With the new capital, the firm wants to demonstrate its first commercial 10 cell stack at 2MW capacity and deliver its first 20MW “eDynamicTM” electrolyser in the near future.

Verdagy’s large-scale water electrolysis incorporates the advantages of alkaline electrolysis and proton exchange membrane technologies and eliminating their disadvantages.

As a result of taking the above approach, the company has created a new membrane-based approach to electrolysis.

On the secured support, Marty Neese, CEO of Vardagy, said, “It is very rewarding and encouraging to win the confidence of such a stellar group of thought-leading investors.

“It speaks volumes about the work done by the Verdagy team to demonstrate our low capex and low opex approach to green hydrogen electrolysis.

“We are looking forward to collaborating further with our investor partners on the journey to decarbonise various industrial sectors.”

TDK Ventures, a TDK Corporation subsidiary, was part of the funding round, having invested duo to its mutual vision for energy and environmental transformation through high throughput, low-cost deep decarbonisation.

Nicolas Sauvage, President of TDK Ventures, said, “We are proud to lead this round of financing in Verdagy, as we see this truly scaling with the ambition of TDK’s vision into environmental transformation.

“We brought together a fantastic syndicate with each investor bringing value beyond the capital they invest in Verdagy, thereby amplifying our TDK Goodness. We are excited to get to partner with Verdagy and help bring our mutual vision of a more sustainable world to fruition.”