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The Series B round injection of $A172m in funding for Australian electrolyser manufacturer Hysata is a significant step forward for the country’s growing green hydrogen industry.

IP Group Australia Managing Director Mike Molinari, whose company founded Hysata alongside Professor Gerry Swiegers and the University of Wollongong and remains its largest shareholder, said the goal of reaching gigawatt scale manufacturing was “several steps closer”.

“Hysata’s development of high-efficiency electrolysers to produce green hydrogen at scale, with both higher energy efficiency and lower costs than alternative technologies, has already put it at the head of the pack globally,” Mr Molinari said.

“Today’s announcement of major new strategic and financial investors coming on board strengthens Hysata’s leadership position and heightens its export prospects.”

bp ventures and Templewater are co-leading the current funding round, alongside support from major global investors including Danish wind-turbine manufacturer Vestas Ventures, Korean steelmaker POSCO Holdings, POSCO E&C, IMM Investment Hong Kong, the Oman Investment Authority’s VC arm IDO and Virescent Ventures on behalf of Clean Energy Finance Corporation. Australian superannuation funds Hostplus and TelstraSuper are also investing in the round through their partnership with IP Group Australia. 

Hysata’s CEO, Paul Barrett, previously helped to found the company as a Partner at IP Group Australia before stepping across to lead the company.

“Paul and IP Group’s involvement was critical in establishing Hysata” Mr Molinari said.

“Hysata is a great example of the IP Group Australia model in action. We have supported the company since before inception through our global network of partners and expertise. It is a great example of what can be achieved by combining world-class Australian university research with global markets, partners and capital to build truly world-leading technology companies.

“We are incredibly proud to continue to support Paul Barrett and the Hysata team as they accelerate towards their goal of decarbonising the world’s hard-to-abate sectors.

“Hysata is strongly aligned with the national vision of fostering high-value, sustainable industrial growth through innovative, scalable, and economically viable solutions. 

“Once to scale, it will support Australia's transition to a greener economy and enhance our manufacturing sector's global competitiveness.”

Hysata has deep expertise across the electrolyser and manufacturing industries. The company has attracted world-class talent from companies including Apple, BHP, Ørsted and McKinsey.