The company says, the funding raised from the round is planned to be used to grow its team, as well as developing a pilot manufacturing facility for its electrolysers.

According to the firm, its electrolyser operates at 95% system efficiency, which is coupled with a simple approach to mass manufacturing and low supply chain risk, putting Hysata on a path to delivering the ‘world’s lowest cost’ green hydrogen.

In March (2022) Hysata unveiled its technology, claiming it could enable hydrogen production of below $1.50 per kg by the mid 2020s, making green hydrogen commercially viable.

Read more: Breakthrough technology to enable hydrogen production of below $1.5/kg in Australia

The funding round led by Vurescent Ventures on behalf of the Clean Energy Finance Corporation (AUS) saw participation from Kiko Ventures (UK), IP Group Australia, Vestas Ventures (Denmark), Hotplus (AUS), and BlueScope (AUS) through its ventures arm BlueScopeXTM.

Commenting on the fundraising success, Paul Barrett, CEO of Hysata, said, “Our mission is to redefine the economics of green hydrogen production through our innovative proprietary electrolyser technology. The support of this international syndicate of clean energy practitioners and investors validates our core technology and our approach to scaling and mass manufacture.

“Green hydrogen is a vital energy vector on the world’s path to Net Zero, critical to decarbonising the hard-to-abate, yet vital, sectors of our economy such as steelmaking, heavy transport, and the chemical industry. The extensive end use cases for green hydrogen translate to a greater than trillion-dollar market opportunity.

“Over the last 12-18 months, Hysata has been interacting with dozens of major customers globally. The impact our efficiency and system simplicity delivers to customers’ project economics truly moves the needle. We look forward to continuing to work with our shareholders and customers to bring this much needed technology to market as soon as possible.”

Building on its initial investment of A$750,000 ($519,800) Clean Energy Finance Corp. (CEFC) invested a further A$10m ($6.9m) into the latest Series A.

Ian Learmouth, CEO of CEFC, said, “The CEFC is proud to continue our support for Hysata, which is set to be a major player in the global electrolyser industry. Green hydrogen will be essential to addressing the hardest to abate sources of emissions, and we’re excited to see Australian ingenuity providing the technology solutions that will help this industry reach scale.

“The CEFC has a strong focus on hydrogen related investments through both our Innovation and Advancing Hydrogen Funds and we are delighted to see Hysata continue to advance hydrogen to help meet future energy needs and reduce emissions in more sectors of the Australian economy.”

Robert Trezona, Founding Partner of KikoVentures, added, “Having assessed scores of electrolyser technologies in my 20 years in cleantech, Hysata’s technology stands out as a true breakthrough.

“The company has redefined the core cell architecture for alkaline electrolysis, producing a practical and scalable solution with game changing efficiency. Hysata has the potential to be a globally significant company in the hydrogen economy and we look forward to supporting its growth, especially here in Europe.”