Wollongong-based green hydrogen electrolyser manufacturer Hysata has gained the backing of the investment arm of global oil giant BP after raising US$https://www.businessnewsaustralia.com/1https://www.businessnewsaustralia.com/1https://www.businessnewsaustralia.com/1 million ($https://www.businessnewsaustralia.com/172 million) in what is said to be the largest clean tech Series B in Australia’s history.

BP Ventures, which has invested $https://www.businessnewsaustralia.com/1 billion in 70 companies to deliver on the energy producer’s net zero ambitions, has teamed with Hong-Kong-based investment group Templewater to lead Hysata’s latest round, which has also been backed by existing investors IP Group Australia, Kiko Ventures, Virescent Ventures, Hostplus, Vestas Ventures and BlueScopeX.

The Series B raise has also led to a swag of new investors joining Hysata’s share register, including POSCO Holdings, POSCO E&C, IMM Investment Hong Kong, Shinhan Financial Group, Twin Towers Ventures, Oman Investment Authority’s venture-capital arm IDO and TelstraSuper.

The latest round follows an oversubscribed $42.5 million Series A raise in 2022, which was led by Virescent Ventures on behalf of the Clean Energy Finance Corporation (CEFC).

Today’s announcement delivers a major vote of confidence for Hysata’s mission to deliver green hydrogen at scale and transform the economics of the emerging energy source.

Hysata’s technology is said to deliver more energy efficient green hydrogen at a lower cost to alternative technologies. It does so by combining engineering and science in a unique capillary-fed alkaline electrolyser that uses less energy to convert water to hydrogen.

“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,” says Hysata CEO Paul Barrett.

“With high-efficiency, intrinsically low capex and a mass-manufacturable design, Hysata aims to drive down the levelised cost of hydrogen.

“This funding round, backed by a world-class syndicate of investors, demonstrates the game changing impact Hysata is having on the green hydrogen landscape.

“It will strengthen our team and enhance our capabilities, as we propel towards widespread commercial availability.”

Hysata plans to use the capital funding to expand production capacity at its manufacturing facility in Wollongong while further developing its technology with a focus on reaching gigawatt scale manufacturing. 

The company already employs a team of about 75, attracting talent from major corporations such as Apple, BHP and McKinsey, and plans to expand to more than 200 employees over the next couple of years while expanding its presence internationally.