The funding is expected to be used to expand production capacity at its Australian electrolyser manufacturing facility in Wollongong, New South Wales, and further develop its technology, focusing on reaching gigawatt-scale manufacturing.

The venturing arm of bp co-led the financing with Templewater, each investing $10m, with backing from existing major strategic and financial investors IP Group Australia, Kiko Ventures, Virescent Ventures on behalf of Clean Energy Finance Corporation, Hostplus and Vestas Ventures.

Hysata welcomed new strategic and financial investors in POSCO Holdings, POSCO E&C, IMM Investment Hong Kong, Shinhan Financial Group, Twin Towers Ventures, Oman Investment Authroity’s VC arm IDO and TelstraSuper.

Hysata wants to drive down the levelised cost of hydrogen, according to its CEO, Paul Barrett. This could be done through its “efficient, simple and reliable electrolysers,” which boast high-efficiencies, low capex and a mass-manufacturable design.

Barrett added, “This funding round 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.”

The Vice-President of bp Ventures, Gareth Burns, said, “This is the first advanced alkaline electrolyser technology that bp Ventures has invested in. It could provide an opportunity for our hydrogen business as bp aims to become a global leader in low-carbon hydrogen production.”

H2 View understands that Hysata’s technology could be used in future bp hydrogen projects. Burns claimed the 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.”

In February (2024), bp announced blue hydrogen will be its focus for this decade, with green hydrogen production expected closer to 2030. Previously, the company aimed to produce 0.5-0.7 tonnes of “primarily green hydrogen” by 2030, while also pursuing selected blue hydrogen opportunities.

Read more: Blue will be bp’s hydrogen focus this decade – energy major posts $13.8bn 2023 profits

However, bp has various regional hydrogen energy hubs it’s developing, such as the H2 Kwinana and the Australian Renewable Energy Hub (AREH), both in Australia.

The latter project is expected to be one of the “world’s largest” renewable and green hydrogen energy hubs, which could produce 1.6 million tonnes of green hydrogen per year. bp announced in 2022 it would take a 40.5% stake in AREH.

Read more: bp takes major stake in large-scale Australian renewables and green hydrogen energy hub