Verdagy, a provider of scaling electrolyzer technologies for industrial markets, has closed a US$73-million Series B funding round led by Singapore investment fund Temasek and Shell Ventures, the proceeds of which will enable the California-based firm to accelerate the launch and commercialization of its eDynamic 20-megawatt electrolyzer module.
While Temasek and Shell Ventures co-led the Series B round, they were joined by a group of new global investors that included Bidra Innovation Ventures, BlueScope, Galp, Samsung Venture Investment, Toppan Ventures, Tupras Ventures, Yara Growth Ventures and Zeon Ventures.
Following initial commercial unit deployments with existing partners, Verdagy will expand deployment of its electrolyzer technology to additional customers in heavy industries, such as oil and gas, ammonia, steel and e-fuels, to support global industrial decarbonization.
Electrolysers, which use electricity to split water into hydrogen and oxygen, are seen as a critical technology for producing low-emission hydrogen or green hydrogen, from renewable or nuclear electricity.
The company’s technology, which enables deep decarbonization of heavy industries by incorporating green hydrogen at a very large scale, drives down the investment, it notes, because of its electrolyzers’ low operating cost, flexible operating capabilities and single-element architecture SmartCells, which translates directly into more hydrogen production per cell with real-time performance monitoring and predictive maintenance built in.
“By leveraging our patented large electrochemical cells, using membranes and enabling high current density operations and a wide dynamic range, we have dramatically lowered the capex [capital expenditure] of an electrolyzer,” says the company’s CEO Marty Neese. “And we have shown that our core technology works and is ready to scale globally.”