Stargate Hydrogen, a Tallinn, Estonia-based company providing green hydrogen solutions, raised €42M in Seed funding.
The round was led by UG Investments and IPCEI, with participation from other investors.
The company intends to use the funds to expand operations and development efforts.
Led by CEO Marko Virkebau, Stargate Hydrogen is an innovator in the field of sustainable energy solutions, dedicated to advancing the production and utilization of green hydrogen through ceramic-based electrolysis technology. Instead of precious metals, the company is using ceramic-based catalyst material that contributes to the reduction in levelized cost of hydrogen. Additionally, Stargate has developed its proprietary stack and system design, using a development approach that considers electrolyzer as a battery system, thereby adopting the learnings from the developmental cycles of lithium-ion batteries over the past 15 years. The IP portfolio of the company covers all the levels of the system, including materials, electrodes, stack and even control systems of the whole plant. The first installations of Stargate´s electrolyzer technology are already on the field.
In conjunction with the financing, the company announced the appointment of Mr. Taavi Madiberk, the Founder and CEO of Skeleton Technologies, a manufacturer of graphene-based supercapacitors, as Non-Executive Chairman.
FinSMEs
02/05/2024