Stargate Hydrogen raises 11 million Euro Series A for scaling up precious metal free electrolysers
Stargate Hydrogen, a manufacturer of innovative electrolyser stacks and systems, announces the successful completion of its series A funding round, raising 11 million Euros 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 to lower energy consumption while keeping the investment needs low. Stargate has developed a proprietary stack technology, focused on increasing the reliability of hydrogen production across the project lifecycle and minimizing the degradation of the equipment.
The performance of Stargate stacks has been validated by a ZSW in Stuttgart, a leading test center of electrolysis equipment in Europe. The company’s proprietary technology has been recognized by the European Commission as an Important Project of Common European Interest. Recently, Stargate was selected by Fortum, a major Nordic utility company, as the supplier for its alkaline electrolysis plant in Loviisa, Finland.
The financing round includes strategic customers with backgrounds in renewable energy and utilities such as Giga and UG Investments, accompanied by SmartCap Green Fund, a state-backed venture capital fund investing in greentech companies with global ambitions,
“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 into the company is the strongest testament to the progress we made. This funding gives us 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.”
“We decided to invest in Stargate Hydrogen due to their highly innovative approach to green hydrogen production, accompanied by impressive list of customers and strong unit economics. In order to realize the green energy transition, we need companies like Stargate that innovate on the material level and can radically bring down the cost of the energy transition,” said Sille Pettai, CEO of SmartCap and Fund Manager of SmartCap Green Fund, funded by the European Union’s NextGenerationEU. With this funding, Stargate Hydrogen will scale its manufacturing capacity, significantly expand its internal testing capabilities, and establish key strategic partnerships with the leading players in the global green hydrogen ecosystem.
