LONDON: IP Group plc (LSE: IPO), which invests in breakthrough science and innovation companies with the potential to create a better future for all, announced that Australian portfolio company Hysata Pty Ltd completed its US$111m (£91m) Series B funding round.
Hysata, which is developing electrolysers to produce green hydrogen at scale with both higher energy efficiency and lower cost, will use the funding to advance product development and expand production capacity at its manufacturing facility in Wollongong, New South Wales, Australia as it focuses on reaching gigawatt scale manufacturing.
As previously announced on 22 December 2023, IP Group invested a total of US$15m (£12m) from its balance sheet into the funding round, as well as US$18m (£14m) from its managed private funds*. Following completion, IP Group has an undiluted beneficial holding of 37.0% in Hysata, valued at £79m.
bp Ventures and Templewater led the funding round in the Company, which was supported by IP Group alongside other existing investors, including Clean Energy Finance Corporation, Hostplus and Vestas Ventures. Hysata also welcomed new investors POSCO, Shinhan Bank, IMM Investment Group, Oman Investment Authority, Twin Towers Ventures and TelstraSuper.
Greg Smith, Chief Executive Officer of IP Group, said: “We’re delighted to see such continued strong support for Hysata and today’s announcement of major new strategic and financial investors strengthens Hysata’s leadership position. We have supported Hysata since before inception combining our local presence with expertise from our leading cleantech investment platform, Kiko Ventures. It’s a great example of what can be achieved by combining world-class research with global markets, partners and capital to build truly world-leading technology companies.”
Hysata is an Australian electrolyser company headquartered in Wollongong that is developing a completely new type of electrolyser, featuring one of the world’s most efficient electrolysis cell coupled with a simplified balance of plant. Electricity makes up most of the cost of green hydrogen and therefore, a high-efficiency electrolyser will deliver lower cost hydrogen.
Hysata has deep expertise across the electrolyser and manufacturing industries. The company has attracted world-class talent from companies including Apple, Tesla, BHP, Orsted and McKinsey. Currently sitting at approximately 75 staff, Hysata aims to grow to more than 200 employees over the next couple of years, expanding its footprint across multiple continents.
Backed by leading global investors, Hysata is moving rapidly towards manufacturing at the multi-gigawatt scale to help reduce emissions and reach net zero by 2050.