Hydrogen equipment manufacturer Hysata announces $172 million Series B round

Electrolyser manufacturer Hysata has completed a record-setting Series B funding round worth $US 111.3 million (approximately $172 million) and led by bp Ventures and Templewater.

Hysata announced an oversubscribed $42.5 million Series A round in August 2022, with the Series B seeing investors such as Bluescope’s venture business, BluescopeX, Virescent Ventures, the IP Group and others return.

“I am thrilled to have bp Ventures, Templewater and other new investors join ranks with our incredible existing shareholder base,” said Hysata CEO Paul Barrett in a statement on Thursday.

“This funding round, backed by a world class syndicate of investors, 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 raise is a record Series B for an Australian cleantech company, according to Barrett’s company.

“This is the first advanced alkaline electrolyser technology that bp Ventures has invested in,” added Gareth Burns, Vice President of bp Ventures. 

“It could provide optionality for our hydrogen business as bp aims to become a global leader in low carbon hydrogen production.” 

Besides BlueScope’s return investment, the round saw another steelmaker, South Korea’s POSCO, feature as a backer. POSCO Holdings and POSCO E&C were new investors in the round.

Other new investors included IMM Investment Hong Kong, Shinhan Financial Group, Twin Towers Ventures, Oman Investment Authority’s VC arm IDO and TelstraSuper.

Hysata announced its launch in June 2021 with seed funding from the IP Group and the CEFC, and is based on a breakthrough in hydrogen electrolysis at University of Wollongong. 

In March 2022 its scientific team, led by CTO Professor Gerry Swiegers of the University of Wollongong, published results in the journal Nature Communications showing the company’s capillary-fed electrolysis cells demonstrated “95 percent overall system efficiency” as well as “a clear pathway to commercialise the world’s most efficient electrolyser and reach gigawatt-scale” output by 2025. 

Hysata officially opened a new 8,000 square metre global headquarters and factory at Port Kembla in August last year. The company also featured on @AuManufacturing’s Australia’s 50 Most Innovative Manufacturers list, published last month.

Picture: CTO Professor Gerry Swiegers (right) discussing test results in Hysata reliability laboratory (supplied)

Further reading

Hydrogen hopeful Hysata opens new factory, awarded over $23 million in project funding

Electrolyser manufacturer Hysata closes $42.5 million Series A round

Australia’s 50 Most Innovative Manufacturers for 2024 announced

Former Chief Scientist joins “era-defining” Australian hydrogen company

Hydrogen startup anticipates 30 new hires over next 12 months