HydGene raises $6M AUD in Seed funding to scale its green hydrogen technology.
HydGene Renewables announce the successful closure of its seed funding round, having secured $6 million AUD from a strategic investor consortium led by Agronomics and accompanied by Clean Energy Finance Corp (CEFC), Understorey Ventures and NOAB Ventures.
The funds will enable HydGene to scale up production of its biocatalyst technology for pilot testing, expand its team and conduct further R&D to bring down the unit economics of its green hydrogen product. Funds will also be used to advance the development of a new biocatalyst for producing an ammonia-based fertiliser product.
The company’s decentralised biocatalyst process offers a renewable, carbon-negative solution to generate hydrogen from biomass waste. This low-cost green alternative reduces transportation and storage costs, whilst making a substantial impact on lowering carbon dioxide emissions. The technology is optimally suited to industries with abundant biomass waste streams, such as agriculture, forestry, food, and many more.
With Australia’s goal to become a global hydrogen leader by 2030, and investments projected to reach US$ 5 billion as of today, HydGene is well-positioned to capture a substantial share of the increasing demand for green energy, supporting a clean transition towards a net zero economy.
HydGene are extremely pleased by the support they are receiving in this round and are greatly looking forward to advancing their goals of accelerating the cost-effective adoption of carbon-negative technology.
Video on HydGene’s Technology and how it can help to decarbonise the agricultural sector released by SANTFA with Support from South Australian Grains Industry Trust
June 2023 – HydGene raises $6M AUD in Seed funding to scale its green hydrogen technology, June 2023
