A company spun out of the University of Wollongong to commercialise Australian hydrogen electrolyser technology has successfully closed a $5 million investment round, including a $750,000 contribution from the Clean Energy Finance Corporation – the green bank’s first ever investment in hydrogen-related technology.
Hysata says its electrolyser is based on breakthrough Australian technology developed by a team from ARC Centre of Excellence for Electromaterials Science (ACES), led by chemical catalysis and characterisation expert Professor Gerry Swiegers.
“Professor Swiegers has an outstanding track record in commercialisation, as the inventor of over 50 patent families and the founder of six start-ups, which have received an estimated $100 million in investment,” the statement said.
Hysata said the electrolyser technology had been proven at lab-scale and the company – which will be based out of UOW’s Australian Institute for Innovative Materials – was now focused on developing and commercialising a full-scale system.
Michael Molinari, the managing director of IP Group Australia, which led the $5 million seed funding round, said his firm had been looking globally for new technology that could unlock the trillion-dollar opportunity in hydrogen.
“The Hysata technology is truly world-leading, and we’re very excited to help the team in their mission to make green hydrogen a reality for Australia and the world,” he said.
“This company is a great example of the tremendous economic opportunities that can be unlocked by the research being done at our universities.”
Federal energy minister Angus Taylor announced the CEFC’s contribution to the funding round for Hysata on Thursday, as part of the Morrison government’s bid to accelerate Australia’s clean hydrogen industry by bringing down production costs.
“The Morrison government has a vision for Australia to be a major global hydrogen player by 2030,” Taylor said.“Australian-led research will help to drive down the cost of new hydrogen technologies as we work to ensure that clean hydrogen can achieve cost parity with higher emitting alternatives as soon as possible.”