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June 2023 - HydGene raises $6M AUD in Seed funding to scale its green hydrogen technology

Updated: 7 days ago

HydGene raises $6M AUD in Seed funding

HydGene Renewables is proud to 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.

Read more in the media announcements published by Agronomics Limited, CEFC, H2-view, hydrogen central, the startup daily and reneweconomy.

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