Clean tech startup Hysata closes $169m Series B
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The news: Clean tech startup Hysata has closed a USD111 million ($169 million) investment round to scale production of its green hydrogen electrolysers.
The numbers: BP's venture investing arm BP Ventures and Hong Kong-based Templewater each invested USD10 million to co-lead the Series B round, which received backing from new and existing investors.
The context: NSW-based Hysata is developing high-efficiency electrolysers that aim to produce green hydrogen at scale by using less energy to convert water to hydrogen.
The latest raise saw participation from existing investors IP Group Australia, IP Group's cleantech platform Kiko Ventures, Virescent Ventures on behalf of Clean Energy Finance Corporation, Hostplus, Vestas Ventures, and BlueScopeX.
It also attracted new investors POSCO Holdings, POSCO E&C, IMM Investment Hong Kong, Shinhan Financial Group, Twin Towers Ventures, Oman Investment Authority’s VC arm IDO, and TelstraSuper.
Hysata said it will use the funding to expand production capacity at its beachside manufacturing facility in Wollongong, NSW, and further develop its technology as it focuses on reaching gigawatt scale manufacturing.
What they said: Hysata CEO Paul Barrett said: “Our mission at Hysata is to accelerate the deep decarbonisation of hard-to-abate sectors such as steel, chemical manufacture, and heavy transport, by delivering the world’s most efficient, simple, and reliable electrolysers".
"With high-efficiency, intrinsically low capex and a mass-manufacturable design, Hysata aims to drive down the levelised cost of hydrogen," he said.
The source: Hysata media release
