TLDR:
- Hysata, a company in Australia, raised USD$111M in Series B funding led by bp Ventures and Templewater.
- The company plans to use the funds to expand production capacity and develop its technology for gigawatt scale manufacturing.
On May 9, 2024, Hysata, a Wollongong, Australia-based company, announced that it had secured USD$111M in Series B funding. The funding round was led by bp Ventures and Templewater, with participation from several other investors, including IP Group Australia, Kiko Ventures, Virescent Ventures, and more. The company plans to use the funds to expand its production capacity at its manufacturing facility in Wollongong, New South Wales, and further develop its technology to focus on reaching gigawatt scale manufacturing.
Founded by CEO Paul Barrett, Hysata is developing a new type of electrolyser that features an electrolysis cell coupled with a simplified balance of plant. With a current staff of about 75 employees, the company aims to grow to more than 200 employees over the next few years and expand its footprint across multiple continents. Barrett stated that the company’s mission is to accelerate the decarbonization of hard-to-abate sectors like steel, chemical manufacture, and heavy transport by delivering efficient, simple, and reliable electrolysers that aim to drive down the cost of hydrogen production.
