- bp Ventures and Templewater each invest $10m to co-lead the $111.3m USD Series B round
- Hysata is developing high-efficiency electrolysers with a
simpler, cheaper and modular system
WOLLONGONG, Australia, May 8, 2024
/PRNewswire/ -- Australia-based company Hysata is
developing new high-efficiency electrolysers that aim to produce
green hydrogen at scale with higher energy efficiency and lower
costs than alternative technologies. The company's technology
combines engineering and science in a unique capillary-fed alkaline
electrolyser that uses less energy to convert water to
hydrogen.
bp Ventures and Templewater led the recent $111.3 million USD investment round in the
company, with strong backing from existing major strategic and
financial investors IP Group Australia, Kiko Ventures (IP
Group plc's cleantech platform), Virescent Ventures on behalf of
Clean Energy Finance Corporation, Hostplus, Vestas Ventures and
BlueScopeX.
The company also welcomed new major strategic and financial
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 will use the funding to expand production capacity at its
iconic beachside manufacturing facility in Wollongong, New South Wales and further develop its
technology as it focuses on reaching gigawatt scale
manufacturing.
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.
"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.
"I am thrilled to have bp Ventures, Templewater and other new
investors join 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."
The International Energy Agency has said that to meet climate
ambitions, there is an urgent need to switch hydrogen use in
existing applications to low carbon hydrogen and to expand its use
to new applications in heavy industry or long-distance
transport.[1] At scale, Hysata's electrolysers could
achieve energy efficiency well above International Renewable Energy
Agency's 2050 efficiency target.[2]
Gareth Burns, Vice President
of bp Ventures, added: "We know that green hydrogen can
play a big role in decarbonisation. This is the first advanced
alkaline electrolyser 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.
"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."
Alfred Wong, Partner of
Templewater, said: "We are thrilled at Templewater to be
driving the green revolution, jointly leading this impactful
investment in Hysata. The high efficiency of Hysata's electrolyser
technology holds the potential to be a cornerstone in the worldwide
shift to sustainable energy sources. Our investment in Hysata is a
testament to Templewater's commitment to support mission-driven
companies that are working towards solving the world's biggest
climate challenges."
Hydrogen is one of bp's transition growth engines that it plans
to grow by the end of the decade. bp has a number of regional
hydrogen energy hubs it is developing, including in Australia, such as H2 Kwinana and the
Australian Renewable Energy Hub (AREH).
-ENDS-
About Hysata
Hysata is an Australian electrolyser company headquartered in
Wollongong that is developing a completely new type of
electrolyser, featuring one of the world's most efficient
electrolysis cell coupled with a simplified balance of plant.
Electricity makes up most of the cost of green hydrogen and
therefore, a high-efficiency electrolyser will deliver lower cost
hydrogen.
Hysata has deep expertise across the electrolyser and
manufacturing industries. The company has attracted world-class
talent from companies including Apple, Tesla, BHP and McKinsey.
Currently sitting at approximately 75 staff, Hysata aims to grow to
more than 200 employees over the next couple of years, expanding
its footprint across multiple continents.
Backed by leading global investors, Hysata is moving rapidly
towards manufacturing at the multi-gigawatt scale to help reduce
emissions and reach net zero by 2050. For more information visit
www.hysata.com
About bp Ventures
bp Ventures was set up more than 10 years ago as bp's corporate
venture capital arm. Since then, bp has invested over $1bn in technology companies and is actively
managing around 40 investments today. bp Ventures makes equity
investments in private, high growth businesses accelerating
innovation across bp's transition growth engines: renewables, EV
charging, convenience, bioenergy and hydrogen. For more
information, visit bp.com/ventures.
About Templewater Group
Templewater Group ("Templewater") is an alternative asset
management firm headquartered in Hong
Kong, founded by Mr. Cliff
Zhang and the Investec Group in 2018 as a spin-off of
Investec Group's Principal Investments Division in Asia, continuing the heritage and investment
track record of the Investec Group.
Expanding its impact investing horizon, Templewater has launched
the Templewater Decarbonization Fund, a focused initiative
dedicated to fostering the transition to a low-carbon economy. With
a strategic commitment to decarbonization, the fund focuses on
innovative technologies in hydrogen, energy storage and CCUS
sectors to foster a more efficient energy transition
For more information, please visit www.templewater.com
Cautionary statement:
In order to utilize the 'safe harbor' provisions of the United
States Private Securities Litigation Reform Act of 1995 (the
'PSLRA'), bp is providing the following cautionary statement. This
press release contains certain forward-looking statements – that
is, statements related to future, not past events and circumstances
– which may relate to one or more of the financial condition,
results of operations and businesses of bp and certain of the plans
and objectives of bp with respect to these items. These statements
are generally, but not always, identified by the use of words such
as 'will', 'expects', 'is expected to', 'aims', 'should', 'may',
'objective', 'is likely to', 'intends', 'believes', 'anticipates',
'plans', 'we see' or similar expressions. Actual results may differ
from those expressed in such statements, depending on a variety of
factors including the risk factors set forth in our most recent
Annual Report and Form 20-F under "Risk factors" and in any of our
more recent public reports.
Our most recent Annual Report and Form 20-F and other period
filings are available on our website at www.bp.com, or can be
obtained from the SEC by calling 1-800-SEC-0330 or on its website
at www.sec.gov.
[1] IEA (2023),
Global Hydrogen Review 2023, IEA, Paris
https://www.iea.org/reports/global-hydrogen-review-2023, License:
CC BY 4.0
|
[2] IRENA (2022), World
Energy Transitions Outlook 2022: 1.5°C Pathway, International
Renewable Energy Agency, Abu Dhabi
|
View original
content:https://www.prnewswire.com/news-releases/australian-green-hydrogen-electrolyser-manufacturer-hysata-raises-111m-usd-led-by-bp-ventures-and-templewater-302140515.html
SOURCE Hysata Pty Ltd