Stargate Hydrogen, a manufacturer of innovative electrolyzer stacks and systems, announces the successful completion of its series A funding round, raising €11M in equity investments from strategic customers and financial investors.
Affordable green hydrogen is the key to decoupling the production of chemicals and commodities (like steel) from CO2 emissions. Stargate Hydrogen is developing reliable production equipment that will radically bring down the cost of green hydrogen by operating at higher efficiency compared to the existing solutions. Instead of precious metals, Stargate is using ceramic-based catalyst material that allows for lower energy consumption while keeping the investment needs low.
"We are thrilled to have SmartCap and Giga joining our ownership structure, along with additional investment from UGI," said Marko Virkebau, CEO of Stargate Hydrogen. "To have strategic customers investing in the company is the strongest testament to the progress we made. This funding gives us the firepower to execute our roadmap, enhance our production capabilities, and provide our customers with electrolysis technology that allows significant cost-down on the price of green hydrogen. Our view is that only companies with unique, proprietary technology will survive through the current green hydrogen market cycle."
"We decided to invest in Stargate Hydrogen due to their highly innovative approach to green hydrogen production, accompanied by an impressive list of customers and strong unit economics. Funding the scale of manufacturing of innovative green technologies is central to the green transition and our strategic objectives, as it enables wider adoption of sustainable energy solutions," said Sille Pettai, CEO of SmartCap.
For more information, visit: https://stargatehydrogen.com/news/stargate-hydrogen-raises-11-million-euro/