A Wollongong-based start up is a step closer to cracking the production of hydrogen for under $2 kilogram.
Producing hydrogen for less than $2 kilogram using renewable energy is thought to be critical to achieving commercialisation of the fuel, which could replace fossil fuels in hard to decarbonise sectors, such as steelmaking and heavy transportation.
Hysata, which was spun out of the University of Wollongong in 2021, has raised $45.5 in its Series A funding round, with support from BlueScope, the Clean Energy Finance Corporation and super-fund Hostplus.
Paul Barratt, CEO of Hysata, said the funding takes Hysata's technology closer to potential customers.
"The support of this international syndicate of clean energy practitioners and investors validates our core technology and our approach to scaling and mass manufacture," he said.
The core of Hysata's pitch is more efficient technology for electrolysis, the process of separating hydrogen from oxygen in water.
The Hysata electrolyser operates at 95 per cent efficiency, well above the industry standard of 75 per cent.
With the funding secured, Hysata will grow its team and invest in a pilot manufacturing facility.
General partner at BlueScope's ventures arm BlueScopeXTM Michael Quinn said Hysata's technology could be used locally.
"BlueScopeXTM is pleased to be investing in Australian technologies coming out of our local communities, with Hysata being born in the Illawarra. Our industry requires smart, affordable technologies like Hysata's to help progress the broader goal of decarbonisation, and we are excited to be supporting them on their path to commercialisation."
One of the investors in Hysata is wind turbine manufacturer Vestas, whose blades passed through Port Kembla on to wind farms in NSW.
Head of Vestas Ventures Todd O'Neill said Hysata's technology could be run off wind power.
"Vestas Ventures foresees great potential in combining wind power with electrolysers for green hydrogen production."
Mr Barrett said the start-up's breakthrough technology would contribute to the push towards net-zero.
"Green hydrogen is a vital energy vector on the world's path to net zero, critical to decarbonising the hard-to-abate, yet vital, sectors of our economy such as steelmaking, heavy transport, and the chemical industry," he said.
"We look forward to continuing to work with our shareholders and customers to bring this much needed technology to market as soon as possible."
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