficiency and lower costs than alternative technologies. And the company’s technology, combines engineering and science in a unique capillary-fed alkaline electrolyzer that uses less energy to convert water to hydrogen.
Hysata will use the funding round 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.
The International Energy Agency reported that to meet climate ambitions, there is an urgent need to switch hydrogen use in existing applications to low carbon hydrogen and to expand its use to new applications in heavy industry or long-distance transport. At scale, Hysata’s electrolysers could achieve energy efficiency well above International Renewable Energy Agency’s 2050 efficiency target.
Hydrogen is one of bp’s transition growth engines that it plans to grow. And bp has a number of regional hydrogen energy hubs it is developing, including in Australia, such as H2 Kwinana and the Australian Renewable Energy Hub (AREH).
KEY QUOTES:
“Our mission at Hysata is to accelerate the deep decarbonization of hard-to-abate sectors such as steel, chemical manufacture, and heavy transport by delivering the world’s most efficient, simple, and reliable electrolyzers. With high efficiency, intrinsically low capex, and a mass-manufacturable design, Hysata aims to drive down the levelized 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.”
– Hysata CEO, Paul Barrett
“We know that green hydrogen can play a big role in decarbonization. This is the first advanced alkaline electrolyzer 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.”
– Gareth Burns, Vice President of bp Ventures
“We are thrilled at Templewater to be driving the green revolution, jointly leading this impactful investment in Hysata. The high efficiency of Hysata’s electrolyser technology holds the potential to be a cornerstone in the worldwide shift to sustainable energy sources. Our investment in Hysata is a testament to Templewater’s commitment to support mission-driven companies that are working towards solving the world’s biggest climate challenges.”
– Alfred Wong, Partner of Templewater
