Hysata Raises USD$111M in Series B Funding


Hysata, a Wollongong, Australia-based company developing electrolysers that aim to produce green hydrogen, raised USD$111M in Series B funding.

The round was led by bp Ventures and Templewater, with participation from IP Group Australia, Kiko Ventures (IP Group plc’s cleantech platform), Virescent Ventures on behalf of Clean Energy Finance Corporation, Hostplus, Vestas Ventures, BlueScopeX, POSCO Holdings, POSCO E&C, IMM Investment Hong Kong, Shinhan Financial Group, Twin Towers Ventures, Oman Investment Authority’s VC arm IDO and TelstraSuper.

The company intends to use the funds to expand production capacity at its manufacturing facility in Wollongong, New South Wales, and further develop its technology as it focuses on reaching gigawatt scale manufacturing. 

Los by CEO Paul Barrett, Hysata is developing a new type of electrolyser, featuring an electrolysis cell coupled with a simplified balance of plant. Currently sitting at approximately 75 staff, the company aims to grow to more than 200 employees over the next couple of years, expanding its footprint across multiple continents.

Commenting on the news, 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.”