Australian company Hysata has completed a groundbreaking Series B funding round, raising $111 million USD, marking the largest investment in Australia’s clean technology sector to date. The funding round was co-led by bp Ventures and Templewater, each contributing $10 million. This significant financial milestone underscores the global confidence in Hysata’s innovative high-efficiency electrolyser technology, which boasts a 41.5 kWh/kg energy efficiency including balance of plant (BoP) and features intrinsically low capital expenditure.
Hysata is at the forefront of developing a new generation of electrolysers that are simpler, more affordable, and modular compared to existing technologies. The company’s unique capillary-fed alkaline electrolyser uses less energy to convert water into hydrogen, setting a new standard for efficiency and cost-effectiveness in the production of green hydrogen.
The investment will enable Hysata to expand its production capabilities at its state-of-the-art facility in Wollongong, New South Wales, and further advance its technology with the goal of achieving gigawatt-scale manufacturing. This expansion is crucial as Hysata aims to accelerate the decarbonization of sectors that are challenging to abate, such as steel production, chemical manufacturing, and heavy transportation.
The funding round drew strong support from a host of both existing and new major strategic and financial investors, including IP Group Australia, Kiko Ventures, Virescent Ventures, Hostplus, Vestas Ventures, BlueScopeX, 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.
Paul Barrett, CEO of Hysata, expressed his enthusiasm about the investment, emphasizing that Hysata’s mission is to deliver the world’s most efficient, simple, and reliable electrolysers. He highlighted the company’s strategy to drive down the levelised cost of hydrogen through high efficiency, low capital expenditure, and a design conducive to mass production.
The investment not only reinforces Hysata’s pioneering role in the green hydrogen landscape but also strengthens its team and enhances its capabilities as the company progresses towards broader commercial availability.
Gareth Burns, Vice President of bp Ventures, noted the potential of Hysata’s technology to play a significant role in the decarbonization efforts globally. He remarked on the potential energy savings and production cost reductions that Hysata’s technology offers, addressing two major challenges in the green hydrogen market. Burns also expressed excitement for the future developments at Hysata as they continue to scale their innovative technology.
