An Australian company that creates hydrogen fuel has secured significant investment in the US. 

Australian advanced electrolyser technology company Hysata has secured US$111 million in its Series B fund raising.

Hysata is developing 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 includes a unique capillary-fed alkaline electrolyser that uses less energy to convert water to hydrogen.
BP Ventures and Templewater led the recent US$111.3 million investment round in the company, with 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 Co., Twin Towers Ventures, Oman Investment Authority’s VC arm IDO and TelstraSuper.

The federal government’s Clean Energy Finance Corporation (CEFC) invested AU$15 million in this most recent round, bringing its total commitment to more than AU$25 million. The CEFC commitment is managed by climate tech specialist fund manager, Virescent Ventures.

Hysata says it 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.

The International Energy Agency has said 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 is expected to achieve energy efficiency well above the International Renewable Energy Agency’s 2050 efficiency target.