Verdagy Inc. announced it has raised $73 million Series B funding.
The hydrogen company, which specializes in scaling electrolyzer technologies for industrial markets, revealed the Series B funding round was co-led by Temasek and Shell Ventures with participation from Bidra Innovation Ventures, Galp, BlueScope, Samsung Venture Investment, Tupras Ventures, Toppan Ventures, Yara Growth Ventures and Zeon Ventures.
The funding will give Verdagy’s commercial unit deployments a boost.
The new round of funding will support the hydrogen company speed up the launch and commercialization of its eDynamic 20 MW (megawatt) electrolyzer module.
Verdagy’s innovative electrolyzer tech is designed for heavy industries, such as oil and gas, steel, ammonia, and e-fuels, to provide green hydrogen at industrial scale to support global industrial decarbonization.
According to a recent news release announcing the funding, the eDynamic electrolyzer module will serve as a “fundamental unit” to future 200 MW scale systems and beyond. Verdagy will deploy the initial commercial units to its existing partners before expanding deployment of its novel technology to additional heavy industries customers.
The electrolyzer tech created by the hydrogen company can support green hydrogen production at a very large scale.
Verdagy’s eDynamic 20 MW electrolyzer is combined with flexible operating capabilities and single-element architecture SmartCells. This allows the 3m2 cells to operate at higher current densities. According to the hydrogen company, this translates directly into more H2 production per cell with real-time performance monitoring and predictive maintenance built in.
An electrolyzer in Verdagy’s pilot plant in Moss Landing, California- Source: VerdagyNeese
Verdagy’s unique technology drives down investment with low operating costs and enables significant decarbonization of heavy industries by incorporating green H2 at tremendous scale.
“Verdagy is rising to the challenge to accelerate the green hydrogen economy and decarbonize hard-to-abate sectors such as steel and ammonia production,” Vikas Gupta, Partner at Shell Ventures, said in the news release.
“The management team has a successful track record in scaling climate technologies from megawatts to gigawatts and they are committed to achieving the same at Verdagy.”
The team at Verdagy is led by industry veterans in hydrogen, solar and battery.
Dr. Ryan Gilliam, Verdagy’s Founder, Board Member, is a serial entrepreneur and founder of industrial decarbonization. Marty Neese, Verdagy’s CEO, has decades of executive experience across companies including Ballard and SunPower. Peter Cousins, Verdagy’s COO, has expeirence scaling Tesla gigafactories.
The hydrogen company’s strong team has an abundance of knowledge on producing hydrogen at-scale and delivering effective solutions to customers seeking to decarbonize quickly.
“We have shown that our core technology works and Verdagy is ready to scale globally,” said Neese
