Verdagy, a Moss Landing, CA-based developer of scaling electrolyzer technologies for industrial markets, closed a $73m Series B funding round.
Temasek and Shell Ventures co-led the Series B round, with participation from new global investors Bidra Innovation Ventures, BlueScope, Galp, Samsung Venture Investment, Toppan Ventures, Tupras Ventures, Yara Growth Ventures and Zeon Ventures.
The company intends to use the funds to accelerate the launch and commercialization of its eDynamic® 20 megawatt (MW) electrolyzer module, which will serve as a fundamental unit to future systems at the 200MW scale and beyond.
Following initial commercial unit deployments with existing partners, Verdagy will expand deployment of its novel eDynamic electrolyzer technology to additional customers in heavy industries such as oil and gas, ammonia, steel and e-fuels to support global industrial decarbonization.
The company’s team is led by industry veterans in the hydrogen, solar and battery sectors including:
- CEO Marty Neese, who brings decades of executive experience across companies like SunPower and Ballard;
- COO Peter Cousins, who draws on his past work scaling Tesla’s gigafactories; and
- Founder, Board Member Dr. Ryan Gilliam, a serial entrepreneur, and founder of industrial decarbonization companies Fortera, and Chemetry.
FinSMEs
08/08/2023