Australia-based electrolyzer manufacturer, Hysata raises US$111 million

Australia-based green hydrogen electrolyzer manufacturer, Hysata announced that it has raised US$ 111 million --- the largest Series B investment in the Australian cleantech history.

Bp Ventures and Templewater invested $10 million each to co-lead the USD 111.3 million with strong backing from major existing strategic and financial investors such as IP Group Australia, Kiko Ventures, Virescent Ventures on behalf of Clean Energy Finance Corp., Hostplus, Vestas Ventures, and BlueScopeX.

The company also welcomed new strategic and financial investors 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.

"Our mission at Hysata is to accelerate the deep decarbonization of hard-to-abate sectors such as steel, chemical manufacture, and heavy transport, by delivering the world's most efficient, simple, and reliable electrolyzers. With high-efficiency, intrinsically low capex, and a mass-manufacturable design, Hysata aims to drive down the levelised cost of hydrogen," said Paul Barrett, CEO of Hysata.

I am thrilled to have bp Ventures, Templewater, and other new investors join the ranks with our incredible existing shareholder base. Hysata's technology is a breakthrough innovation because of its high efficiency and low installed costs. We look forward to working with our shareholders, customers and partners as we continue our scale up journey."

Hysata manufactures high-efficiency hydrogen electrolyzer (41.5 kWh/kg incl BoP) with low capital expenditure. The company claims at scale, Hysata's electrolyzers could achieve energy efficiency well above the International Renewable Energy Agency's 2050 efficiency target.

The company will use the latest investments to expand production capacity at its beachside manufacturing facility in Wollongong, New South Wales, and further develop its technology as it focuses on reaching gigawatt-scale manufacturing.

"We know that green hydrogen can play a big role in decarbonization. This is the first advanced alkaline electrolyzer technology that bp Ventures has invested in. It could provide optionality for our hydrogen business as bp aims to become a global leader in low carbon hydrogen production," commented Gareth Burns, Vice President of bp Ventures.

"Hysata's 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." 

bp has several regional hydrogen energy hubs under development, including ones in Australia, such as H2 Kwinana and the Australian Renewable Energy Hub (AREH).